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91-462: On 3 September 2011, after it had become clear that a security breach had resulted in the fraudulent issuing of certificates , the Dutch government took over operational management of DigiNotar's systems. That same month, the company was declared bankrupt. An investigation into the hacking by Dutch-government appointed Fox-IT consultancy identified 300,000 Iranian Gmail users as the main target of

182-492: A "fixer", such as Daniel J. O'Neill who in 1999 joined Molson in that capacity. In the manufacturing sector , the primary role of the COO is routinely one of operations management , meaning that the COO is responsible for the development, design, operation, and improvement of the systems that create and deliver the firm's products . The COO is responsible for ensuring that business operations are efficient and effective and that

273-530: A 2010 survey by the Association of Certified Fraud Examiners estimated that the typical organization loses five percent of its annual revenue to fraud, with a median loss of $ 160,000. Fraud committed by owners and executives were more than nine times as costly as employee fraud. The industries most commonly affected are banking, manufacturing, and government. In China, according to the Criminal Law of

364-480: A COO's job tends to be defined in relation to the specific CEO with whom they work, given the close working relationship of these two individuals. The selection of a COO is similar in many ways to the selection of a vice president or chief of staff of the United States: power and responsibility structures vary in government and private regimes depending on the style and needs of the president or CEO. Thus,

455-431: A PKIoverheid certificate from DigiNotar can request a new certificate from one of the remaining four providers. Fraudulent In law , fraud is intentional deception to deprive a victim of a legal right or to gain from a victim unlawfully or unfairly. Fraud can violate civil law (e.g., a fraud victim may sue the fraud perpetrator to avoid the fraud or recover monetary compensation) or criminal law (e.g.,

546-419: A certain amount of currency in accordance with a contract that promises the later exchange of equated assets , which ultimately never arrive, is a type of fraud, known as commodities fraud. Alternatively, the term can relate to: the failure of registering in an exchange; the act of deliberately providing falsified information to clients; the action of executing transactions with the sole purpose of making

637-628: A certificate issued by Getronics PinkRoccade Nederland B.V. According to the Dutch government, DigiNotar gave them its full co-operation with these procedures. After the removal of trust in DigiNotar, there are now four Certification Service Providers (CSP) that can issue certificates under the PKIoverheid hierarchy: All four companies have opened special help desks and/or published information on their websites as to how organisations that have

728-422: A civil wrong, fraud is a tort . While the precise definitions and requirements of proof vary among jurisdictions, the requisite elements of fraud as a tort generally are the intentional misrepresentation or concealment of an important fact upon which the victim is meant to rely, and in fact does rely, to the harm of the victim. Proving fraud in a court of law is often said to be difficult as the intention to defraud

819-413: A crime similarly vary. The requisite elements of perhaps the most general form of criminal fraud, theft by false pretense, are the intentional deception of a victim by false representation or pretense with the intent of persuading the victim to part with property and with the victim parting with property in reliance on the representation or pretense and with the perpetrator intending to keep the property from

910-692: A fine or imprisonment for up to ten years on conviction on indictment . This Act largely replaces the laws relating to obtaining property by deception, obtaining a pecuniary advantage and other offences that were created under the Theft Act 1978 . The Serious Fraud Office is an arm of the Government of the United Kingdom, accountable to the Attorney General for England and Wales . The National Fraud Authority (NFA) was, until 2014,

1001-548: A foreign intelligence service using the fake certificates. The hack has also been claimed by the so-called Comodohacker, allegedly a 21-year-old Iranian student, who also claimed to have hacked four other certificate authorities, including Comodo , a claim found plausible by F-Secure , although not fully explaining how it led to the subsequent "widescale interception of Iranian citizens". After more than 500 fake DigiNotar certificates were found, major web browser makers reacted by blacklisting all DigiNotar certificates. The scale of

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1092-408: A fraud perpetrator may be prosecuted and imprisoned by governmental authorities), or it may cause no loss of money, property, or legal right but still be an element of another civil or criminal wrong. The purpose of fraud may be monetary gain or other benefits, for example by obtaining a passport, travel document, or driver's license, or mortgage fraud , where the perpetrator may attempt to qualify for

1183-466: A government agency coordinating the counter-fraud response in the UK. Cifas is a British fraud prevention service, a not-for-profit membership organization for all sectors that enables organizations to share and access fraud data using their databases. Cifas is dedicated to the prevention of fraud, including internal fraud by staff, and the identification of financial and related crime. In Scots law , fraud

1274-401: A mortgage by way of false statements. Fraud can be defined as either a civil wrong or a criminal act . For civil fraud, a government agency or person or entity harmed by fraud may bring litigation to stop the fraud, seek monetary damages, or both. For criminal fraud, a person may be prosecuted for the fraud and potentially face fines, incarceration, or both. In common law jurisdictions, as

1365-655: A possible shift in the balance between "the reward from fraud" and the risk of detection. An aspect of the guidance was to equip staff to look out for "fraud indicators": clues or hints that an individual member of staff, team or area of activity might need "a closer look". In 2022, the television program Scam Interceptors revealed that the majority of fraud in the United Kingdom was perpetrated from industrial-scale scamming call centres in Asia. Since 2007, fraud in England and Wales and Northern Ireland has been covered by

1456-958: A profit for the payee ; the theft of client funds . The detection of fraudulent activities on a large scale is possible with the harvesting of massive amounts of financial data paired with predictive analytics or forensic analytics, the use of electronic data to reconstruct or detect financial fraud. Using computer-based analytic methods in particular allows for surfacing of errors, anomalies, inefficiencies, irregularities, and biases which often refer to fraudsters gravitating to certain dollar amounts to get past internal control thresholds. These high-level tests include tests related to Benford's Law and possibly also those statistics known as descriptive statistics. High-level tests are always followed by more focused tests to look for small samples of highly irregular transactions. The familiar methods of correlation and time-series analysis can also be used to detect fraud and other irregularities. Participants of

1547-505: A relationship built upon trust is created between the CEO and COO, firm performance is improved and shareholder results are strengthened. Some strategies that are key to building trust in the CEO-COO relationship include: In addition to having a strong and trusting relationship with the CEO, the COO should also have an effective relationship with the board. A good relationship between COO and

1638-515: Is also loosely defined. The president is usually the legally recognized highest rank of corporate officer, ranking above the various vice presidents (including senior vice president and executive vice president), but on its own generally considered subordinate, in practice, to the CEO. Lloyd E. Reuss was president of General Motors from 1990 to 1992, as the right-hand man of chairman and CEO Robert C. Stempel . Stempel insisted on naming Reuss as company president in charge of North American operations,

1729-576: Is an executive in charge of the daily operations of an organization (i.e. personnel, resources, and logistics). COOs are usually second-in-command immediately after the CEO , and report directly to them, acting on their behalf in their absence. In some situations, for example where a COO is appointed as the CEO's successor, the position may be appointed by the board of directors . Unlike other C-suite positions, which tend to be defined according to commonly designated responsibilities across most companies,

1820-583: Is capable of developing talent, and helps the CEO to retain the COO by further empowering the individual. A strong relationship benefits the COOs in that they are able to expand their experience as well as their professional network. Additionally, if they are looking to be the next CEO, it allows them to develop credibility with the board. Researchers advise the COO to go beyond simply presenting at board meetings, to ensure they are developing strong one-on-one relationships with each board director. Researchers also urge

1911-590: Is covered under the common law and a number of statutory offences. The main fraud offences are common law fraud, uttering, embezzlement, and statutory fraud. The Fraud Act 2006 does not apply in Scotland. Section 380(1) of the Criminal Code provides the general definition for fraud in Canada: 380 . (1) Every one who, by deceit, falsehood or other fraudulent means, whether or not it is a false pretence within

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2002-453: Is more than 9% of the UK's projected GDP for 2017 ($ 2,496 (£2,080) billion according to Statistics Times . ) The estimate for fraud in the UK figure is more than the entire GDP of countries such as Romania, Qatar and Hungary. According to another review by the UK anti-fraud charity Fraud Advisory Panel (FAP), business fraud accounted for £144bn, while fraud against individuals was estimated at £9.7bn. The FAP has been particularly critical of

2093-490: Is normally computed using one of two rules: Special damages may be allowed if shown to have been proximately caused by defendant's fraud and the damage amounts are proved with specificity . Some jurisdictions may permit a plaintiff in a fraud case to seek punitive or exemplary damages. Beyond legislation directed at preventing or punishing fraud, some governmental and non-governmental organizations engage in anti-fraud efforts. Between 1911 and 1933, 47 states adopted

2184-532: Is now the most commonly experienced crime in England and Wales and demands an urgent response." HM Treasury issued guidance to central government departments in January 2011 concerned with "Tackling Internal Fraud", concerned that economic pressures and potential staff redundancies at the time might lead those staff who "might be tempted" to commit fraud to make more of any opportunity which might arise, noting

2275-431: Is the key element in question. As such, proving fraud comes with a "greater evidentiary burden than other civil claims". This difficulty is exacerbated by the fact that some jurisdictions require the victim to prove fraud by clear and convincing evidence . The remedies for fraud may include rescission (i.e., reversal) of a fraudulently obtained agreement or transaction, the recovery of a monetary award to compensate for

2366-512: The Fraud Act 2006 . The Act was given royal assent on 8 November 2006, and came into effect on 15 January 2007. The Act gives a statutory definition of the criminal offence of fraud, defining it in three classes—fraud by false representation, fraud by failing to disclose information, and fraud by abuse of position. It provides that a person found guilty of fraud is liable to a fine or imprisonment for up to six months on summary conviction , or

2457-651: The Indian Penal Code . It is supplemented by the Criminal Procedure Code and Indian Evidence Act . In 2016, the estimated value lost through fraud in the UK was £193 billion a year. In January 2018, the Financial Times reported that the value of UK fraud hit a 15-year high of £2.11bn in 2017, according to a study. The article said that the accountancy firm BDO examined reported fraud cases worth more than £50,000 and found that

2548-552: The Internet ( computer crime and Internet fraud ). Given the international nature of the web and ease with which users can hide their location, obstacles to checking identity and legitimacy online, and the variety of hacker techniques available to gain access to PII have all contributed to the very rapid growth of Internet fraud. In some countries, tax fraud is also prosecuted under false billing or tax forgery. There have also been fraudulent "discoveries", e.g., science , where

2639-601: The Supreme People's Procuratorate in 2011, for cases of fraud involving public or private property with a value ranging from 3,000 yuan to 30,000 yuan, from 30,000 yuan to 500,000 yuan, and over 500,000 yuan, they should be respectively deemed as "relatively large amount," "large amount," and "particularly large amount" as stipulated in Article 266 of the Criminal Law. In India, the criminal laws are enshrined in

2730-529: The "Staat der Nederlanden" hierarchy were also blacklisted by Mozilla in the next security update, and also by other browser manufacturers. The Dutch government announced on 3 September 2011 that they would switch to a different firm as certificate authority. After the initial claim that the certificates under the DigiNotar-controlled intermediate certificate in the PKIoverheid hierarchy weren't affected, further investigation by an external party,

2821-681: The 12 months to the end of March 2016." Fraud affects one in ten people in the UK. According to the ONS, most fraud relates to bank account fraud. These figures are separate from the headline estimate that another 6.3 million crimes (distinct from fraud) were perpetrated in the UK against adults in the year to March 2016. Fraud was not included in a "Crime Harm Index" published by the Office for National Statistics in 2016. Michael Levi, professor of criminology at Cardiff University, remarked in August 2016 that it

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2912-457: The CEO and chief economist . Most modern companies operate without a COO. For example, in 2007 almost 58% of Fortune 500 companies did not have a COO. In these instances the CEO either takes on more roles and responsibilities, or the roles traditionally assigned to the COO are carried out by sub C-suite executives. Although the number of COOs has been in decline for the past 10 years, there are reasons to anticipate an increased utilization of

3003-402: The CEO role often face similar challenges including: According to researchers Miles and Bennett, just knowing these common pitfalls can help a COO "heir" better prepare for the transition, thereby avoiding them in totality or ensuring that at least they do not evolve into full derailers once they are in the CEO seat. Because the COO is often responsible for serving as an information conduit to

3094-446: The CEO, it is essential that the relationship between COO and CEO be a positive one. Trust is the most important ingredient necessary for a CEO-COO relationship to thrive. The CEO must have full confidence that the COO is not making direct passes for their job, can get the work done, and shares their vision (rather than using their trusted spot and access to information to undermine the CEO's strategy or implement his/her own vision). When

3185-399: The COO role meets individual expectations and changes as leadership teams adjust. The COO position is common in firms that are operationally intensive, such as airline and automotive industries. In a similar vein to the COO, the title of corporate president as a separate position (as opposed to being combined with a "C-suite" designation, such as "president and CEO" or "president and COO")

3276-470: The COO to develop his or her own voice, independent of the CEO. Any breakdown in trust between the CEO and COO can lead to failure. Additionally, the COO typically has to be a high-level leader who is comfortable being fully in charge. Many executives with the leadership skills necessary to be a top-level COO would prefer to be running their own organization as opposed to taking orders from a CEO. For COOs who are expecting to serve their time and be promoted to

3367-499: The Dutch government's PKIoverheid ("PKIgovernment") program. This issuance was via two intermediate certificates, each of which chained up to one of the two "Staat der Nederlanden" root CAs. National and local Dutch authorities and organisations offering services for the government who want to use certificates for secure internet communication can request such a certificate. Some of the most-used electronic services offered by Dutch governments used certificates from DigiNotar. Examples were

3458-454: The Fox-IT consultancy, showed evidence of hacker activity on those machines as well. Consequently, the Dutch government decided on 3 September 2011 to withdraw their earlier statement that nothing was wrong. (The Fox-IT investigators dubbed the incident "Operation Black Tulip".) The Fox-IT report identified 300,000 Iranian Gmail accounts as the main victims of the hack. DigiNotar was only one of

3549-746: The OPTA's initial refusal to do so. The report was ordered to be released, and was made public in October 2012. It shows a near total compromise of the systems. On 10 July 2011 an attacker with access to DigiNotar's systems issued a wildcard certificate for Google . This certificate was subsequently used by unknown persons in Iran to conduct a man-in-the-middle attack against Google services. On 28 August 2011 certificate problems were observed on multiple Internet service providers in Iran. The fraudulent certificate

3640-780: The People's Republic of China , the Crime of Fraud ( 诈骗罪 ) refers to the "criminal act of deceiving and obtaining public or private property." According to Article 266 of the Criminal Law: According to the "Interpretation on Several Issues Concerning the Specific Application of the Law in Handling Criminal Cases of Fraud" ( 关于办理诈骗刑事案件具体应用法律若干问题的解释 ) issued by the Supreme People's Court and

3731-686: The UK from fraud are estimated to be more than £190bn". Figures released in October 2015 from the Crime Survey of England and Wales found that there had been 5.1 million incidents of fraud in England and Wales in the previous year, affecting an estimated one in 12 adults and making it the most common form of crime. Also in July 2016, the Office for National Statistics (ONS) stated "Almost six million fraud and cyber crimes were committed last year in England and Wales and estimated there were two million computer misuse offences and 3.8 million fraud offences in

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3822-701: The United States are that: To establish a civil claim of fraud, most jurisdictions in the United States require that each element of a fraud claim be pleaded with particularity and be proved by a preponderance of the evidence , meaning that it is more likely than not that the fraud occurred. Some jurisdictions impose a higher evidentiary standard, such as Washington State's requirement that the elements of fraud be proved with clear, cogent, and convincing evidence (very probable evidence), or Pennsylvania's requirement that common law fraud be proved by clear and convincing evidence. The measure of damages in fraud cases

3913-484: The amount of loss involved. High value fraud can also trigger additional penalties. For example, in California, losses of $ 500,000 or more will result in an extra two, three, or five years in prison in addition to the regular penalty for the fraud. The U.S. government's 2006 fraud review concluded that fraud is a significantly under-reported crime, and while various agencies and organizations were attempting to tackle

4004-411: The appetite is for prestige rather than immediate monetary gain. A hoax is a distinct concept that involves deliberate deception without the intention of gain or of materially damaging or depriving a victim. Internal fraud, also known as "insider fraud", is fraud committed or attempted by someone within an organisation such as an employee. The illegal act of obtaining (or the attempt of obtaining)

4095-463: The authentication infrastructure DigiD and the central car-registration organisation Netherlands Vehicle Authority  [ nl ] (RDW). DigiNotar's root certificates were removed from the trusted-root lists of all major web browsers and consumer operating systems on or around 29 August 2011; the "Staat der Nederlanden" roots were initially kept because they were not believed to be compromised. However, they have since been revoked. DigiNotar

4186-496: The available CAs in PKIoverheid, so not all certificates used by the Dutch government under their root were affected. When the Dutch government decided that they had lost their trust in DigiNotar, they took back control over the company's intermediate certificate in order to manage an orderly transition, and they replaced the untrusted certificates with new ones from one of the other providers. The much-used DigiD platform now uses

4277-404: The board allows the board to better understand and independently judge a potential successor. A strong relationship between the board and the COO also offers the board an additional expert opinion on the health of the company, and status of key initiatives. It benefits the CEO to allow such a relationship to form because it reflects confidence and fosters transparency. It also reinforces that the CEO

4368-508: The board reluctantly agreed but showed their displeasure by not giving Reuss the title of COO. Richard D. Parsons was number two in the company hierarchy during his tenure as president of Time Warner from 1995 to 2001, but he had no authority over the operating divisions, and instead took on assignments at the behest of chairman and CEO Gerald Levin . Michael Capellas was appointed president of Hewlett-Packard in order to ease its acquisition and integration of Compaq , where Capellas

4459-505: The capital markets the President of the United States , Franklin D. Roosevelt , established the U.S. Securities and Exchange Commission (SEC). The main reason for the creation of the SEC was to regulate the stock market and prevent corporate abuses relating to the offering and sale of securities and corporate reporting. The SEC was given the power to license and regulate stock exchanges,

4550-401: The challenges of the COO position: "The relationship between the chief executive officer and the chief operating officer in any organization is fraught with many psychological complexities. Perhaps it is the most difficult of all organizational working relationships because more than others, it is a balancing act on the threshold of power.". Nathan Bennett and Stephen A. Miles have researched

4641-466: The chief operating officer, reported to the president on corporate strategy while continuing to report to the CEO on all other matters including corporate development, Analytics, Technology, Marketing, Innovation, human resources, regulatory and public affairs, global resourcing and procurement, and the global program office. At the World Bank , the president outranks the other executives including

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4732-457: The companies whose securities traded on them, and the brokers and dealers who conducted the trading. Rate of fraud per capita for individual countries as reported by United Nations Office on Drugs and Crime is shown below for the last available year. Definitions of fraud and fraction of unreported fraud might differ for each country,. Chief operating officer A chief operating officer ( COO ), also called chief operations officer ,

4823-497: The final known total of misissued certificates is at least 531. Investigation by F-Secure also revealed that DigiNotar's website had been defaced by Turkish and Iranian hackers in 2009. In reaction, Mozilla revoked trust in the DigiNotar root certificate in all supported versions of its Firefox browser and Microsoft removed the DigiNotar root certificate from its list of trusted certificates with its browsers on all supported releases of Microsoft Windows. Chromium / Google Chrome

4914-576: The hack (targeted subsequently using man-in-the-middle attacks), and suspected that the Iranian government was behind the hack. While nobody has been charged with the break-in and compromise of the certificates (as of 2013), cryptographer Bruce Schneier says the attack may have been "either the work of the NSA , or exploited by the NSA." However, this has been disputed, with others saying the NSA had only detected

5005-624: The harm caused, punitive damages to punish or deter the misconduct, and possibly others. In cases of a fraudulently induced contract, fraud may serve as a defense in a civil action for breach of contract or specific performance of contract . Similarly, fraud may serve as a basis for a court to invoke its equitable jurisdiction . In common law jurisdictions, as a criminal offense, fraud takes many different forms, some general (e.g., theft by false pretense) and some specific to particular categories of victims or misconduct (e.g., bank fraud , insurance fraud , forgery ). The elements of fraud as

5096-552: The incident was used by some organizations like ENISA and AccessNow.org to call for a deeper reform of HTTPS in order to remove the weakest link possibility that a single compromised CA can affect that many users. DigiNotar's main activity was as a certificate authority , issuing two types of certificate. First, they issued certificates under their own name (where the root CA was "DigiNotar Root CA"). Entrust certificates were not issued since July 2010, but some were still valid up to July 2013. Secondly, they issued certificates for

5187-410: The issue, greater co-operation was needed to achieve a real impact in the public sector. The scale of the problem pointed to the need for a small but high-powered body to bring together the numerous counter-fraud initiatives that existed. Although elements may vary by jurisdiction and the specific allegations made by a plaintiff who files a lawsuit that alleged fraud, typical elements of a fraud case in

5278-455: The market for notaries and other professionals. On 10 January 2011 the company was sold to VASCO Data Security International. In a VASCO press release dated 20 June 2011, one day after DigiNotar first detected an incident on their systems VASCO's president and COO Jan Valcke is quoted as stating "We believe that DigiNotar's certificates are among the most reliable in the field." On 20 September 2011 Vasco announced that its subsidiary DigiNotar

5369-416: The meaning of this Act, defrauds the public or any person, whether ascertained or not, of any property, money or valuable security or any service, In addition to the penalties outlined above, the court can also issue a prohibition order under s. 380.2 (preventing a person from "seeking, obtaining or continuing any employment, or becoming or being a volunteer in any capacity, that involves having authority over

5460-417: The nature of a trade secret or copyrighted material that has commercial value, has also been held to fall within the scope of the offence. The proof requirements for criminal fraud charges in the United States are essentially the same as the requirements for other crimes: guilt must be proved beyond a reasonable doubt . Throughout the United States fraud charges can be misdemeanours or felonies depending on

5551-427: The position in the future, including: The role of the COO differs from industry to industry and from organization to organization. Some organizations function without a COO. Others may have two COOs, each assigned to oversee several business lines or divisions, such as Lehman Brothers from 2002 to 2004 when Bradley Jack and Joseph M. Gregory were the co-COOs. A COO could also be brought in from other organizations as

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5642-415: The position is used as a training and testing ground for the next CEO. A 2003 Crist Associates study revealed that only 17% of companies that promote a COO to a CEO replace the COO within the next year. An Accenture study found that approximately one in nine COOs moved into the CEO's shoes within a year of their departure and that half of COOs see themselves as the "heir apparent." COOs transitioning into

5733-525: The president and COO titles for separate roles. From June 5 until September 30, 2017, Rocco "Roy" Gori served as president where he oversaw Manulife's global operating businesses, with his subordinates being the general managers of the Canadian, U.S., and Asia Divisions, and the chief investment officer. Gori reported to chief executive officer Donald Guloien before additionally assuming the title of CEO on October 1, 2017, upon Guloien's retirement. Linda Mantia,

5824-453: The president and COO titles in varied ways for their number two executive. Ron W. Miller was president from 1978 to 1984, while serving additionally as CEO for 18 months from 1983 to 1984. Frank Wells was president from 1984 to 1994, where he reported to the board of directors and not chairman and CEO Michael Eisner . When Wells died in a helicopter crash, no replacement president was named as his duties were resumed by Eisner. Michael Ovitz

5915-503: The proper management of resources , distribution of goods and services to customers and analysis of queue systems is conducted. Despite the functional diversity associated with the role of COO, there are some common functions the COOs usually perform: Routinely in large organizations the COO will be the heir apparent to the CEO. Individuals may have worked their way (internally) up the company ladder before being named COO, or may have been recruited from an outside company. Either way,

6006-424: The real property, money or valuable security of another person"). It can also make a restitution order under s. 380.3. The Canadian courts have held that the offence consists of two distinct elements: The Supreme Court of Canada has held that deprivation is satisfied on proof of detriment, prejudice or risk of prejudice; it is not essential that there be actual loss. Deprivation of confidential information , in

6097-427: The release of iOS 5. DigiNotar also controlled an intermediate certificate which was used for issuing certificates as part of the Dutch government ’s public key infrastructure "PKIoverheid" program, chaining up to the official Dutch government certification authority ( Staat der Nederlanden ). Once this intermediate certificate was revoked or marked as untrusted by browsers, the chain of trust for their certificates

6188-497: The root from their trust store. On 9 September 2011 Apple issued Security Update 2011-005 for Mac OS X 10.6.8 and 10.7.1, which removes DigiNotar from the list of trusted root certificates and EV certificate authorities. Without this update, Safari and Mac OS X do not detect the certificate's revocation, and users must use the Keychain utility to manually delete the certificate. Apple did not patch iOS until 13 October 2011, with

6279-520: The security breach, they were, at the request of the Dutch authorities, kept exempt from the removal of trust – although one of the two, the active "Staat der Nederlanden - G2" root certificate, was overlooked by the Mozilla engineers and accidentally distrusted in the Firefox build. However, this assessment was rescinded after an audit by the Dutch government, and the DigiNotar-controlled intermediates in

6370-479: The so-called Blue Sky Laws status. These laws were enacted and enforced at the state level and regulated the offering and sale of securities to protect the public from fraud. Though the specific provisions of these laws varied among states, they all required the registration of all securities offerings and sales, as well as of every U.S. stockbroker and brokerage firm. However, these Blue Sky laws were generally found to be ineffective. To increase public trust in

6461-468: The support available from the police to victims of fraud in the UK outside of London. Although victims of fraud are generally referred to the UK's national fraud and cyber crime reporting centre, Action Fraud , the FAP found that there was "little chance" that these crime reports would be followed up with any kind of substantive law enforcement action by UK authorities, according to the report. In July 2016, it

6552-413: The top spot, their timelines for such a move can often be out of sync with the CEO's, causing a breakdown in the relationship. COOs can also find themselves trapped into being labeled an "operations" person or a "number two" as opposed to being seen as a strategic and top-level leader by the board of directors, which causes some executives to steer clear of the position. Harry Levinson effectively summarized

6643-477: The total number rose to 577 in 2017, compared with 212 in 2003. The study found that the average amount stolen in each incident rose to £3.66m, up from £1.5m in 2003. As at November 2017, fraud is the most common criminal offence in the UK according to a study by Crowe Clark Whitehill, Experian and the Centre for Counter Fraud Studies. The study suggests the UK loses over £190 billion per year to fraud. £190 billion

6734-411: The victim. The falsification of documents, known as forgery , and counterfeiting are types of fraud involved in physical duplication or fabrication. The "theft" of one's personal information or identity, like one finding out another's social security number and then using it as identification, is a type of fraud. Fraud can be committed through and across many media including mail , wire , phone , and

6825-433: The way the company operated and details of the hack of 2011 that led to its bankruptcy. The report was made on request of the Dutch supervisory agency OPTA who refused to publish the report in the first place. In a freedom of information ( Wet openbaarheid van bestuur  [ nl ] ) procedure started by a journalist, the receiver tried to convince the court not to allow publication of this report, and to confirm

6916-545: Was "deeply regrettable" that fraud was being left out of the first index despite being the most common crime reported to police in the UK. Levi said "If you've got some categories that are excluded, they are automatically left out of the police's priorities." The Chief of the National Audit Office (NAO), Sir Anyas Morse has also said "For too long, as a low-value but high-volume crime, online fraud has been overlooked by government, law enforcement and industry. It

7007-514: Was Fuld's second-in-command for two decades until November 26, 1996, when he resigned as president and board member. Pettit lost a power struggle with his deputies (Steve Lessing, Tom Tucker, and Joseph M. Gregory) on March 15 that year that caused him to relinquish its COO title, likely brought about after the three men found about Pettit's extramarital affairs, which violated Fuld's unwritten rules on marriage and social etiquette. Bradley Jack and Joseph M. Gregory were appointed co-COOs in 2002, but Jack

7098-496: Was able to detect the fraudulent *.google.com certificate, due to its " certificate pinning " security feature; however, this protection was limited to Google domains, which resulted in Google removing DigiNotar from its list of trusted certificate issuers. Opera always checks the certificate revocation list of the certificate's issuer and so they initially stated they did not need a security update. However, later they also removed

7189-401: Was also chairman of the board); each president was essentially a co-COO (despite the lack of title) overseeing half of the firm's business divisions. Schwartz became sole president of Bear after Spector was ousted, and several months later assumed the position of CEO as well when James Cayne was forced to resign (Cayne remained chairman). Tom Anselmi of Maple Leaf Sports & Entertainment

7280-473: Was broken, and it was difficult to access services such as the identity management platform DigiD and the Tax and Customs Administration . GOVCERT.NL  [ nl ] , the Dutch computer emergency response team , initially did not believe the PKIoverheid certificates had been compromised, although security specialists were uncertain. Because these certificates were initially thought not to be compromised by

7371-490: Was chief operating officer from 2004 until September 6, 2013. Between the departure of Richard Peddie and the hiring of Tim Leiweke for the posts of president and CEO, Anselmi added the title of president from September 4, 2012, to June 30, 2013, however he remained COO and did not receive the title of CEO. Richard Fuld , the chairman and CEO of Lehman Brothers , had a succession of "number twos" under him, usually titled as president and chief operating officer. Chris Pettit

7462-521: Was declared bankrupt after filing for voluntary bankruptcy at the Haarlem court . Effective immediately the court appointed a receiver , a court-appointed trustee who takes over the management of all of DigiNotar's affairs as it proceeds through the bankruptcy process to liquidation . The curator (court-appointed receiver) didn't want the report from ITSec to be published, as it might lead to additional claims towards DigiNotar. The report covered

7553-713: Was demoted to the office of the chairman in May 2004 and departed in June 2005 with a severance package of $ 80 million, making Gregory the sole COO. While Fuld was considered the "face" of Lehman brothers, Gregory was in charge of day-to-day operations and he influenced culture to drive the bottom line. Gregory was demoted on June 12, 2008, and replaced as president and COO by Bart McDade , who had been serving as head of Equities, and McDade would see Lehman through bankruptcy. Thomas W. LaSorda served as president and CEO of Chrysler from January 1, 2006, to August 5, 2007, while Chrysler

7644-487: Was offering secure certificates. Dick Batenburg and the KNB formed the group TTP Notarissen (TTP Notaries), where TTP stands for trusted third party . A notary can become a member of TTP Notarissen if they comply with certain rules. If they comply with additional rules on training and work procedures, they can become an accredited TTP Notary. Although DigiNotar had been a general-purpose CA for several years, they still targeted

7735-625: Was originally set up in 1998 by the Dutch notary Dick Batenburg from Beverwijk and the Koninklijke Notariële Beroepsorganisatie  [ nl ] , the national body for Dutch civil law notaries . The KNB offers all kind of central services to the notaries, and because many of the services that notaries offer are official legal procedures, security in communications is important. The KNB offered advisory services to their members on how to implement electronic services in their business; one of these activities

7826-521: Was owned by Daimler-Benz . When Cerberus Capital bought majority control of Chrysler, Bob Nardelli was appointed chairman and CEO of Chrysler, while LaSorda became vice chairman and president. Despite the appointment of a second vice chairman and president, Jim Press , LaSorda stayed on. LaSorda's titles as vice chairman and president officially stated that he was in charge of manufacturing, procurement and supply, employee relations, global business development and alliances. However, LaSorda's actual role

7917-639: Was posted on Pastebin . According to a subsequent news release by VASCO, DigiNotar had detected an intrusion into its certificate authority infrastructure on 19 July 2011. DigiNotar did not publicly reveal the security breach at the time. After this certificate was found, DigiNotar belatedly admitted dozens of fraudulent certificates had been created, including certificates for the domains of Yahoo! , Mozilla , WordPress and The Tor Project . DigiNotar could not guarantee all such certificates had been revoked . Google blacklisted 247 certificates in Chromium , but

8008-436: Was president from 1995 to 1997, being hired by Eisner and then dismissed not long afterwards. Bob Iger was president and COO from 2000 to 2005, when he succeeded Eisner as CEO. Thomas O. Staggs was COO from 2015 to 2016, during that time the senior executive team had a dual reporting structure to both Staggs and Iger; Staggs resigned after the board did not give him assurances that he would succeed as CEO. Manulife has used

8099-437: Was previously chairman and CEO. Capellas ended up serving just six months as HP president before departing. His former role of president was not filled as the executives who reported to him then reported directly to the CEO. In 2007, the investment banking firms of Bear Stearns and Morgan Stanley each had two presidents (Warren Spector and Alan Schwartz at Bear, Robert Scully and Zoe Cruz at Morgan) reporting to one CEO (who

8190-515: Was reported that fraudulent activity levels in the UK increased in the 10 years leading up to 2016 from £52 billion to £193 bn. This figure would be a conservative estimate, since as the former commissioner of the City of London Police , Adrian Leppard, has said, only 1 in 12 such crimes are actually reported. Donald Toon, director of the NCA's economic crime command, stated in July 2016: "The annual losses to

8281-491: Was to find a new partner or buyer for Chrysler, leading to speculation that Cerberus Capital was less interested in rebuilding the auto manufacturer than it was to turning profit though a leveraged buyout . Research in Motion 's corporate structure had more than one COO, including Jim Rowan as chief operating officer for global operations, and Thorsten Heins as COO of products and sales. The Walt Disney Company has used

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