NEW YORK - (01/13/05) -- A former computer technician atTeledata Communications Inc. was sentenced to 14 years in prison inone of the biggest identity theft cases after pleading guilty tostealing 30,000 credit reports which caused as much as $100 millionof losses for financial institutions and individuals. PhilipCummings, a 35-year-old former help-desk employee at Teledata,pleaded guilty to fraud, wire fraud and conspiracy after admittinghe used the company's confidential passwords and access codes todownload credit reports from clients Equifax, TransUnion andExperian. Cummings and his accomplices sold the credit reports toothers who used the information in them to obtain phony creditcards and purchase tens of millions of dollars of merchandise forresale in the name of innocent victims. More than 300 victimssubmitted victim impact statements to the court, and majorinstitutions, including Washington Mutual, Fort Motor Credit,Dollar Bank, Citi (bank) cards, reported tens of millions ofdollars in losses from the scheme. Several other defendants in thecase are awaiting trial.
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Synovus Financial demonstrated at an industry conference how it is using Microsoft's Copilot to help its staff address customers' concerns.
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The U.S. arm of Spanish banking giant Santander has hired Swati Bhatia to oversee retail banking and its digital transformation efforts. Bhatia joins at "an inflection point" for the company, which aims to be "a digital bank with branches," CEO Tim Wennes said.
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Mariya Rosberg is named Americas head of banking and financial services at Marsh McLennan's Oliver Wyman unit; startup ZayZoon raised $15 million in a new funding round; and more in the weekly banking news roundup.
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Last year, the Raleigh, N.C.-based Integrated called off a deal to sell itself to MVB Financial after bank stocks took a hit in the aftermath of the regional bank failures. Capital hopes to expand its government-guaranteed lending with the transaction.
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Once a prominent figure spurring financial institutions to engage in cryptocurrency, Bankman-Fried's downslide began with the collapse of the digital asset exchange FTX in late 2022 and hit rock bottom with his sentencing to 25 years in prison.
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But the 30-year fixed rate mortgage is still near 7%, and that remains the overhang on the housing market, Freddie Mac said.
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