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Morgan Stanley charges consultant with data theft

17 July 2006  |  11905 views  |  0 Morgan Stanley web screen shot

A former consultant to Morgan Stanley has been arrested and charged with theft of an electronic list of the US investment bank's hedge fund clients and prime brokerage charges.

Ira Chilowitz, a one-time consultant for the investment bank, has been charged with conspiracy and unauthorised computer access. At a hearing Friday, a federal magistrate judge set Chilowitz's bail at $100,000, reports Dow Jones.

According to court documents, Chilowitz is accused of e-mailing a copy of the firm's administrative client list and fees for the prime brokerage business in February from Morgan Stanley's offices in New York to his home account.

Chilowitz also is accused of engaging in a conspiracy with an unnamed co-conspirator to steal the client list and rate list, according to court documents.

A Morgan Stanley spokesman told the wire service: "The US Attorney's Office, acting on information supplied by Morgan Stanley, took action earlier today in connection with an investigation into the misappropriation of proprietary and confidential Morgan Stanley data by an ex-consultant to the firm and another individual. We place the highest priority on maintaining the integrity of confidential information and are continuing to take every appropriate measure to safeguard that information."

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