What is the right punishment for financial fraud? Bernie Madoff received the maximum sentence for his charges. 150 years. His lieutenant, DiPascali, was denied bail by the judge at his hearing last week, despite an agreement between his lawyer and the prosecutors. He has a maximum sentence of 120 years. They stole billions. Marc Dreier … Read more »
Year: 2009
New Compliance and Disclosure Intepretations for Regulation FD
As part of the Updates to Compliance and Disclosure Interpretations, the SEC has published new compliance and disclosure intepretations for Regulation FD. I found these CD&I’s particularly interesting in light of the SEC’s loss in the Cuban case. The SEC seems to be providing a better roadmap for disclosure of information. Here are a few … Read more »
Updates to Compliance and Disclosure Interpretations
The staff of the Securities and Exchange Commission’s Division of Corporation Finance has updated a bunch of Compliance and Disclosure Interpretations. Here are a few questions that caught my eye, with a snapshot of the answer. Follow the question’s link for the complete answer. There are many more new and revised questions under the Securities … Read more »
Massachusetts Amends Strict Data Privacy Law (Again)
UPDATE: Another revision was published on November 5, 2009. See: Massachusetts Amends Its Strict Data Privacy Law (Yet, Again) The Massachusetts’ Office of Consumer Affairs and Business Regulation has decided to amend the strict data privacy law and extend the deadline for compliance. This is yet another amendment to the regulations. The last amendment had … Read more »
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 … Read more »
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; … Read more »
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 Read more »
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 … Read more »
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 … Read more »
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 … Read more »