...1) List the major security problems of CNB of Oklahoma and relate them to the attack methods described in section 9.2 through 9.4. The Security problems faced by CNB are as follows • Malware • Malicious software • Unprecedented of Spam Malware, short for malicious software, is software used to disrupt computer operation, gather sensitive information, or gain access to private computer systems. It can appear in the form of code, scripts, active content, and other software. 'Malware' is a general term used to refer to a variety of forms of hostile or intrusive software. Malware includes computer viruses, ransomware, worms, trojan horses, rootkits, keyloggers, dialers, spyware, adware, malicious BHOs, rogue security software, and other malicious programs; the majority of active malware threats are usually worms or trojans rather than viruses. In law, malware is sometimes known as a computer contaminant, as in the legal codes of several U.S. States. Malware is different from defective software, which is a legitimate software but contains harmful bugs that were not corrected before release. However, some malware is disguised as genuine software, and may come from an official company website in the form of a useful or attractive program which has the harmful malware embedded in it along with additional tracking software that gathers marketing statistics. Software such as anti-virus, anti-malware, and firewalls are relied upon by users at home, small and large...
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...Understanding IPOs and IPO Scams You don’t have to spend too much time around the stock market to discover that there’s something fishy about many stocks’ initial public offerings, (IPOs). The standing joke is that IPO really stands for “It’s Probably Overpriced”. While that may or may not be true in any given case, there are a large number of pitfalls awaiting the would-be IPO trader or investor. It’s a case of caveat emptor, and in order to be suitably wary you need to understand how an IPO works and how it can be manipulated to your disadvantage. An IPO is the means by which a private company is sold to the public. The owners of the company will approach a major investment bank (sometimes referred to as a “bulge bracket” bank) to underwrite the IPO. That bank will then create a syndicate of banks and brokerages to run the IPO. Stock shares are then sold by the company to the syndicate and by the syndicate to the syndicate members’ customers. The deal can be structured a couple of different ways, but in general the syndicate guarantees they will find buyers for the shares, accepting financial risk if they fail. The syndicate sells the shares of the soon-to-be public company at a higher price then they acquired them. This gap is set as part of the underwriting contract, and has historically been about 7%. Once the shares have been “allocated” to the syndicate’s customers, the stock can begin trading on an exchange. The bulge bracket bank which lead the IPO typically...
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...An Analysis of the Securities Scam -Highlighting Harshad Mehta Synopsis Securities Scam, as it is called, is a name given to the diversion of funds from the banking system to a set of individual stockbrokers through a series of transactions. The duration of the scam was around 11 months, from May 1991 to April 1992. The report primarily describes: * The basic difference between capital market and money market * Why was their room for the scam to happen * How the scam got originated * Who were the key players * What system flaws turned a plan to a scam * How the plan got exposed * Response of the government * Impact of the scam * Policies required Starting with the basic explanation of capital markets and money markets, let us try to understand the points of difference between the two. Point of Difference | Securities Market | Stock Market | Key Players | * Banks * Financial institutions | * Individuals * Companies | Intermediaries | Around a dozen brokers approved by the Reserve bank of India | About 500 brokers approved by Bombay Stock Exchange | Capitalization | Rs 100000 crores | Rs 250000 crores | Finance | Formal money market | Informal money market (Badla market) | Cost of Finance | 18-20% | 35-40% | Number of Transactions | 250 per day | 50000 per day | Trading Volume | Rs 3000-4000 Crores per day | Rs 50-200 Crores per day | We can observe from the table that there is a great difference between...
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...truth about the ‘blame game of the Sonali Bank loan scam’ in order to award exemplary punishment to the perpetrators and abettors of the scam. The petition, filed as public interest litigation jointly by three Supreme Court lawyers Read more Filed Under: Other Headlines Tagged: hallmark loan scam, sonali bank loan scam Sonali to sue culprits September 11, 2012 by admin · Leave a Comment Tk 3,606cr Swindle Sonali to sue culprits The finance ministry yesterday asked the Sonali Bank to file criminal cases against the officials of the bank and Hall-Mark Group involved in the recent loan scam. The bank and financial institutions division of the ministry in a letter directed the bank’s management to take “departmental and legal action” against the top Read more Filed Under: Other Headlines Tagged: hallmark loan scam, hallmark scam, sonali bank scam, sonali loan scam Muhith says sorry September 7, 2012 by admin · Leave a Comment Loan Remarks Muhith says sorry Sonali board’s role questioned Facing a barrage of criticism from both in and outside of parliament, Finance Minister AMA Muhith yesterday made an apology for his remarks on the Sonali Bank loan scam that the Tk 4,000 crore swindled by Hall-Mark Group was a paltry amount. “I should not have made the remarks on that day [Sunday]. I am seeking apology. I’m Read more Filed Under: Other Headlines Tagged: hallmark loan scam, loan remark, muhith says sorry, sonali bank loan scam Nonsense! September 5, 2012 by admin...
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...because of secrecy, it does reflect the magnitude. Conservative Estimate by Global Financial Integrity India’s standing per Transparency International India’s Corruption Perception Index: 3.3 Scale of 0 to10 10 (highly clean), 0 (highly corrupt) India The Republic of Scams India, Republic of Scams 2G Spectrum Allocation Fraud, 1.76 lakh crores (40 billion dollars) Classic example of collusion between politicians, industrialists and media with high powered brokers. Indian Government refuses to constitute a joint parliamentary committee of all parties to investigate the scam (that resulted in total deadlock in entire last parliamentary session). India, Republic of Scams 2G Spectrum Allocation Fraud(2010) India Today Jan 3, 2010 No tolerance for corruption or deception? Govt refused Joint Parliamentary committee because based on proportion of MPs there will be majority representatives from other parties who will be able expose those who actually received money and deposited in swiss and other safe havens? Who are they protecting? According to Dr. Swamy, Sonia has taken a big share of the loot deposited under her sisters names (Anushka and Nadia) India, Republic of Scams Commonwealth games (CWG) fraud 60,000 crores, 13 billion dollars (2010) [Conservative estimate!!!] CWG cost comparisons 2002 (UK): Rs 2,100 crores 2006 (Australia): Rs 5,000 crores 2010 (India): Rs 60,000 crores!!! 2014(UK,estimated): Rs 2,200 crores!!! Original...
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...CHAPTER 1. 1.1 INTRODUCTION HISTORY OF HARSHAD MEHTA. Harshad Shantilal Mehta was an Indian stockbroker, well known for his wealth and for having been charged with numerous financial crimes that took place in 1992. Of the 27 criminal charges brought against him, he was only convicted of one, before his death at age 47 in 2001. It was alleged that Mehta engaged in a massive stock manipulation scheme financed by worthless bank receipts, which his firm brokered in "ready forward" transactions between banks. Mehta was convicted by the Bombay High Court and Supreme Court of India for his part in a financial scandal valued at 50 billion (US$770 million) which took place on the Bombay Stock Exchange (BSE). In reality he actually exposed the loopholes in the Bombay Stock Exchange (BSE) transaction system and SEBI further introduced new rules to cover those loopholes. He was tried for 9 years, until he died in the late 2001. Mehta was born on 29 July 1954, at Paneli Moti, Rajkot district, in a Gujarati Jain family. His early childhood was spent in Kandivali, Mumbai, where his father was a small-time businessman. Later, the family moved to Raipur, Chhattisgarh, where Mehta studied in Kalibadi Higher Secondary School. By profession Mehta was a Chartered accountant. Over a period of ten years, beginning 1980, he served in positions of increasing responsibility at a series of brokerage firms. By 1990, he had risen to a position of prominence in the Indian securities industry. He established...
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...disbursement by the state- owned financial institutions. But one particular loan case, now being dubbed as Hallmark Scam because of its huge size and indifference, deliberate or otherwise, on the part of the management of the country’s largest public sector bank, has come as a real shocker. As the details of the scam are coming out gradually, the people concerned are suspecting that something has gone seriously wrong inside the state-owned banks. The Hallmark corruption with Sonali bank is one of the biggest scam of Bangladesh. The finance minister's initial comment on Bangladesh Bank's authority to recommend the change is not justified. The managerial system errors was the lack of audit teams; special audit teams, investigation team and supervision teams of all the government, non-government and specialized banks and they should be trained to be better adapted. The faulty system of our country led this thing to take place. The people working under the Sonali bank were not fully ethical and loyal and that is one of the reasons for such corruption taking place. The minister, however, did not comment on how strong the presence of political appointments could be on the boards of the state-owned commercial banks (SOCBs). A central bank official alleged that some board members were also involved in the Hall-Mark scam, adding that the Bangladesh Bank informed the finance ministry about it but they were silent where they should have taken necessary steps to...
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...– The Stock Scam 3. In the early 1990s, the banks in India had to maintain a particular amount of their deposits in government bonds. This ratio was called SLR ( Statutory Liquidity Ratio). Each bank had to submit a detailed sheet of its balance at the end of the day and also show that there was a sufficient amount invested in government bonds. Now, the government decided that the banks need not show their details on each day, they need to do it only on Fridays. Also, there was an extra clause that said that the average %age of bond holdings over the week needs to be above the SLR but the daily %age need not be so. That meant that banks would sell bonds in the earlier part of the week and then buy bonds back at the end of the week. The capital freed in the starting of the week could then be invested. Now, at the end of the week many banks would be desperate to buy bonds back. This is where the broker comes in. The broker knew which bank had more bonds (called ‘plus’) and which has less than the required amount (called ‘short’). He then acts as the middleman between the two banks. Harshad Mehta was one such broker. He worked as a middle man between many banks for a long time and gained the trust of the banks’ senior management. Lets say that there are two banks A (short) and B (plus). Now what Harshad Mehta did was that he told the banker at A that he was dealing with many banks and hence did not know who would he deal in the end with. So he said that the bank should write...
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...Understanding the Hallmark-Sonali Bank Loan Scandal By Daniel Sabet and Ahmed S. Ishtiaque January 2013 Monthly Current Events Analysis Series Purpose of the report This month’s Current Events News Analysis takes up an issue that has been well documented and discussed in a variety of news sources: the Hallmark-Sonali Bank loan scandal. As with other hot topics, important information is scattered across a variety of different articles and sources. This report seeks to provide readers with “all that they really need to know” about the scandal. The analysis tries to provide clear, simple answer to the following questions: What happened? How did it happen? Why wasn’t the malpractice prevented or discovered sooner? What has been the fall out? What is next? What happened? In May 2012, a report from the Bangladesh Bank revealed that the Ruposhi Bangla Hotel Branch of the state-owned Sonali Bank, Bangladesh’s largest commercial bank, illegally distributed Tk 36.48 billion (US$460 million) in loans between 2010 and 2012. The largest share, of Tk 26.86 billion (US$340 million), went to the now infamous Hallmark Group. While the focus has understandably been on Hallmark, other companies also participated in the fraud, including: T and Brothers, Tk 6.10 billlion Paragon Group, Tk 1.47 billion Nakshi Knit, Tk 660 million DN Sports, Tk 330 million Khanjahan Ali, Tk 50 million This is considered to be the country’s largest...
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...Understanding the Hallmark-Sonali Bank Loan Scandal By Daniel Sabet and Ahmed S. Ishtiaque January 2013 Monthly Current Events Analysis Series Purpose of the report This month’s Current Events News Analysis takes up an issue that has been well documented and discussed in a variety of news sources: the Hallmark-Sonali Bank loan scandal. As with other hot topics, important information is scattered across a variety of different articles and sources. This report seeks to provide readers with “all that they really need to know” about the scandal. The analysis tries to provide clear, simple answer to the following questions: What happened? How did it happen? Why wasn’t the malpractice prevented or discovered sooner? What has been the fall out? What is next? What happened? In May 2012, a report from the Bangladesh Bank revealed that the Ruposhi Bangla Hotel Branch of the state-owned Sonali Bank, Bangladesh’s largest commercial bank, illegally distributed Tk 36.48 billion (US$460 million) in loans between 2010 and 2012. The largest share, of Tk 26.86 billion (US$340 million), went to the now infamous Hallmark Group. While the focus has understandably been on Hallmark, other companies also participated in the fraud, including: T and Brothers, Tk 6.10 billlion Paragon Group, Tk 1.47 billion Nakshi Knit, Tk 660 million DN Sports, Tk 330 million Khanjahan Ali, Tk 50 million This is considered to be the country’s largest...
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...Satyam Likely To Exist Post Scam : Gartner Study 3,300 views Although several companies are trying to have a bite into Satyam Computers, according to Gartner study, the company is likely to exist in its current form. It is expected to discontinue some of its businesses, service lines or cease to exist in certain geographies by 2010. The study indicated that even the name Satyam may not be around by that time, as the company is expected to undergo a complete change, in ownership and organizationally. Satyam’s ability to sign on new clients during 2009 has significantly diminished, says the study. ‘‘In addition, it will be challenged to invest in client engagements, staff developments or R&D, all critical elements for IT services,’’ said Gartner’s V-P for research, Frances Karamouzis. Read more Posted by Satyam Fraud News Reporter on Sunday, February 1, 2009 at 7:46 am Filed under Impact Of Satyam Scam On Indian Economy Ex-Satyam Director Resigns From Sasken Board 1,536 views Serial entrepreneur and NewPath Ventures co-founder Vinod K Dham resigned from the board of Sasken Communications as an independent director, a top official of the communications solutions provider said on Monday. “Yes, Dham has resigned as a director of the company from the board on January 17,” Sasken chairman and managing director Rajiv C. Mody told IANS but declined to elaborate. “We will inform you later, as we are busy with investors and analysts in a conference call on our third quarter...
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...the former State Bank of Pakistan and seventeen large commercial banks, two of which were controlled by Bangladeshi interests and three by foreigners other than West Pakistanis with fourteen smaller commercial banks. The newly independent government immediately designated the Dhaka branch of the State Bank of Pakistan as the central bank and renamed it the Bangladesh Bank. The Bangladesh government initially nationalized the entire domestic banking system and proceeded to reorganize and rename the various banks. Foreign-owned banks were permitted to continue doing business in Bangladesh. The insurance business was also nationalized and became a source of potential investment funds. Cooperative credit systems and postal savings offices handled service to small individual and rural accounts. The new banking system succeeded in establishing reasonably efficient procedures for managing credit and foreign exchange. Now, banks in Bangladesh are primarily of two types: Scheduled Banks: The banks which get license to operate under Bank Company Act, 1991 (Amended in 2003) are termed as Scheduled Banks. Non-Scheduled Banks: The banks which are established for special and definite objective and operate under the acts that are enacted for meeting up those objectives, are termed as Non-Scheduled Banks. These banks cannot perform all functions of scheduled banks. There are 52 scheduled banks in Bangladesh who operate under full control and supervision of Bangladesh Bank which is empowered...
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...are still missing. These are adequate supervision, strict accountability, and appropriate punishment. As a result, the markets have remained shallow and stunted and have lurched from one financial scandal to another over the last decade. Corporate governance has been emerged as an important reform in capital market because of various scandals in the field of capital market. After this reform, the markets have become transparent and accessible uniformly to everyone in the country, without bias to caste, religion, gender or location. However, it has been a central issue in developing countries even long before the recent spate of corporate scandals. The various corporate scandals in India include: Ketan Parekh scam, Harshad Mehta scam, CRB scam, Satyam scam etc. Security scams and financial scandals have lead to the manipulation of large amount of money, bloating stock markets and sensex. Even the financial markets having regulatory authority and empowered legal sections have failed in providing good corporate governance to some extent. But corporate governance and economic development are interrelated. Poor corporate governance hinders the development of economy while good corporate governance builds the confidence of outsiders to use financial accounting reports and statements within their business or for financial specialties, removes mistrust between various stakeholders and also reduces the risk of nationwide financial crisis. Effective corporate governance promotes the development...
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...Scams on the Internet Charity Rittman Com/150 Dr. Maisah Robinson May 14, 2010 Scams on the Internet Thieves are always finding ways to steal individual’s money or personal information. The Internet, phone and the United States mail service have quickly become preferred methods of perpetrating crimes. These mediums provide predators with a safe platform to run scams with little risk of their identities revealed. Knowledge and education are the keys to confronting these types of crimes. The e-mails have misspellings, poor grammar and run-on-sentences. Please keep in mind that common sense is the best defense concerning cons and scams: if something seems too good to be true, it probably is, and if something does not seem attainable, it probably is not. If anyone receives these bogus e-mails do not reply or click on any links attached to it; attachments may contain codes or viruses that could infect the person computer. The scams now being implemented are too numerous to list, though most are just a different version of scams previously used and found to be successful for these would be successful for these would-be criminals. The tricks and scams are the same just different people doing the same con games. The internet has made it easy to retrieve information, almost an open book to anyone with a computer. Some of the favorite frauds are: • Ponzi schemes promise high returns , early investor only benefit • Affinity fraud use religious...
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...2013 Is it Legitimate? Today, the Internet plays a very important part in the lives of many people. Users are now able to bank online, shop online, apply for jobs online, and perform a number of other tasks that users decades ago were not able to do. Even though the Internet provides users with many conveniences, unfortunately, the Internet is also used to commit many crimes. Phishing is a very common method that thieves use to “steal personal information through spamming and other deceptive means” (“History”, n.d.). The first recorded phishing scam occurred with AOL users in the late 1990s, and was very successful, simply because users did not know any better. Once users became aware of such scams, security meaures were increased, but that did not stop thieves from becoming more creative. Today, the most common phishing scams consist of “an e-mail message [that] tells the victim to click on a link to what purport to be the Web site of a well-known bank or online company” (Baase, 2008). It has become increasingly important for Internet users to be alert and aware of the type of scams that are designed to steal information and potentially identities. Internet users that fall into phishing traps quickly become victims of identity theft and credit card fraud. On average, these scams cost individuals about $1200 (SonicWALL, 2012). To avoid these scams, Internet users should be extra careful when opening emails and clicking on links that ask for personal information. 1.)...
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