Here are a few stories and items that caught my eye, but I have not had time to build-out to a full post: Reminder to Review Insider Trading Compliance by Melissa Klein Aguilar for Compliance Week The SEC settled an administrative proceeding this month involving Merrill Lynch based on the firm’s failure to have adequate [...]
Archive | March, 2009
How to reduce the cost of audits, operations, training and compliance with SharePoint!
These are my notes from a webinar presented by Knowledge Management Associates, Inc. that featured speaker: Sean Megley, KMA SharePoint Architect and resident “compliantist.” What contributes to the cost of compliance?: Lack of Tools Ad hoc audits Random frameworks Unreliable results Sean thinks we should free ourselves from the “tyranny of spreadsheets and email!” The [...]
Model COBRA Subsidy Notices Released
The American Recovery and Reinvestment Act of 2009 included some relief for laid-off employees. One of the biggest is a 65% subsidy for the payment of health plan payment from the government for certain eligible participants in COBRA health plan continuation coverage. ARRA mandates that health plans notify certain current and former participants and beneficiaries [...]
Corporate Compliance & Ethics Week is May 3 to 9
The Society of Corporate Compliance & Ethics is promoting the week of May 3-9, 2009 as Corporate Compliance & Ethics Week.
Hedge Funds and Fraud: The Future of Due Diligence
Garrity, Graham, Murphy, Garofalo & Flinn and PRMIA (Professional Risk Managers International Association) sponsored a webinar that focused on the signs of fraud and what you can do detect fraud in the context of hedge funds. The agenda and my notes: The profile of a fraudster (James Tunkey, I-OnAsia) The psychology of the gullible investor [...]
More on Madoff’s Auditor
Yesterday, Madoff’s auditor was arrested for falsely stating that the firm had audited the financial statements. No surprise that such a small firm could be auditing a supposedly large investment company like Madoff Investments. Just in time, the AICPA (that’s the American Institute of Certified Public Accountants) has expelled Friehling from its membership following an [...]
Iceland’s Meltdown
With all of the focus in the United States on the collapse of Bear Stearns, AIG, Lehman Brothers, and Merril Lynch, we may be a bit myopic in not noticing other issues around the world. Iceland stands out as a country that has really run into trouble. As Michael Lewis wrote in Wall Street on [...]
Madoff’s Auditor Arrested
With Madoff in jail, it is time for the rest of his crew of fraudsters to join him. Next up…. David G. Friehling, the sole practitioner at Friehling & Horowitz, CPAs, PC, has been charged with securities fraud, aiding and abetting investment adviser fraud and four counts of filing false audit reports with the Securities [...]
You’re a Victim of a Ponzi Scheme, But What About Your Taxes?
You missed the warning signs and got suckered into a Ponzi scheme. Can the IRS help by giving you some tax relief? This is a critical issue for long-term Ponzi scheme investors (like some of the Madoff victims) who have paid taxes on gains from the investment. After all, they have been paying real taxes [...]
Can You Prevent Ponzi Schemes?
With Madoff, Nadel and Stanford in the news, people are wondering why the government does not prevent Ponzi schemes. The government should protect us from these frauds. How can they? Ponzi scheme sponsors are thieves. Common criminals. They just wear suits instead of black masks. The government has not been able to prevent bank robberies, [...]
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