Compliance Bricks and Mortar for November 9

These are some of the compliance related stories that recently caught my attention.

Fighting corruption with bumper stickers and public toilets: ambient accountability by Dieter Zinnbauer in Space for Transparency

Take for inspiration this passenger bill of rights, displayed literally right in your face at the backrest of the driver’s seat in New York taxis.

Imagine how much more effectively you can claim your rights and how much more hesitant a corrupt driver will be to try to take advantage of you, even if you are not from New York and have no idea how this place works.

Or think about how much easier it is for you to report unsanitary conditions in this public toilet at Seoul airport when you are presented with a sign like the below.

Convicted Ponzi Schemer Balks At Proposed 225-Year Prison Sentence by Jordan D. Maglich in PonziTracker

Durham’s trial was somewhat unique in that prosecutors unveiled wiretaps of Durham and others allegedly confirming their knowledge that they were engaging in criminal activities. The use of wiretap evidence is unique in that it is typically seen in instances of organized crime and violent offenses.

Another Guilty Plea in Madoff Probe by Reed Albergotti in the Wall Street Journal

Irwin Lipkin, 74 years old, is the ninth person to plead guilty to criminal charges in the government’s probe, which is approaching its fifth year…..

Mr. Lipkin, the firm’s former controller, allegedly helped oversee the growth of Mr. Madoff’s company from a two-man operation in 1964 to a business with billions under management, according to a lawsuit filed in November 2010 by Irving Picard, the trustee seeking to recover assets on behalf of Mr. Madoff’s victims.

Mr. Lipkin pleaded guilty to making false statements in regulatory filings and conspiracy to commit securities fraud and other crimes. He faces up to 10 years in prison on the two counts. Sentencing is set for March 22.

Committee created by Dodd-Frank at odds with JOBS Act startup financing reforms by William Carleton

Dodd-Frank impacted the startup and emerging company ecosystem at its angel-financing source, as it amended the accredited investor definition to provide that the $1 million individual net worth threshold should exclude the value of the investor’s principal residence. (It could have been worse, but angels got organized and stopped the more draconian proposals.)

Now, another Dodd-Frank provision, seemingly not pertinent to angel or venture capital investing, looks like it could have an impact on the innovation economy.

This other provision is Section 911 of Dodd-Frank, which establishes an “Investor Advisory Committee,” the purpose of which is to: …

Translating the Election Results Into Compliance Change by Matt Kelly in Compliance Week

Well, thank the lord we don’t have to go through that again for another few years.

As we all sift through election results this morning, tip your hat to the Democrats, who won big last night, and spare some sympathy to Republicans, who must feel like they were hit by a truck. And let’s spend a bit of time pondering what this will all mean for compliance executives in the next year, stuck on that perch between corporate behavior and public policy.

 

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