a rogue trader at societe generale roils the world financial system

Every organization must have adequate control mechanisms in place to help protect sensitive information from the distribution or transmission outside the organization, inappropriate disclosure, and control of how the information accessed is used. Companies should have policies in place that outline the course of action to take should inappropriate usage or disclosure of data be

Based on Dauphin County First Assistant District Attorney Fran Chardo, “We become a very electronic-oriented society.” (Marc Goodman). With this increase usage of electronic, we see a new set of criminals and crimes. With the cellular telephone, criminals use it, not only to communicate with one another, but also to target people and as a triggering device. For example, if the criminals are searching for someone they can text each other with the description of a person and then upon verification proceed with an order, possible death. With this same cellular telephone technology, law enforcement can use someone’s cellular telephone to track their movements or identify their location to help with investigations. The new set of crimes is cybercrimes. A cybercrime is any crime that involves the use of computer or the manipulation of digital data. Zackary J. Miller, section Chief of the FBI’s Cyber Criminal Division stated, “I think there is a growing cybercrime problem that we are continuing to chase a bit behind the curve… bank robbery and fraud are all facilitated by the internet.” (Bernice Young, 2011). There are five types of computer crimes: (1). internal computer crimes, such as viruses; (2). internet and telecommunication, which is hacking; (3). criminal enterprises, databases supporting drug distribution; (4). computer manipulation, embezzlement; and (5). hardware, software, and information theft. (Schmalleger,

Encryption - apply encryption to the network with software and hardware solutions. For instance, software can be used to encrypt the financial records for anyone unauthorized to see the information, and a hardware solution can be used to build a VPN from any remote

In the 1960s Bernie Madoff was hard worker known for creating one of the largest buying/selling market in NASDAQ. He rose from a penny stock trader to becoming a stockbroker, financial advisor, then chairman of the NADDAQ. But, from December 11, 2008 to present day, Bernie Madoff will be remember in history as the man who pull of the largest Ponzi scheme. Madoff was to make $50 billion disappear in this scheme, by using new investors’ money to pay out old investors. After numerous tips about how Madoff conducted business the Securities and Exchange Commission (SEC) chose to investigate. The SECs investigation included searching through fabricated trading records of which no evidence was found to support the claim. It wasn’t until another

This paper will demonstrate the application of criminal statutes to white-collar crime, corporate fraud and governmental crime. This paper will discuss two sophisticated crimes in further detail. This paper will explain and assess common methods or avenues of committing white-collar crime, corporate fraud, public corruption, or governmental crime. This paper will analyze the application of state and federal statutory requirements and case law. This paper will provide examples of criminal incidents and the outcomes of the court cases.

Research Objective: The main theme of this research paper is to protect sensitive information that any organization or business possess. With community’s increasing reliance on information systems and technology there is scope for security breaches, more likely to happen. Not only monetary loss it can create damage to information assets that has sensitive data. To secure these assets from any internal or external damage organizations has to follow proposed rules and guidelines. Also security responsibilities

Identity theft portrays criminal acts through which the culprit deceitfully acquires and utilizes someone else's character. These unlawful act can be done by communication technology and utilizing data. Identity Theft done on the internet are to a vast degree based of profoundly complex tricks and it demonstrates the troubles that law enforcement organizations are confronted with when exploring such offenses. The techniques habitually utilized by guilty parties to get personal related information are different. Physical methods allude to storage devices in a computer with data containing personal information about an individual's identity. As indicated by a survey, it was highlighted the fact that there were more PC related offenses as to the burglary of confidential

In the case of the Madoff Affair, there was one critical error that surpassed all others. The top executive of this company failed to follow the ethical standards in which he was lobbying for as the Chairman of the NASDAQ. Bernard “Bernie” Madoff was the mastermind of the operations behind what is known as the largest stock fraud and Ponzi scheme in history (Ferrell, Fraedrich, & Ferrell). Madoff earned the trust of many individuals through his high profile positions, networking, and legally buying and selling stock in which initially lead to success and growth of the company. After moving his stock trading operation to the nineteenth floor of the “Lipstick Building” he recruited several within his family to assist with running Bernard L. Madoff Investment Securities LLC, such as his brother, Peter Madoff, who was over the securities business on the 18th floor and Bernie’s sons, Andrew and Mark,

Computer crime has been a threat to society throughout the years and it has brought into question if citizens are really safe. Many types of crimes are done through a computer. There have been many laws to try and improve the safe of many citizens against computer criminals. Therefore, the Computer Fraud and Abuse Act (CFAA) 18 U.S. Code §1030 from the late 1900’s was created and it holds the

According to Ferrell , Fraedrich and Ferrell (2015) text, The Chair of SEC disclosed that the SEC examiner missed several red flags while reviewing the Madoff firm. Madoff also admitted to the unethical and illegal behavior of deceit. Madoff disclosed operating the Ponzi scheme since 1990 (Ferrell, Fraedrich, & Ferrell, 2015). The Ponzi scheme was very successful until the crash of the economy and the inability to bring in new investors. Madoff was able to maintain this scheme for well over 30 years. There had to be several accomplices that were intended or unintended participants.

The role of the SEC epitomizes the transformation of government regulatory agencies into the facilitators of financial fraud on a colossal scale. Its job has become running interference for the skullduggery of brokerage houses, hedge funds and banks.

The illegal construction of the Bernie Madoff securities pyramid scheme grew to preposterous proportions from legal, auditing, and regulatory weaknesses of the Securities Exchange Commission, the designated regulatory body of the U.S. financial markets. The required expertise, authority, and relevant penalties needed to deter management from committing ethical breaches lacked substance in the case study of BMIS (Crews 11). Even after the wake of the Enron and WorldCom scandals that occurred in the early 2000s, the SEC unexplainably revoked provisions created to help avoid fraud. The provision the SEC revoked specifically mandated firms structured like Madoff’s to be audited by accounting firms registered and audited by the Board. By revoking the provision, BMIS was allowed to continue its Ponzi scheme for another half a decade with the aid of utilizing an unregistered, small accounting firm called Freihling & Horowitz (“Madoff’s Jenga”

For some individuals, hacking can be a hobby they like to undertake in order to analyze how many computers or the systems they can gain access to. While hacking seems harmless, there are those who do this vice maliciously so that they can get access to customer/ client information, the details of credit cards, their passwords, email addresses and identity fraud (Riem, 2001). Having this unauthorized access to these information warrants an arrest, and should the criminals be found, they are liable for their crimes.

Societe Generale alias SocGen is one of the oldest and recognized financial firms in France and worldwide. SocGen employs more than 130,000 workers and has 22.5 million customers all over the world. The company is a leader in Corporate and investment banking, retail banking and financial services, and global investment management services.

Security plays a major role in both the business and government worlds. We will discuss the legal aspects of organizational security management. Discuss both the positive and negative influences regarding organizational security. We will also be discussing what consequences will both business and government operations have to overcome if they fail to achieve security goals and objectives. The value private security management brings to businesses will also be discussed.