Compliance Bricks and Mortar for November 3

These are some of the compliance-related stories that recent caught my attention. Yes! Compliance Goes Hollywood! by Matt Kelly in Radical Compliance Compliance officers, rejoice! The fame and recognition so long denied to you may finally be at hand! The FX network has commissioned the pilot for a new TV series STARRING A COMPLIANCE OFFICER!!! It

The One with the Deceptive Investment Description

Augustine Capital Management did many things wrong while managing its Augustine Fund. One highlight or the misdeeds is using fund assets to make conflicting transactions without notifying investors. The fund charged the salaries of two principals, Thomas F. Duszynski and John T. Porter, as fund operating expenses. According to the fund documents, the management fee was supposed

SEC’s Retail Strategy Task Force

One of the complaints voiced by private equity firms when put under the scrutiny of the Securities and Exchange Commission was that their fund investors were sophisticated and adept when making their investment choices so there were fewer problems. Some of the actions coming out of fund review has proven that thesis may not be

Compliance Bricks and Mortar for October 27

These are some of the compliance-related stories that recently caught my attention SEC Names Peter B. Driscoll as Director of the Office of Compliance Inspections and Examinations Mr. Driscoll was named as OCIE’s first Chief Risk and Strategy Officer in March 2016 after previously serving as OCIE’s Managing Executive from February 2013 through February 2016.

The One With the Pilfering Partner

Expenses charged by private equity managers to their portfolio companies and their funds has been on the SEC’s radar since Dodd-Frank. Apollo Management was one of those caught with improper fee calculations last year. One item mentioned was the inappropriate expenses charged to the funds by one of its partners. We got more detail on

Best Practices for Presenting Model and Hypothetical Performance

These are my notes from an ACA Compliance Webcast on this subject. I’m sure you can find a replay on the ACA website. There were three great presenters: Alicia Hyde, Partner, ACA Performance Services Mike Sonnenburg, CIPM, Managing Director, ACA Performance Services Kim Daly, Managing Director, ACA Compliance Group Definitions The first topic was what

Weekend Reading: Brothers at War

With the threat of war (or the crazy rantings about war) with North Korea, I thought I should learn more about the history of the conflict. I realized that most of what I knew about Korea and the Korean War I had learned from MASH. In browsing through books to read on the issue, I

Compliance Bricks and Mortar for October 20

These are some of the compliance-related stories that recently caught my attention. 6 Trends in AML Compliance by Ambreesh Khanna Anti-money laundering regulations (AML), including Know Your Customer (KYC) requirements, are hardly a new concept in the world of financial services. Over the years, financial institutions have largely mastered the mechanics of compliance. There is,

Is a TIC a security?

TIC refers to Tenancy in Common, not the blood-sucking insect. A TIC is a completely legal way of owning real estate that has been around for hundreds of years. When one of the parties owning real estate dies, that ownership interest passes to that owner’s heirs. The alternative is joint tenancy, in which case when

Hoodoo Spells Fails to Ward Off the Feds

According to the SEC Complaint and Criminal Complaint, Dawn Bennett lived the life a classic ponzi schemer who got in over her head and continued to lie and cheat, perhaps hoping to find a way out. The story caught my attention for two reasons. The first was the implication that Ms. Bennett used a voodoo