October 25, 2021

Volume XI, Number 298

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October 25, 2021

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Identity Thief Impersonates DFPI

It seems that no one's identity is immune from theft, including financial regulators.  Last week, the California Department of Financial Protection & Innovation announced that it received a complaint from a California resident regarding an email sent by someone purportedly from the DFPI.  As described in the DFPI's announcement, the scam does not appear to be very sophisticated.  However, the internet allows fraudsters to cast their net very widely at very little marginal cost.  Thus, snaring even a few fish can be profitable.  

When I served as Commissioner in the early halcyon days of the internet, one company actually paid someone to conduct a fictive in-person examination.  They forged Department of Corporations business cards and an examination report.  As Qoheleth wrote long ago: "The thing that hath been, it is that which shall be; and that which is done is that which shall be done: and there is no new thing under the sun".  Ecclesiastes 1:9.  

© 2010-2021 Allen Matkins Leck Gamble Mallory & Natsis LLP National Law Review, Volume XI, Number 285
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About this Author

Keith Paul Bishop, Corporate Transactions Lawyer, finance securities attorney, Allen Matkins Law Firm
Partner

Keith Bishop works with privately held and publicly traded companies on federal and state corporate and securities transactions, compliance, and governance matters. He is highly-regarded for his in-depth knowledge of the distinctive corporate and regulatory requirements faced by corporations in the state of California.

While many law firms have a great deal of expertise in federal or Delaware corporate law, Keith’s specific focus on California corporate and securities law is uncommon. A former California state regulator of securities and financial institutions, Keith has decades of...

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