Organizations of all kinds continue to fall victim to cyber-fraud involving payments to vendors. The Iowa State Auditor recently drew attention to fraudsters targeting school districts. In the fraud scheme, as we have previously covered, fraudsters will impersonate an organization’s vendor in order to trick the organization into sending payments to fraudsters instead of the real vendor. In some versions of the scheme, fraudsters may have access to a vendor’s email and may…
Earlier this year the U.S. House of Representatives passed an act intended to allow federally regulated banking entities to provide banking services to “cannabis-related legitimate businesses.” The bill, H.R. 1595 (the “SAFE Banking Act”), passed the House with an overwhelming majority 321-103 and was sent to the Senate on September 27th. The path appeared clear for the bill to pass the Senate and move on for the President’s signature. Since the day it was…
Last week, an Ankeny woman was arrested for selling products that contained cannabidiol, or CBD, as it is widely known. This incident is a stark reminder that despite the passage of the 2018 Farm Bill, CBD and other hemp products are still illegal in Iowa. Until the USDA approves the state’s plan for hemp production, CBD is considered to be the same as marijuana under Iowa law. And even after the USDA has approved the…
Financial Technology, often shortened to fintech, is a booming industry where technology and innovation compete with traditional financial methods in the delivery of financial services, including virtually any major financial transaction. Due to this boom, fintech companies are growing exponentially around the globe. In 2018 venture capital-backed financial technology companies raised a whopping $39.57 billion, an increase of 120 percent from previous years. In the United States alone, fintechs raised a record of $11.89
This blog has covered numerous cases of fraudsters tricking organizations into transferring funds. The scams often involve fraudsters portraying themselves as a senior executive in an organization either by hacking or spoofing the executive’s email. Prima Donna Development v. Wells Fargo is a case like so many others previously covered by this blog. Prima Donna develops, builds, and manages hotel properties throughout the west coast. The company opened several bank accounts at Wells Fargo for…
On December 3, 2019 the Financial Crimes Enforcement Network (FinCEN) updated previous guidance regarding Suspicious Activity Reports (SARs). Previously banks handling transactions for hemp growers were required to file SARs on all transactions from growers of hemp. Now, in the wake of hemp’s removal from the list of Schedule I drugs under the federal Controlled Substances Act and USDA rules regulating the growing of hemp SARs will no longer need to be filed on hemp…
This afternoon the Iowa Supreme Court issued a Supervisory Order clarifying powers and initial plan due dates for existing guardianships and conservatorships. Iowa’s new guardianship and conservatorship laws go into effect on January 1, 2020. In the Supervisory Order, Acting Chief Justice Wiggins states that initial plans for guardians and conservators are due on the existing due date for annual reports. Furthermore, guardians and conservators retain authority to perform acts concerning the protected person following…
This afternoon the Iowa Supreme Court issued a Supervisory Order clarifying powers and initial plan due dates for existing guardianships and conservatorships. Iowa’s new guardianship and conservatorship laws go into effect on January 1, 2020. In the Supervisory Order, Acting Chief Justice Wiggins states that initial plans for guardians and conservators are due on the existing due date for annual reports. Furthermore, guardians and conservators retain authority to perform acts concerning the protected person following…
Dickinson, Mackaman, Tyler & Hagen has been ranked in the 2020 U.S. News – Best Lawyers “Best Law Firms” list regionally in 26 practice areas.   This list recognizes firms who exhibit professional excellence with impressive ratings from their clients and peers. Ranked firms are presented in tiers on a national and/or metropolitan scale.  Dickinson, Mackaman, Tyler & Hagen received the following rankings in the 2020 U.S. News – Best Lawyers “Best Law Firms”: Metropolitan Tier 1 Des Moines Banking…
Organizations need to be careful when purchasing “cyber-insurance,” because the coverage may not be as broad as they assume. Many “cyber-insurance” policies only cover costs related to sending notices to customers whose data may have been compromised during a cybersecurity incident. If an organization loses its own money or data, however, it may need to look to forgery, computer fraud, social engineering, ransom, or funds-transfer fraud coverage. This blog has covered numerous cases of insurance…