Sunday, April 01, 2007
Security Gap at TIAA-CREF Was Huge, Critics Say
Security Gap at TIAA-CREF Was Huge, Critics Say
Former employees accuse company of not revealing extent of client data at risk
By ANDREA L. FOSTER
Sonia Radencovich did not raise any particular interest at TIAA-CREF when she began a temporary job at the giant pension company in September 2004 to help upgrade software that counselors there use to advise clients.
But two months later, company officials discovered that she was really a convict named Sonia Howe. She had just been sentenced to four years in prison for helping her lover, Martin Frankel, loot insurance companies of more than $202-million in a fraud scheme. The federal Securities and Exchange Commission had banned her from ever working again for a securities broker or dealer. Her sentencing, in U.S. District Court in New Haven, had taken place just 11 days before she started her job as a consultant at the Teachers Insurance and Annuity Association-College Retirement Equities Fund, and she had three months of freedom, on bail, before her prison term began.
Former employees accuse company of not revealing extent of client data at risk
By ANDREA L. FOSTER
Sonia Radencovich did not raise any particular interest at TIAA-CREF when she began a temporary job at the giant pension company in September 2004 to help upgrade software that counselors there use to advise clients.
But two months later, company officials discovered that she was really a convict named Sonia Howe. She had just been sentenced to four years in prison for helping her lover, Martin Frankel, loot insurance companies of more than $202-million in a fraud scheme. The federal Securities and Exchange Commission had banned her from ever working again for a securities broker or dealer. Her sentencing, in U.S. District Court in New Haven, had taken place just 11 days before she started her job as a consultant at the Teachers Insurance and Annuity Association-College Retirement Equities Fund, and she had three months of freedom, on bail, before her prison term began.
Labels: TIAA-CREF
# posted by raveneye @ 7:46 PM 
