Finextra Research: Latest fintech news, analysis, interviews, features and opinion by industry experts

Perot man charged with insider trading returns $8.6 million

A former Perot Systems employee accused of insider trading by the US Securities and Exchange Commission (SEC), has agreed to return $8.6 million in 'illicit profits'.

06 January 2010

News/Legal

Morgan Stanley wins ruling in $800m Discover case

Morgan Stanley has won a ruling in its lawsuit against Discover Financial Services that could see the card company forced to hand over hundreds of millions of dollars to its former owner.

06 January 2010

News/Legal

EDS IT worker gets nine years for stealing A$3m from BoQ to impress wife

An EDS IT expert who stole nearly A$3 million from the Bank of Queensland - where he worked as a contractor - and then spent it on lavish gifts for his older wife in a bid to impress her, has been sentenced to nine years in jail.

06 January 2010

News/Legal

Heartland hacker faces 17-year stretch

Computer hacker Albert Gonzalez faces a minimum 17-year prison sentence after pleading guilty to a string of cyber-attacks on several firms - including Heartland Payment Systems - that resulted in the theft of tens of millions of payment card details.

04 January 2010

News/Legal

Heartland agrees $3.6 million settlement with America Express

Heartland Payment Systems has agreed to a $3.6 million settlement with American Express relating to the criminal breach of the New jersey-based payments processor in 2008.

18 December 2009

News/Legal

Credit Suisse expects to pay $536m to settle US sanctions probe

Credit Suisse says it expects to pay around $536 million to settle a probe by US authorities into claims it helped process payments in violation of sanctions covering Iran.

16 December 2009

News/Legal

TSE ordered to pay Mizuho Y10.7bn over 'fat finger' trade botch-up

The Tokyo Stock Exchange (TSE) has been ordered to pay Y10.7 billion (£73m) to Mizuho Securities in compensation for losses incurred following a botched trade in 2005.

04 December 2009

News/Legal

SEC files fraud charges against healthcare banking tech firm

The Securities and Exchange Commission (SEC) has filed fraud charges against Canopy Financial, a provider of healthcare banking technology, and frozen the assets of its co-founder who allegedly provided investors with forged financial statements to lure them into a $75 million investment scheme.

03 December 2009

News/Legal

Restaurants sue POS vendor over data breach

A group of US restaurants have filed a class action lawsuit against POS vendor Radiant Systems and its distributor Computer World, claiming hundreds of their customers had their identities stolen as a result of payments terminals that were not PCI-DSS compliant.

26 November 2009

News/Legal

Germany's 'Robin Hood' banker avoids jail

A German bank branch manager who secretly transferred more than EUR7.6 million from rich to poor clients has been given a 22 month suspended jail sentence.

25 November 2009

News/Legal

Spam 'godfather' jailed for e-mail stock fraud

A US man dubbed the "godfather of spam" has been jailed for over four years for his role in an e-mail stock fraud scam that netted around $2.7 million.

24 November 2009

News/Legal

Canadian debit card fraud uncovered - report

Crooks in Canada have compromised thousands of cards after installing debit machines that recorded PIN numbers in stores, according to the Canadian Broadcasting Corporation.

23 November 2009

News/Legal

UK police arrest two over ZeuS Trojan

The Metropolitan Police's Central e-Crime Unit (PCeU) has arrested a man and woman in connection with the infamous ZeuS Trojan, which has infected tens of thousands of computers around the world.

18 November 2009

News/Legal

Gang jailed for Trojan bank theft scam

A gang of fraudsters has been sentenced to a total of 13 years in prison for using a Trojan computer virus to steal around £600,000 from UK bank accounts.

16 November 2009

News/Legal

SEC charges computer programmers over Madoff fraud

The Securities and Exchange Commission has charged two computer programmers accused of helping Bernard Madoff cover up his multi-billion dollar Ponzi scheme.

13 November 2009

News/Legal

US indicts eight over RBS WorldPay ATM heist

A US federal grand jury has indicted eight Eastern Europeans in connection with a crime ring accused of hacking into the computer network of RBS WorldPay, creating counterfeit debit cards and withdrawing over $9 million in 12 hours from ATMs around the world.

11 November 2009

News/Legal

Europe opens anti-trust probe into Reuters Instrument Codes

The European Commission has opened anti-trust proceedings against Thomson Reuters over possible abuse of its dominant market position in the supply of Reuters Instrument Codes.

10 November 2009

News/Legal

VeriFone and Heartland legal spat escalates

An increasingly bitter battle between VeriFone and Heartland Payment Systems that has seen both file lawsuits in recent weeks, was stepped up today when VeriFone confirmed that it will terminate technical support relationships, and will instead offer free services to mutual merchant customers.

03 November 2009

News/Legal

Former bank computer technician charged in $1m ID theft scheme

A computer technician has been charged with stealing the identities of more than 150 former colleagues at the Bank of New York Mellon and using the information to pilfer over $1.1 million from charities, non-profit groups and other institutions.

29 October 2009

News/Legal

IT staff get go-ahead for class action overtime suit against Wells Fargo

A group of Wells Fargo technical staff have been granted a court motion for certification of a nationwide class action case against the bank relating to overtime pay.

28 October 2009