Chicago brokerage to pay $1.5 million for cyber attack lapses: U.S. CFTC

I’m still getting caught up with news after being out of town for a few days. Here’s a report I just saw from Suzanne Barlyn of Reuters:

The U.S. Commodities Futures Trading Commission (CFTC) said on Friday that a Chicago-based futures brokerage will pay a total of $1.5 million for letting cyber criminals breach the firm’s email systems and withdraw $1 million from a customer’s account.

Phillip Capital Inc (PCI) neither admitted nor denied the CFTC’s findings or conclusions, the CFTC said in a settlement with the firm. A Phillip Capital representative did not return a call requesting comment.