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Paul Zimmerman

Showing 6 posts in Financial Services.

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Trade Secrets -- Protecting What Matters Most

California businesses invest significant resources to develop their customer lists and client data. However, most businesses fail to take steps to protect that information because of the mistaken belief that such information is automatically protected "trade secrets.” In California, a business is required to take certain basic but affirmative steps to ensure that their client information fits within the definition of a trade secret. Failing to take those steps can put the confidential client information at risk.  (Read more)

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Senate Introduces Cyberthreat Data Sharing Legislation

On Wednesday, February 11, The Cyber Threat Sharing Act of 2015 was introduced in the U.S. Senate. The bill is aimed at improving cybersecurity for both the private and public sectors, through the increase of shared cyberthreat data and communication between both sectors. (Read more)

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SUPERVALU Experiences Criminal Intrusion in Computer Network

One of the largest grocery wholesalers and retailers in the U.S., SUPERVALU, recently experienced a criminal intrusion into its computer network. The perpetrators targeted the part of the network that processes payment card transactions. The intrusion may have resulted in the theft of account numbers, and other information associated with payment cards used at some of SUPERVALU’s owned and franchised stores. (Read More)

Financial Services
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How to Avoid Ponzi Purgatory: Careful Diligence Helps Banks Stay Away from Schemers

Since the global recession of 2009, the doors on many Ponzi schemes, like the one orchestrated by the infamous Bernie Madoff, have been blown wide open. 

The country’s financial crisis, in conjunction with vast media attention, resulted in the unraveling of a host of these kinds of investment scams.  Ponzi schemes are fraudulent arrangements whereby a new investor’s money is used to pay a promised return to previous investors. 

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Financial Services
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Defrauded Investors Pursue Recovery from Financial Institutions for Ponzi Schemes

Since the beginning of the Great Recession, Ponzi schemes, like the one orchestrated by the infamous Bernie Madoff, have been exposed with some regularity. Because of their “rob Peter to pay Paul” nature, the disintegration of Ponzi schemes usually leaves their defrauded investors with little to no assets for recovery. (Read More)

Financial Services
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What Depth of Responsibility Do Creditors and Lenders Have to Maintain the Value of Collateral in Their Possession?

If you are an officer or a special assets manager at a bank, and you know that a borrower has pledged non-real estate collateral (stocks, notes, etc.) that has long been gathering dust in your vault, you need to ask yourself, what responsibility, if any, does the bank have to maintain the value of collateral held in its possession for the purpose of securing loans? (Read More)