Comments on: Debix tries to broaden the reach of its smart identity theft service

By: Ron

Ron — Sat, 04 Apr 2009 23:07:28 +0000

I'm sure Dempsey and Greg Reyes have enough money to bribe judges and lawyers and get themselves a get out of jail free card…. I wonder why they haven't got the rock pile just yet? Probably because they lied their way out of the can!

By: Dieter

Dieter — Sat, 28 Mar 2009 10:38:49 +0000

Interestingly, Dempsey is the son of Neal Dempsey who owns Bay Partners and who was board of directors and major stok holder in Broacde. If we all remember correctly,
Gregory Reyes is the former Chief Executive Officer (CEO) of Brocade Communications Systems. On August 11, 2007 he was convicted on 10 counts of illegally backdating stock options while serving as CEO of Brocade.[1] In January 2008, he was sentenced to 21 months in prison and received a $15 million fine.[2] U.S. District Judge Charles Breyer, the sentencing judge, refused to grant the defense request for a sentence of no more than 13 months, to be served in a halfway house rather than prison. Breyer did, however, grant the request to allow Reyes to remain free on bail pending his appeal.[3] As of December 2008[update], the United States Federal Bureau of Prisons indicates that Reyes is not in custody.

In September 2008, the National Association of Criminal Defense Lawyers announced that it was filing an amicus brief in Reyes appeal, urging reversal.

In addition to the criminal proceeding, Reyes has also been named in several civil lawsuits in state and federal courts, stemming from the backdating, including one federal suit filed by the U.S. Securities and Exchange Commission.

Federal Court has ordered notice be given to those who purchased or otherwise acquired the common stock of Brocade Communications Systems, Inc. ("Brocade") between May 18, 2000 and May 15, 2005, informing them that a class has been certified and that a settlement of $160,098,500 has been proposed. This settlement will be comprised of the following payments: (i) $160,000,000 by defendant Brocade Communications Systems, Inc. ("Brocade") and (ii) $98,500 by defendant KPMG LLP ("KPMG," and collectively with Brocade, the "Settling Defendants"). A hearing will be held before the Honorable Charles R. Breyer in the United States District Court for the Northern District of California, San Francisco Division, U.S. Courthouse, 450 Golden Gate Avenue, 19th Floor, Courtroom 8, San Francisco, CA 94102 at 10:00 a.m., on January 23, 2009 to determine whether: (1) the proposed settlement should be approved by the Court as fair, reasonable, adequate and in the best interests of the Class; (2) Class Counsel's application for an award of attorneys' fees and reimbursement of expenses and Class Representatives' application for reimbursement of costs and expenses should be approved; (3) the Court should dismiss with prejudice and release all claims against the Settling Defendants and current and former Brocade officers and directors Gregory Reyes, Antonio Canova, Larry Sonsini, Seth Neiman, and Neal Dempsey relating to the conduct alleged in this case; and (4) the Court should rule on such other matters as the Court deems appropriate. If approved, the Settlement will resolve all claims in this litigation as further described in the full printed Notice of Class Action, Proposed Settlement, Motion for Attorneys' Fees and Fairness Hearing (the "Notice"). Members of the class described above may be entitled to share in the settlement fund and their rights will be affected whether they act or not.

By: How many times can my identity be stolen? » VentureBeat

How many times can my identity be stolen? » VentureBeat — Mon, 22 Sep 2008 20:00:44 +0000

[...] to start this whole process of keeping an eye on my credit again. I know there are services such as Debix ($24 a year) that can do this for me. But what a pain. Exactly when is somebody in this country [...]

By: Tim

Tim — Fri, 22 Aug 2008 19:41:05 +0000

I tried the service and it works out pretty well. No hassle calling each credit bureau to place your fraud alert. When you open new credit card account (or some other type of financial accounts – I haven't tried out), the system will call you to confirm your identity before approve. Personally, I also heard of the case where their internal private investigator goes after a id thief to prosecute him for a customer, when that guy tries to open a car loan using her identity. Prevention works much better than recovery if you ask me.

By: Han

Han — Fri, 22 Aug 2008 01:05:28 +0000

Looks Like a desperation move going that cheap. I need to feel like there's going to be an actual responsible person on staff to make sure my credit reports are put through.

By: Debix

Debix — Fri, 15 Aug 2008 20:19:41 +0000

They also got most of their customers through large data breaches, meaning they did not receive the full $89 (with discount) as deals were cut. This is a very cheap offer for those who don't want the hassle of dealing with fraud alerts by themselves.

By: Ex-Googlers’ firm Merus Capital raising $125M fund » VentureBeat

Ex-Googlers’ firm Merus Capital raising $125M fund » VentureBeat — Fri, 15 Aug 2008 18:27:05 +0000

[...] Family Partnership and Shea Ventures. Merus Capital has already made six investments, including identity theft protection startup Debix and DeviceVM, whose products load your computer faster. Tags: inv:merus-capital, [...]

By: Bill

Bill — Mon, 28 Jul 2008 20:01:26 +0000

Yet another post from someone who performs calculations with no rhyme or reason. William, all of your mathematical presumptions are grossly inaccurate. Please be familiar with the available research data and have your math in order before posting. According to the ITRC, the average monetary loss to a consumer who falls victim to identity theft is approximately $7,000. For the 1,330 reported identity theft attacks Debix has stopped as of 6/08, they prevented $9.3M in losses. I have yet to see any other organization within the identity theft/data breach space provide hard data which proves their product or service works.

By: William

William — Mon, 28 Jul 2008 13:29:30 +0000

Hmmm… 400,000 paying consumers * $100 = $40m. (More, presumably, in that they've been open more than a year.) However, they've only stopped $9.3 million in losses. Net loss to their customers from signing up with Debix: $30.7m.

Of course, insurance generally costs more than the aggregate losses, so Debix isn't necessarily a bad deal compared with other things people do. And avoiding the pain is certainly worth something. But still…