El Dorado Springs, MO – 57-year-old Vincent Cannady, a former cybersecurity consultant, is behind bars after allegedly extorting $1.5 million from a publicly traded information technology company.
Cannady, assigned to work on an engagement with the victim company by a staffing firm, had access to the company’s sensitive and proprietary information. After his engagement was terminated, he downloaded the information without authorization and held it for ransom.
According to the U.S. Attorney’s Office for the Southern District of New York, Cannady demanded the company settle unspecified discrimination and emotional distress claims for $1.5 million. He threatened to release the stolen information if his demands were not met, stating it would ‘imperil [the company’s] reputation and shake investor confidence.’
Cannady’s extortion attempt was foiled when he was arrested in El Dorado Springs, Missouri, earlier this week. The former consultant is charged with Hobbs Act extortion, which carries a maximum sentence of 20 years in prison.
U.S. Attorney Damian Williams vowed to hold individuals accountable for using their positions to extort money from companies. ‘When those entrusted with sensitive information steal that information on their way out the door, only to extort money with a threat of releasing that information, my Office will hold them responsible for their conduct.’
The case is being handled by the White Plains Division of the U.S. Attorney’s Office, with Assistant U.S. Attorneys Reyhan Watson and James McMahon leading the prosecution. Cannady is expected to appear in Missouri federal court tomorrow.
The charge against Cannady is merely an accusation, and he is presumed innocent unless proven guilty. The FBI’s New York and Kansas City Field Offices assisted in the investigation.
The extortion scheme is a stark reminder of the risks companies face when dealing with individuals who have access to sensitive information. The U.S. Attorney’s Office warns that individuals who engage in such behavior will be held accountable for their actions.
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Key Facts
- State: New York
- Agency: DOJ USAO
- Category: Cybercrime
- Source: Official Source ↗
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