Doug Cornelius on compliance for private equity real estate
In addition to its list of the 100 Most Influential People in Business Ethics for 2008, Ethisphere also published a list of the Top Ten Individual We Won’t Miss from 2008. Bernard Madoff David Colby – Colby was the former CFO of Wellpoint who was caught carrying on multiple affairs on the side, even once … Continue reading “Top Ten Individuals We Won’t Miss from 2008”
NPR’s Science Friday has an interesting broadcast on Gullibility. Ira Flatow interview Stephen Greenspan, author of Annals of Gullibility: Why We Get Duped and How to Avoid It. Can science explain why some swindles are so successful? Why are some people more likely to try to buy the Brooklyn Bridge or send money to the … Continue reading “Gullibility”
In the December Issue of Compliance Week, Bruce Carton tells some of the history of the SEC’s enforcement history. One of the first internet efforts was an email address for the public to send tips. Back in 1996 there were about 20 complaints a day. Now there as many as 10,000 a day. With all … Continue reading “SEC Internet Enforcement”
Boston University School of Law professor Tamar Frankel testified before the Committee on Financial Services of the U.S. House of Representatives discussing Ponzi schemes, the importance of trust in the securities markets and the need for regulatory reform in light of the Madoff scandal. See also: Testimony from House.gov Testimony from JD Supra
This panel joined Securities Docket’s Bruce Carton to look back at the most important and interesting developments in 2008, and offer their predictions for 2009. Walter Olson (Point of Law; Overlawyered), Kevin LaCroix (The D&O Diary) Tom Gorman (SEC Actions) Francine McKenna (re: the Auditors) Kevin started off noting that the number of securities class … Continue reading “The 2008 Year in Review from Securities Docket”
SEC Inspector General H. David Kotz In the first Congressional hearing since the Madoff scandal broke in December, Mr. Kotz said his agency’s handling of the Madoff case may be a symptom of more widespread problems with how the agency handles its examinations and investigations. Kotz testified on the subject of “Assessing the Madoff Ponzi … Continue reading “SEC Inspector General Testifies In Congress”
As Merritt Maxim of CA points out, Madoff Scheme Highlights Need for Impartial CCO, one of the biggest red flags in the Madoff scandal was that was the disclosure that Madoff’s brother Peter served as the firm’s Chief Compliance Officer. “While having any sibling or family member serve as a CCO should not be an … Continue reading “You Need An Impartial Chief Compliance Officer”
Sam E. Antar, the convicted felon and former CEO of Crazy Eddie, puts forth the theory that the bad economy is accusing white collar crimes to float to the surface: Is there really more white collar crime today? No. The Madoff scheme is an example of a scheme that fell apart whent he markets went … Continue reading “Is There More White Collar Crime Today?”