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Consultants Not As Good As Bankers, Even In Crime

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Former Morgan Stanley IT consultant Ira Chilowitz pleaded guilty yesterday to stealing data from the investment bank, and faces a maximum sentence of 26 years in the slammer and an $850k fine. Chilowitz was stealing data on the bank’s hedge funds clients to supplement his own start up company that advised hedge funds on IB fee negotiation, among other things (which does make the whole enterprise seem like the most intelligently designed and least conspicuous data theft scheme ever). The latest Citi anti-data theft commercial will feature Chilowitz’s voice over John Mack gesticulating wildly at his desk, and will make a claim that the crime would not have happened if Mack had just used Citi.
Ex-Morgan Consultant Pleads Guilty to Data Theft – [DealBook]