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Posts Tagged ‘Treasury’

Hackers Are New Top Worry for the Treasury Department


Source: National Cyber Security – Produced By Gregory Evans

Hackers Are New Top Worry for the Treasury Department

Hackers are now the biggest threat to the financial stability of the United States. On Tuesday, a Treasury Department committee met to review its efforts to bolster cybersecurity at more than a dozen financial regulatory agencies with the goal of “strengthening information sharing on cyber vulnerabilities, threats and incidents.” Of all the threats facing the […]

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NY programmer busted by FBI for stealing US Treasury code

The FBI said it arrested a computer programmer in New York this week and charged him with stealing proprietary software code from the Federal Reserve Bank of New York. The software known as the Government-Wide Accounting and Reporting Program (GWA) handles all manner of US government financial transactions.

Stealing the code for his own business

“As alleged in the complaint, between May 2011 and August 11, 2011, Bo Zhang was a contract employee assigned to the Federal Reserve Board of New York (FRBNY) to work on further developing a specific portion of the GWA’s source code which the United States has spent approximately £6.1 million ($9.5 million) to develop. In the summer of 2011, Zhang allegedly stole the GWA Code,” said the FBI in a statement.

“According to the complaint, Zhang admitted that in July 2011, while working at the FRBNY, he checked out and copied the GWA Code onto his hard drive at the FRBNY; he subsequently copied the GWA Code onto a bank-owned external hard drive; and he connected that external hard-drive to his private office computer, his home computer, and his laptop. Zhang stated that he used the GWA Code in connection with a private business he ran training individuals in computer programming.”

“Zhang took advantage of the access that came with his trusted position to steal highly sensitive proprietary software. His intentions with regard to that software are immaterial. Stealing it and copying it threatened the security of vitally important source code,” said FBI Assistant Director in Charge Janice Fedarcyk in a statement.

Previously worked for Goldman Sachs 

Now free on bond but due back in court in February, Zhang, 32, of Queens, New York, faces a maximum term of 10 years in prison and a £160,000 ($250,000) fine if guilty.

While the FBI didn’t identify which company Zhang currently worked for, reported he in the past had worked for at Goldman Sachs Group Inc. (GS) and Bank of America Corp. also said Matt Anderson, a Treasury spokesman, said the department has worked to strengthen security procedures for Federal Reserve contractors working on Financial Management Service projects. “There was no compromise of any transaction data, personal identifying information or federal funds,” Anderson said.

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Woonsocket city clerk charged with over $7,000 in theft from Treasury Division

WOONSOCKET—A city employee has been fired and charged with stealing money and using a computer for fraudulent purposes, it was announced on Friday by the Woonsocket police.

Michelle Giguere, 41, a clerk in the Treasury Division, surrendered around 7:30 a.m. on Friday at police headquarters, according to a news release.

The police said city officials notified investigators about suspicious transactions by Giguere. The Finance Department reviewed cash transactions going back to at least early 2009. It was alleged that Giguere stole more than $7,000 from the Treasury Division.

Lt. Eugene Jalette, police spokesman, said Giguere is charged with manipulating the books via a computer while she processed transactions involving tax revenue and water bills.

She was arraigned in Providence District Court, he said, and was released pending a court appearance on Nov. 10.

Giguere had been employed as a clerk for seven years.

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