Search Results for: madoff

Frontline Investigates Bank of America and the Government’s Role in the Banking System

Tuesday night is the premiere of Frontline’s latest report: Breaking the Bank. The report is supposed to include high-profile interviews with key players Ken Lewis and former Merrill Lynch CEO John Thain and will reveal the story of two banks at the heart of the financial crisis and their rocky merger. It may also look … Continue reading “Frontline Investigates Bank of America and the Government’s Role in the Banking System”

You’re a Victim of a Ponzi Scheme, But What About Your State Taxes?

You missed the warning signs and got suckered into a Ponzi scheme. The IRS offered some tax relief for long-term Ponzi scheme investors (like some of the Madoff victims) who have paid taxes on gains from the investment. The IRS clarified the federal tax law governing the treatment of losses in Ponzi schemes. They also … Continue reading “You’re a Victim of a Ponzi Scheme, But What About Your State Taxes?”

Richard Ketchum Keynote from the Compliance Week Conference

My notes, live, from the Richard Ketchum keynote at the Compliance Week Conference. Mr. Ketchum is the newly named chairman and CEO of FINRA. It is a terribly important time as financial markets are in the process of transformation. It was two years ago when the first signs of the credit crisis appeared. The silver … Continue reading “Richard Ketchum Keynote from the Compliance Week Conference”

Insider Trading at the SEC

A report from the SEC’s Inspector General has publicized that two attorneys at the Securities and Exchange Commission are under “active” criminal investigation by the FBI for trading stocks based on inside information. Bad news for an agency that is still under fire for missing the Madoff fraud. Besides the salacious news, there are some … Continue reading “Insider Trading at the SEC”

New Custody Rules for Investment Advisers

The Securities and Exchange Commission proposed rule amendments as part of their Open Meeting on May 14, 2009. They talked about the proposed rules, but have not actually made them available. It is hard to judge the potential impact of the rules with being able to see them. According to the press release and the … Continue reading “New Custody Rules for Investment Advisers”

Arthur Nadel Indicted

Florida fund manager Arthur Nadel was indicted Tuesday on criminal charges for allegedly soliciting hundreds of millions of dollars in investor money under false pretenses and misappropriating client funds. Mr. Nadel, 76 years old, was charged in a 15-count indictment with mail fraud, securities fraud and wire fraud. “It’s a much more complex story than … Continue reading “Arthur Nadel Indicted”

The Impersonator – How Attorney Marc Dreier Bilked Investors Out of Millions

We live in an age of white-collar villains. But of all the financial bad guys out there, Marc Dreier is arguably the single greatest character of them all. Bernie Madoff may have stolen more money. Dick Fuld may have caused more systemic damage. But it’s Dreier alone whose story reads like the stuff of Hollywood. … Continue reading “The Impersonator – How Attorney Marc Dreier Bilked Investors Out of Millions”

Bits and Pieces on Compliance

Here are a few stories and items that caught my eye this week, but I have not had time to build-out to a full post: The FCPA Enforcement Report of the First Quarter of 2009 from The FCPA Blog We count seven Foreign Corrupt Practices Act enforcement actions since the start of the year, including … Continue reading “Bits and Pieces on Compliance”

Bits and Pieces on Compliance

Here are a few stories and items that caught my eye this week, but I have not had time to build-out to a full post: SEC Speaks on Compliance Issues to Investment Advisers by Joel Beck of BD Law Blog Lori Richards, the Director of the SEC’s Office of Compliance Inspections and Examinations (OCIE) spoke … Continue reading “Bits and Pieces on Compliance”

Ponzimonium, Ponzipalooza, Ponzimania

There is “rampant Ponzimonium.” Or is there a “virtual Ponzipalooza”? Bart Chilton, a commissioner at the Commodities Futures Trading Commission coined these terms in his speech on March 20 before American Bar Association’s Committee on Derivatives and Futures Law Students. Personally, I prefer Ponzimania. The CFTC has filed charges against 15 alleged Ponzi schemes so … Continue reading “Ponzimonium, Ponzipalooza, Ponzimania”