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SEC joins hunt for FIN4 attackers

America's Securities and Exchange Commission (SEC) has joined the hunt for the FIN4 hacking group. The bunch, revealed by FireEye in December 2014, used a phishing attack to get access to listed companies' computer systems. Their payoff was to get insider information to trade their targets' stocks. According to Reuters, the SEC …
Theresa May

UK Home Sec wants Minority Report-style policing – using your slurped data

UK Home Secretary Theresa May has called on police forces to use predictive analytics in crime prevention as a way of mining the "vast quantities of data" the public now generates. Speaking at the Police ICT Suppliers Summit, she said: "Forces have not yet begun to explore the crime prevention opportunities that data offers …
Kat Hall, 27 Jan 2016
HP

SEC slaps HP with $108 MEEELION fine over bribe scandal

HP has agreed to a $108m settlement with the US Securities and Exchange Commission (SEC) to settle charges that company representatives paid off government officials in order to obtain contract deals. The SEC said that the settlement would end a case it had filed with the company alleging violations of the Foreign Corrupt …
Shaun Nichols, 09 Apr 2014

Pure as the driven IPO: Upstart tells SEC it's go for stock market debut

Pure Storage, funded to the tune of $470 million and valued at around $3 billion, has filed for an IPO. The all-flash array biz was founded in 2009 and has taken in funding and grown fast every year. It's currently being ranked as the second highest player in the all-flash array market behind EMC, which Pure sees as its main …
Chris Mellor, 13 Aug 2015

SEC: We won't slap IBM over its cloud revenue reporting

IBM has announced that it has avoided any regulatory action over the way it reports its revenues from cloud computing after the US Securities and Exchange Commission completed its investigation. The company said in a filing that it had been notified that the market authority wasn’t planning any action over its cloud business. “ …

SAP pays $3.9m to settle Panama government bribery case

SAP will pay nearly $3.9m after a senior executive was found to have bribed officials in the government of Panama to land lucrative deals. The software giant has agreed to pay $3.7m in profit plus an extra $188,896 in interest. SAP did so without admitting or denying the findings of the regulator that brought the bribery case …
Gavin Clarke, 03 Feb 2016

SEC asks Affiliated Computer Services to step aside, snaps on rubber glove

The Securities and Exchange Commission is probing bean counting methods used by Xerox tentacle Affiliated Computer Services. In a filing, the copier monster confirmed the SEC has been "conducting an investigation of certain accounting practices" at ACS, an outsourcing and data centre management player that Xerox forked out $6. …
Paul Kunert, 08 Oct 2013
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Top watchdog probes IBM over 'transactions in US, UK, Ireland'

IBM's stock price has taken a hit after the tech titan revealed it is under investigation by the US Securities and Exchange Commission (SEC). Big Blue said in its latest 10-Q filing that for the past two months, the financial watchdog has been looking into its accounting practices. "In August 2015, IBM learned that the SEC is …
Shaun Nichols, 27 Oct 2015
Funnel of cash. Credit: via SXC – http://www.sxc.hu/profile/Leonardini

SEC review clears Apple of dodgy tax dealings

The US Securities and Exchange Commission has given Apple's finances a clean bill of health after a review of the company's use of an Irish subsidiary to dodge corporate taxes be more tax efficient. In May Apple's CEO Tim Cook was quizzed by a congressional committee about how it managed to pay such a relatively small amount of …
Iain Thomson, 04 Oct 2013

Teradata: We're going to concentrate on data analytics. So we've binned our top man

Teradata has axed its co-president for data and analytics, meaning Herman Wimmer is out of a job. In an SEC filing the company said it is exiting its marketing applications business so it "can focus exclusively on its core Data and Analytics business." This follows poor results in its third quarter. The filing says Teradata …
Chris Mellor, 04 Dec 2015

We'll miss SEC financials deadline, says accounts-blundering Tech Data

Tech Data has warned it will fail to report its fiscal first-quarter financial numbers to the US Securities and Exchange Commission on time due to a continuing investigation into its accounting errors. The channel biz has 45 days from the end of April to file the paperwork, but says it will sail through that deadline. The world …
Paul Kunert, 11 Jun 2013
sap security vulnerabilities

Ex-SAP exec sent down for 22 months after bribing govt IT officials

A former regional director of SAP has been sentenced to 22 months in jail – plus three years of supervised release – for greasing the palms of government IT buyers. Vicente Eduardo Garcia, 65, of Miami, Florida, pleaded guilty in August to bribing Panamanian government officials to secure a contract for one of the company's …
Kieren McCarthy, 21 Dec 2015

New bill would require public companies to disclose cybersecurity credentials

A new bill introduced to Congress on Thursday would require US publicly listed companies to disclose who on their Board has cybersecurity expertise. If it passes, the Cybersecurity Disclosure Act of 2015 would oblige companies to add details of which, if any, of their directors know about online security in filing to the …
Kieren McCarthy, 18 Dec 2015

SaaS biz 'made up 99% of sales and defrauded investors of millions'

If you bought internet services from Illinois-based ContinuityX Services, the US Securities and Exchange Commission would like a word, since you may be part of a very, very small group – far smaller than the company itself represented. "We allege that Godwin and Roth cheated investors out of millions of dollars, depicting …
Iain Thomson, 30 Sep 2015
Toshiba_PX04S_950

Big reader? Toshiba tweaks endurance, wrings out low-write SSD

Toshiba has fashioned a fifth enterprise SSD variant by cutting the entry-level PX04’s endurance in half, and fitting it for another read-intensive market niche. The PX04SRB has an endurance of one full drive write per day (1 DWPD) for five years and was positioned back in August as a read-intensive enterprise SSD, compared …
Chris Mellor, 19 Jan 2016
gavel_judgment_channel

SEC bars ex-Systemax veep from director role in fraud deal

The SEC has barred former Systemax veep Gilbert Fiorentino from being a director of a PLC again after finding he "fraudulently" pocketed hundreds of thousands of dollars in compensation over five years. The disgraced exec, who had been CEO of the reseller's Technology Products Group, was put on administrative leave in April 2011 …
Paul Kunert, 18 Sep 2012
Wall St bull image via Shutterstock

Dell SecureWorks files for IPO

Dell security subsidiary SecureWorks is trying to raise funds for working capital and acquisitions, according to a filing with the SEC. The S1 Form lodged last night indicates the division expects to sell up to $100m in stock but this is a placeholder figure that could change before the flotation. Under the terms of the plan …
Paul Kunert, 18 Dec 2015

VMware backs out of Virtustream business

In a curt statement to the US Securities and Exchange Commission (SEC) 8K filing today, VMware killed the Virtustream venture it had proposed with parent EMC. The statement, by VMware CFO, COO, and EVP Jonathan Chadwick, said "VMware announced that it will not be participating in the formation of the Virtustream Cloud Services …
Chris Mellor, 14 Dec 2015
Jim McNiel

SEC filing spills beans on Falconstor's breakup with ex-main man McNiel

A recent SEC filing has brought to light some of the details of the recent sudden departure of the CEO of standalone storage software shipper FalconStor - including the admonition that if the SEC didn't insist on the publication of the agreement, that neither party would tell all on, er, Twitter... The storage firm is living on …
Chris Mellor, 22 Jul 2013

EMC goes on the chainsaw diet to slash $850 million

EMC's preparing for a huge round of layoffs, announcing last Thursday that it's set aside a quarter of a billion, US$220 million of it for cash payments. In advance of its acquisition by Dell, the company is hoping to carve $850 million out of its cost base. Last October, El Reg predicted the Dell/EMC stroll down the aisle …

Ex-SAP director: I bribed govt officials to seal the deals on software

A former regional director of German enterprise software outfit SAP has pleaded guilty to bribing officials in the Panamanian government to secure a contract for one of the company's resellers. Vicente Eduardo Garcia, 65, of Miami, Florida, admitted giving $145,000 in bribes to one government official and promising bribes to …
Iain Thomson, 14 Aug 2015
SEC

US tech titan CSC slapped with $190m penalty

IT giant CSC has been slapped with a $190m (£122m) penalty by US regulator the Securities and Exchange Commission following a probe into the firm's accounting practices. The investigation was opened in 2011, mainly into the firm's European outsourcing unit - including revenue from its troubled NHS contract negotiations between …
Kat Hall, 30 Dec 2014

UK NHS IT supplier CSC coughs up $190m fine, three execs in the dock

Computer Science Corporation has paid its $190m (£122m) fine, levied by US watchdog the Securities and Exchange Commission over charges the Virginia-headquartered biz fudged its financial reports. And now some senior executives have agreed to hand back millions of dollars in pay and bonuses as a result of the SEC's probings. …
Iain Thomson, 05 Jun 2015
Seagate_10TBers

Seagate floats out 10TB HDD filled with lifting gas

Seagate has caught up with WDC’s HGST unit and built a 7-platter, 10TB disk drive filled with helium gas. Western Digital Corporation (WDC) introduced its own 10TB Ultrastar He10 drive in December last year. This was a standard PMR tech drive, unlike the Ultrastar Archive Ha10 announced in June 2015, which used shingled …
Chris Mellor, 13 Jan 2016

Arrow: Fraudsters impersonated one of our execs to steal money

Enterprise tech distributor Arrow Inc will take a $13m charge on the chin after a fraudster posing as a company exec transferred money from the corporate bank account to an external one. The admission came as Arrow outlined calendar Q4 numbers for the three months ended 31 December, with sales up six per cent year-on-year and …
Paul Kunert, 05 Feb 2016
Sharon White, new head of Ofcom, former Second Perm Sec at the Treasury

Ofcom's head is dead against Three and O2's merger

Ofcom chief exec Sharon White has decided to tell everyone what she really thinks about the possible £10.5bn merger between O2 and Three – and it turns out the regulator-in-chief is not a fan. Hong Kong’s CK Hutchison announced its intention to acquire O2 from Telefónica last year. However, the European Commission has opened …
Kat Hall, 01 Feb 2016
Pink_slips

Workforce DECIMATION: QLogic fires up its pink slip printer

Prepare for pink slips. Following lousy results and the CEO leaving, server and storage biz QLogic has announced a restructuring program – with sacked bodies seemingly being the only feature. Available here, the brief SEC filing states: On 2 September, 2015, QLogic Corporation (the “Company”) approved a restructuring plan …
Chris Mellor, 15 Sep 2015
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SEC investigates disgraced Systemax exec

The SEC has launched an investigation into the reasons behind the departure of shamed Systemax exec Gilbert Fiorentino, the company has confirmed. CEO of the technology product group, Fiorentino was suspended from the US reseller - parent of Misco and WStore - in April after an independent probe into whistleblower allegations …
Paul Kunert, 28 Jun 2011
Chad Sakac

EMC's VCE welcomes new president amid '250-plus layoffs at all levels'

It's all change at the top of VCE, the converged data center infrastructure subsidiary of EMC, with Chad Sakac taking the president's job. Sakac has spent the last 11 years with EMC, ending up as the president of global systems engineering, a role he'll continue to fill in addition to heading VCE. He'll effectively replace the …
Iain Thomson, 07 Jan 2016
EMC Cork's DSSD D5 unit

We've just stepped out of our time machine, and we can reveal ... EMC's new kit for early 2016

Analysis EMC has new storage products coming in both external shared array form and in its converged and hyper-converged systems lines of products, using new VSAN capabilities. These will be announced over the next two quarters and will change the shape of EMC's product lines. We think we now have an overall view of what the mainstream …
Chris Mellor, 01 Feb 2016
Godzila

Dell 'fesses up: We may buy back $3bn+ in VMware tracking stock

Dell could spend at least $3 billion in buying back VMware tracking stock in the latest piece of financial engineering surrounding the proposed purchase of EMC. EMC owns 80 per cent of VMware and the idea was that a tracking stock should be established for VMware. In this way, if and when Dell owns EMC and offers some VMware …
Chris Mellor, 15 Dec 2015

Buffet would take a $2bn hit on IBM shares … if he cashed in now

Warren Buffet, one of the world’s wealthiest men and a stock market gambler renowned for avoiding tech bets, is counting the billions of dollars lost – as it stands – after taking a punt on IBM. The tycoon’s Berkshire Hathaway fund has confirmed some 16 per cent of its $12.3bn cash splash on Big Blue shares over the past four …
Paul Kunert, 09 Nov 2015
Intel sign by StockMonkeys.com

Intel's new chips are from 'Purley' – know what I mean? Know what I mean? Say no more

A presentation given at a conference on high-performance computing (HPC) in Poland earlier this month appears to have yielded new insight into Intel's Xeon server chip roadmap. A set of slides spotted by our sister site The Platform indicates that Chipzilla is moving toward a new server platform called "Purley" that will debut …
Neil McAllister, 27 May 2015
Railway line split. Pic: Ian Sane

Blood in the boardroom as Imation ejects from tape media business

Clinton Group execs in charge at struggling Imation have started restructuring the business to make it a tastier dish, discarding its tape media business, selling off property assets and starting a Nexsan array business restructuring exercise. Activist investors at the Clinton Group deposed Imation’s existing board chairman …
Chris Mellor, 29 Sep 2015

Systemax: Shuttering our North America Tech Group may cost $55m

Systemax has gone public with the cost of dotting the Is and crossing the Ts in the closure of its remaining North America Technology Group (NATG), and it's going to be pricey. Very pricey. The ailing reseller revealed last week that US dealer PCM has offered $14m to pick up certain assets, including the right to hire roughly …
Paul Kunert, 24 Nov 2015
Paul O' Grady poses with a small dog.

Apple CEO Tim Cook was paid more than $28,000 a day in 2015

Apple CEO and Paul O’Grady lookalike Tim Cook's package swelled to more than $10m in 2015 – but he still can’t take family members on work trips unless he coughs up himself. According to an SEC filing, the company “significantly exceeded the maximum goals” set by the Compensation Committee, meaning that Cook and his generals …
Paul Kunert, 07 Jan 2016
channel

SEC probes whether Hurd leaked EDS buy info

The SEC has gotten on Mark Hurd's case, with an investigation that will look into whether the former HP boss passed on information about the acquisition of EDS to his nemesis, Jodie Fisher. The Wall Street Journal cites its favourite source – people familiar with the matter – to report that the inside information issue is part …
Joe Fay, 21 Dec 2010
Stock ticker board

sTec flash founder cleared of insider trading charges

The wheels of SEC justice in the US grind exceedingly slowly and sometimes uselessly. Manouche Moshayedi, the founder and CEO of sTec, has just been cleared of insider trading charges filed almost four years ago. Since then sTec’s business has tumbled and it was bought by Western Digital for $340m – which was characterised as a …
Chris Mellor, 09 Jun 2014
Vinod_Khosla

Industry vet Khosla kicks Dell-EMC in the innovation crotch

Comment Billionaire, venture capitalist guru and Sun Microsystems co-founder Vinod Khosla thinks the merged Dell-EMC will result in a rusty innovation pipeline. Unsurprisingly, EMC CTO John Roese says Khosla's all wrong. Khosla passed his judgement during an interview at a Structure Conference in San Francisco last month. The $67bn …
Chris Mellor, 14 Jan 2016
channel

SEC charges two with insider trading in Oracle-Sun deal

The US Securities and Exchange Commission has charged two people for running an alleged insider trading scam involving such marquee mergers and acquisitions as Oracle's Sun purchase, Intel's McAfee buy, and HP's acquisition of 3Com. According to the complaint filed on Wednesday by the SEC, the miscreants include a corporate …

Mouse-slinger Logitech: Gloves are off, number probe over

Human-computer interface slinger Logitech’s three month self-examination into suspected financial blunders has concluded and the outcome could have been worse, much worse. The keyboard, mouse and pointer slinger said in May that it, along with the SEC, was conducting a probe into previous financial restatements regarding …
Paul Kunert, 04 Sep 2014

Apple splashes dough to keep Big Cheese safe

Apple spends $699,133 every year to keep chief exec Tim Cook safe, far, far higher than his modest life insurance premium of $2,500, according to an official document. The big figure isn't broken down and comes from a proxy statement filed with the Securities and Exchange Commission. This amount represents: (i) the Company’s …
John Leyden, 10 Aug 2015

Symantec data centre security software has security holes

Security bod Stefan Viehböck has detailed holes in Symantec's data centre security platforms that the company plugged this week because they allowed hackers to gain privilege access to management servers. The patches fix holes in the management server for Symantec Critical System Protection (SCSP) 5.2.9 and its predecessor Data …
Darren Pauli, 23 Jan 2015

We want flying space cars and robo-butlers, and Pure Storage wants $450m in IPO cash

Flashy all-flash-array startup Pure Storage wants $450m in cash from its looming stock market debut. This would value the company at $3.1bn, giving its venture-capital backers a return of up to 6.6x on $470m in total funding. In an amended S1 filing with US financial watchdog the SEC, Pure Storage has priced its IPO shares …
Chris Mellor, 25 Sep 2015
channel

Now SEC piles into HP bribery probe

HP is facing a widened bribery investigation by the Department of Justice and US financial regulators, a filing with the Securities and Exchange Commission (SEC) reveals. In its quarterly filing HP said that the US Department of Justice and the SEC were both investigating allegations of dubious dealing by the ink giant in Russia …
John Oates, 10 Sep 2010
channel

Oracle's Africa dealings under FBI, SEC, DoJ investigation

Oracle is reported to be under investigation by the US authorities for breaking federal anti-bribery laws in Africa. The FBI field office in Washington, fraud prosecutors in the Justice Department's criminal division, and attorneys for the Securities and Exchange Commission (SEC) are reported to be looking into sales of Oracle …
Gavin Clarke, 31 Aug 2011

How Symantec scuppered Veritas sell-off six ways to Sunday

A champagne bottle's crack, a splash, and cheers rang out as the good ship Veritas was launched on the banks of Symantec's river – sent off to steam the data storage seas own with a new owner: the Carlyle Group. It's had an inauspicious launch: Symantec had to cut the price tag for Veritas by $800m due to "uncertainties" and a …
Chris Mellor, 01 Feb 2016

Google founders to offload $4 BEEELLION in shares

Google founders Sergey Brin and Larry Page are about to offload millions of shares that will net each billions in cash. Don't panic, dear readers, at the prospect of Google's share price (and the balance of your pension fund) diving: the pair are offloading their holdings in line with an amended stock trading plan that is …
Simon Sharwood, 16 Feb 2015

EMC reports mixed results, fingers axe: 'Reduction in force' planned

+Comment Storage giant EMC has announced its plans to lay off an unspecified number of staffers in Q1 and said in an SEC filing that it would record restructuring charges in the range of $130m to $150m. In the final few months of last year, EMC increased its revenues by $1bn, quarter on quarter, with Pivotal and VMware growing strongly, …
Chris Mellor, 29 Jan 2015
Hortonworks logo

Yahoo!-backed Hadoop biz Hortonworks flings itself at the stock market

Big data analytics firm Hortonworks filed paperwork with the US Securities and Exchange Commission on Monday announcing its intent to go public, making it the first of the Hadoop startups to float an initial public offering. The filing didn't say how many shares Hortonworks plans to offer or at what price, but it estimated the …
Neil McAllister, 10 Nov 2014

Opinion

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Vinod_Khosla

Chris Mellor

A VC with startup agenda slams established suppliers. Surprised? Neither were we
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Boy writes a letter to Santa. Pic via Shutterstock

Kat Hall

Cornwall's win over BT should be a cautionary relationship tale

Features

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The Azure Portal: Microsoft is betting on cloud for its future business
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Michael Dell. Pic by Joi Ito
Cool Texas dude is just your average billionaire