Police officers who recovered thousands of income tax returns and medical records from a paper recycling were unaware if there was a crime committed.
The Gramm-Leach-Bliley Act (GLB) governs the collection and disclosure of customers’ personal and financial information.
This law requires companies to maintain safeguards to protect customer information. Safeguards clearly failed in this case.
Companies are subject to civil penalties of not more than $100,000 for each violation; officers and Directors are subject (personally) for not more than $100,000 for each violation; criminal penalties of up to 5 years in prison.