In a recently filed Form 8-K, an international money transmitter, Xoom Corporation, reported that been the victim of a criminal fraud.  This was no small heist.  According to company, over $30 million had been transferred to overseas bank accounts:

The incident involved employee impersonation and fraudulent requests targeting the Company’s finance department, resulting in the transfer of $30.8 million in corporate cash to overseas accounts. As a result, the Company expects to record a one-time charge of $30.8 million in its fourth quarter of 2014.  The Company believes that no customer data was involved nor was any customer’s money involved in this matter and the Company’s systems were not impacted.  While this matter will result in some additional near-term expenses, the Company does not expect this incident to otherwise have a material impact on its business.

It’s unclear whether this was cyber fraud.  Even if it wasn’t a cyber crime, it is a good reminder of the importance of cyber security.

The Academy Urges Grundfest and Gallagher to Recant

Yesterday, 34 law professors issued a statement “respectfully” urging Professor Grundfest and Commissioner Gallagher to withdraw their accusation against the Shareholder Rights Project at Harvard.