September 12, 2019

Futures commission merchant Phillip Capital Inc. will pay $1.5 million to settle CFTC charges that its email system was breached and customer information accessed, with cyber criminals withdrawing $1 million in PCI customer funds.  The CFTC found that PCI failed to disclose the breach to its customers in a timely manner, and failed to have adequate cybersecurity policies and employee supervision.  CFTC

Tagged in: Cybersecurity and Data Breaches, Financial and Investment Fraud, Fraud in CFTC-Regulated Markets,