AIMA Warns of Global Impact of EU AIFM Directive

The Alternative Investment Management Association has warned that the European Commission’s draft directive on Alternative Investment Fund Managers would negatively affect fund managers and investors around the world if enacted into European law. The Directive applies primarily to any Alternative Investment Fund Managers which is established in an EU Member State and which provides management […]

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Control Components Inc. and the FCPA

Control Components Inc. pleaded guilty to violating the anti-bribery provisions of the Foreign Corrupt Practices Act and the Travel Act, admitting to bribing foreign officials in a decade-long scheme. As part of the plea agreement, Control Components agreed to pay a criminal fine of $18.2 million; create, implement and maintain a comprehensive anti-bribery compliance program; […]

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A View of the MBA Ethics Oath by the Daily Show with Jon Stewart

A hilarious view on the MBA Ethics Oath by Jon Stewart and Jon Oliver on The Daily Show. There is a great Scared Straight piece with some MBA Students. The Daily Show With Jon Stewart Mon – Thurs 11p / 10c

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FBAR Filing Deadline Extended (For Some)

The deadline for Foreign Bank Account Reporting was June 30. The Report of Foreign Bank and Financial Account is IRS TD F 90-22.1 (.pdf). Any United States person who has a financial interest in or signature authority, or other authority over any financial account in a foreign country, if the aggregate value of these accounts […]

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Ex-Madoff Finance Chief Frank DiPascali Pleads Guilty

Frank DiPascali, the finance chief at Bernard Madoff’s investment advisory business, pleaded guilty to helping his boss carry out a $65 billion Ponzi scheme. DiPascali pleaded guilty to 10 counts, including conspiracy, fraud and money laundering. DiPascali has been cooperating with prosecutors, explaining how he and others helped Madoff defraud investors by using money from […]

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DiPascali to Plead Guilty as Madoff’s Accomplice

Frank DiPascali, the finance chief at Bernard Madoff’s investment advisory business, is being charged with 10 crimes related to his boss’s $65 billion Ponzi scheme. Nobody thinks Madoff was acting alone in his scheme. They already arrested Madoff’s auditor, David G. Friehling. U.S. Attorney Lev Dassin posted the charges today in a one- page filing […]

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Placement Agents Fight Bans

Placement agent bans were put in place at the New York State Common Retirement Fund and the New Mexico State Investment Council because of the pay-to-play scandals at those pension funds. Now the SEC has proposed a ban on using placement agents when seeking capital investments from public pension funds. A coalition of placement agents […]

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Indemnification for Investment Professionals by Their Funds

A recent case decided some issues relating to the indemnification of private equity and venture capital professionals by their affiliated funds in connection with their service as directors and officers of their portfolio companies. Stockman v. Heartland Industrial Partners, L.P., (July 14, 2009), Delaware Chancery Court. David A. Stockman and J. Michael Stepp were investment […]

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FCPA Opinion Procedure Release 09-01

The Department of Justice released its latest Opinion Procedure Release under the FCPA: 09-01 The Requestor designs and manufactures a specific type of medical device. The Requestor’s competitors already operate and sell their products to the government of a certain foreign country and the Requestor wants to enter that market. A senior government official laid […]

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Jefferson Case Will be Remembered for Cash in the Freezer

Former Congressman William Jefferson’s corruption trial will always be remembered as the one about the guy with the cash in his freezer. But Jefferson was acquitted of Count 11, violation of the Foreign Corrupt Practices Act. This was the primary crime related to the stash of $100 bills the FBI found between boxes of Boca […]

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