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Tag: federal reserve

FBI: Fed Reserve Employee Stole Computer Code

By Danny Fenster
ticklethewire.com

A New York computer programmer was arrested and charged with stealing proprietary software code this week, reports the website TechWorld.com. But the software he allegedly stole didn’t belong to just anyone; it belonged to the federal reserve.

Bo Zhang is charged with stealing software code, known as the Government-Wide Accounting and Reporting Program (GWA) from the Federal Reserve Bank of New York. The software handles a wide variety of government financial transactions, reports TechWorld.

“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,” the FBI said in a statement. “In the summer of 2011, Zhang allegedly stole the GWA Code.”

To read more click here.

Identity Theft Hits Chairman Bernanke in Secret Service-Postal Probe

Apparently while the chairman of the Federal Reserve was trying to watch our money, someone was trying to take his. As the story points out: no one is immune from these crimes.

Ben Bernake/fed reserve photo

Ben Bernanke/fed reserve photo

By Michael Isikoff
Newsweek
WASHINGTON — If ever there were living proof that identity theft can strike the mighty and powerful as well as hapless consumers, look no further than the nation’s chief banker: Ben Bernanke.

The Federal Reserve Board chairman was one of hundreds of victims of an elaborate identity-fraud ring, headed by a convicted scam artist known as “Big Head,” that stole more than $2.1 million from unsuspecting consumers and at least 10 financial institutions around the country, according to recently filed court records reviewed by NEWSWEEK.

For Full Story