Former HSBC employee steals data for 24,000 accounts

Data surrounding up to 24,000 client accounts was stolen by a former technology expert from HSBC’s Swiss subsidiary, the bank has admitted.


Hervé Falciani, an IT specialist at the Geneva branch, is thought to have committed the theft three years ago.

The crime, which was discovered during 2009, affected accounts opened before October 2006, 9,000 of which have subsequently been closed, the bank announced.

Alexandre Zeller, chief executive of the Swiss subsidiary, said: “We deeply regret the situation and unreservedly apologise to our clients for this threat to their privacy.”

HSBC is only thought to have recently uncovered the full extent of the crime perpetrated by its ex-employee.

Tax authorities in France seized the data and increased diplomatic tensions between the two countries after it announced the information would be used to crackdown on French taxpayers with Swiss accounts.

However, both countries subsequently agreed to not use the data to implement an investigation into tax evasion.

In a statement, HSBC said it did not believe that the stolen information had been used to allow third parties to access client accounts.

The bank has subsequently invested approximately $93 million on upgrading security surrounding its IT systems.

Former Cazenove partner given 21 month prison sentence

Malcolm Calvert, a former partner in Cazenove, has been given 21 months in prison for insider trading.


He had been found guilty of the practice earlier in the week following evidence given in court against him by his former friend Bertie Hatcher, who was also involved in insider dealing.

Calvert is estimated to have made more than £100,000 ($150,520) from buying and selling around 420,000 shares in six different companies with the aid of information not made available to the wider public.

As he passed sentence on the ex-Cazenove executive, Judge Peter Testar stated that Calvert was fully aware that his activities were criminal and had behaved in a deliberate rather than reckless manner.

The judge added that insider trading is not a victimless crime.

“It leads to the dishonest enrichment of a few at the expense of the public interest and of confidence in a clean and fair market,” he said.

Morgan Stanley launches MS PORT trading algorithm

Morgan Stanley has announced the launch of new electronic trading platform MS PORT.


According to the investment bank, MS PORT utilises more than 70 risk metrics to enable investors to implement trade instructions across multiple portfolios more effectively.

By comparing market impact, volatility and assets, traders should be able to reduce costs, achieve better execution and manage risk more efficiently when investing, the bank explained.

Andrew Silverman, global co-head of Morgan Stanley Electronic Trading, said: “The addition of MS PORT to our constantly evolving suite of algorithms underscores our commitment to providing our clients with a complete set of trading tools and solutions to manage their global execution needs.”

In a statement the bank added that MS PORT also integrates with MS Analytics, allowing investors to follow each step of a trade.

The new electronic trading product is now available in the US and Europe and will be introduced to Asia-Pacific markets later on in the year.

Morgan Stanley recently announced the appointment of Jeffrey L Shames and Edmond N Moriaty III to its Investment Management and Global Research teams.

The former was employed as chairman and chief executive officer of MFS Investment Management while the latter previously worked as senior vice-president at Merrill Lynch & Co.

macabre theft of the body of Cyprus’s former president, Tassos Papadopoulos.

notorious rapist and killer known as Al Capone is suspected of masterminding from his prison cell the macabre theft of the body of Cyprus’s former president, Tassos Papadopoulos.Officials said his corpse was being held in an unsuccessful ransom bid until its discovery in a cemetery on Monday night – three months after it was stolen from a graveyard just kilometres away.Capone’s alleged involvement is a new twist in an already bizarre case that horrified the divided island and baffled investigators.
There had been no claim of responsibility, no leads and no obvious motive – until an unexpected breakthrough this week.An Indian suspect, whom police said has confessed involvement, disclosed where the body was hidden, apparently after feeling remorse.
Sarbjit Singh, 31, told investigators that he and Capone’s brother exhumed Papadopoulos’s body, and that the theft was ordered by the prisoner, a court heard on Wednesday.Capone, 44, whose real name is Antonis Prokopiou Kitas, has been serving consecutive life sentences since 1994 for the abduction, rape and brutal murder of two foreign women in the tourist resort of Ayia Napa.
His latest alleged outrage has prompted soul-searching among officials and politicians, as well as highly critical media comment.
“A state that cannot exercise any control over a convict in prison cannot inspire great confidence among its citizens,” said an editorial in yesterday’s Cyprus Mail.
A senior opposition parliamentarian, Ionas Nicolaou, was quoted in the same daily saying that “a godfather situation prevails within the prison walls”.
Capone, who anointed himself with his alias many years ago, has embarrassed prison and police officials acutely before.In December 2008, he gave snoozing prison guards the slip at a private Nicosia clinic where he was being treated for stomach ailments.

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Swiss bank UBS AG agreed to pay $780 million and hand over information for about 4,500 accounts to settle civil and criminal charges against it.

Swiss bank UBS AG agreed to pay $780 million and hand over information for about 4,500 accounts to settle civil and criminal charges against it.The agency reported a 13 percent rise in the number of probes the government calls “legal source” crimes. This is income from a legal business in which the income was masked or otherwise hidden. Convictions were up slightly for these crimes.There was also a 13 percent jump among what the government calls illegal-source financial crimes, those funds from sources such as gambling or gun-running, excluding narcotics.There was a slight drop in initiation of narcotics-related crimes.The IRS ran a voluntary amnesty program that ended last year that yielded about 15,000 new taxpayers coming clean with the government.Authorities say they are culling this information to potentially go after other individuals and other financial institutions that may have been helping Americans evade taxes.

Israel Del Toro Barboza, 31, and Adin Del Toro Barboza, 25, were stopped by U.S. Customs and Border Protection officers during a southbound inspection

Two brothers who were caught driving toward Mexico with nearly half a million dollars in a duffle bag last year were found guilty Wednesday by a federal jury in San Diego of two counts each related to bulk cash smuggling.The brothers, Ensenada residents Israel Del Toro Barboza, 31, and Adin Del Toro Barboza, 25, were stopped by U.S.

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Humza Zaman, a co-conspirator in the hack of TJX and other companies, was sentenced Thursday in Boston to 46 months in prison and fined $75,000

Humza Zaman, a co-conspirator in the hack of TJX and other companies, was sentenced Thursday in Boston to 46 months in prison and fined $75,000 for his role in the conspiracy. The sentence matches what prosecutors were seeking.Zaman, a 33-year-old former network security manager at Barclays Bank, was charged with laundering between $600,000 and $800,000 for hacker Albert Gonzalez, who is currently awaiting sentencing on charges that he and others hacked into TJX, Office Max, Heartland Payment Systems and numerous other companies to steal data on more than 100 million credit and debit card accounts.Zaman pleaded guilty in April to one count of conspiracy.

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March 18, 1990, two men dressed as cops conned their way into the Isabella Stewart Gardner Museum in Boston

March 18, 1990, two men dressed as cops conned their way into the Isabella Stewart Gardner Museum in Boston, tied up the guards and spent hours cutting Old Masters from frames, and got away with more than a dozen artworks (by Vermeer, Rembrandt, Degas) worth as much as $500 million today.The gallery of possible culprits is crowded: Irish terrorists, creepy con men, small-time hoods, veteran art thieves and brutal Boston gangsters, specifically James “Whitey” Bulger, the politically connected leader of the Boston underworld who skipped town five years after the theft and has been on the lam ever since.

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Criminal street gangs are fanning across West Virginia to spread violence and peddle drugs

Criminal street gangs are fanning across West Virginia to spread violence and peddle drugs, and for some, the business of crime is thriving behind prison bars, an Eastern Panhandle lawmaker disclosed Thursday.Accompanied by two law enforcement officers, Delegate Tiffany Lawrence, D-Jefferson, persuaded the Senate Finance Committee to approve her bill aimed at providing police wider powers to combat what she describes as the growing menace of gangs.The bill went before Chairman Walt Helmick, D-Pocahontas, since it contains a $2,500 fiscal note, the cost of financing an online anti-racial profiling training program added by the Senate’s judiciary panel.
Helmick’s committee also agreed on another Lawrence project — a bill hiking penalties for retailers and minors alike in the under-age sale of tobacco products.“What’s scary the most for me is that our prison system has also been infiltrated,” Lawrence told the panel.

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Arrelano Felix Family is a criminal enterprise based in Tijuana, Baja California, Mexico.

Federal court documents show that the Arrelano Felix Organization (AFO) also known as the Arrelano Felix Family is a criminal enterprise based in Tijuana, Baja California, Mexico. For more than 20 years, the AFO has shipped hundreds of tons of cocaine and marijuana to the United States; laundered hundreds of millions of dollars in drug proceeds; kidnapped, tortured, and murdered numerous persons, including informants and law enforcement personnel; and paid millions of dollars in bribes to government officials.

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