Cyber theft is being investigated by FBI of around dollar 4.2 million from the pension fund of the state for retired Oklahoma highway troopers Park rangers estate agents as well as other law enforcement officers.
An announcement has been made online by Oklahoma Law Enforcement Retirement System about this investigation on Thursday, i.e. almost 10 days after the dollars went missing.
According to the state agency, they will get back the stolen money. The best part is that no pension benefits provided to beneficiaries our members have been impacted due to this. Everyone will get their payment in a timely fashion as usual.
This announcement was made by the state agency after the Oklahoman contacted them about cybercrime. According to Duane A. Michael, OLERS executive director, the entire diversion amount was $4.2 million. Out of that, they have already recovered $477,000.
The system consists of 1500 retirees along with $1 billion in the funds. This is completely separated from the Retirement System and the larger Oklahoma Police Pension.
According to the statement given by the executive director, this legal diversion occurred on August 26 after one of the employees’ account was hacked. The employee said that the unknown thieves stole the funds on behalf of OLERS, managed by one of the investment managers.
He further said that they took immediate action without wasting any time for terminating the email account. They also ensure that apart from this, no other cyber breaches occurred. They also notified the FBI.
Michael was unable to identify the employee of OLERS whose account was hijacked. The employee was allowed to continue working with the company and further training is being imparted to employees for preventing the cybersecurity breach from occurring again. According to Roy Rogers, the longtime president of the firm, cybercrime takes place every day and it can happen with any individual. It can happen to a firm or a state. This sort of criminal activity has become rampant.