Doug Cornelius on compliance for private equity real estate
In 2017, the SEC’s Office of Compliance Inspections and Examination conducted exams of investment advisers that previously employed, or then currently employed, any individual with a history of disciplinary events. According to a just released Risk Alert, this was the Supervision Initiative. The initiative examined over 50 advisers, with a total of $50 billion in … Read more »
United States Senators Elizabeth Warren (D-Mass.), Tammy Baldwin (D-Wisc.), and Sherrod Brown (D-Ohio), Ranking Member of the Senate Banking Committee, along with Representatives Mark Pocan (D-Wisc.), and Pramila Jayapal (D-Wash.) unveiled the Stop Wall Street Looting Act last week. I don’t think there is any chance it will become law. But it will create talking … Read more »
These are some of the compliance-related stories that recently caught my attention. REIT Manager Overpaid Itself When Calculating Incentive FeeCipperman Compliance A large REIT manager, together with its CEO and CFO, agreed to pay over $60 Million in disgorgement, interest and penalties for inflating incentive fees and taking reimbursement for significant expenses. The SEC asserted that … Read more »
These are some of the compliance-related stories that recently caught my attention. Allison Herren Lee Sworn In As SEC Commissioner Allison Herren Lee was sworn into office on July 8 as an SEC Commissioner.Ms. Lee was nominated to the SEC by President Donald J. Trump and unanimously confirmed by the U.S. Senate.“Allison’s expertise in securities law, including … Read more »
These are some of the compliance-related stories that recently caught my attention. SEC Enforcement Against Private Equity Firms in 2018: Year in ReviewJames E. Anderson, Elizabeth P. Gray, Justin L. Browder, and Jonathan Tincher In 2018, the Securities and Exchange Commission (the “SEC”) continued to pursue a series of enforcement actions against private equity fund … Read more »
These are some of the compliance-related stories that recently caught my attention. Day of Reckoning for KPMG – Failures in EthicsTom FoxFCPA Compliance Report How bad was KPMG’s conduct? It was so bad that I had to interrupt my previously started blog post series on continued allegations of bribery and corruption against US and other … Read more »
Facebook is looking to get into banking. Or Cryptocurrency. Whatever you call it, Facebook is looking to launch a global currency: Libra. The big problem is mashing together the current lack of trust in Facebook with the hype of blockchain technology. As a result, Libra talks little about Facebook and lots about blockchain. It’s not … Read more »
or all you ever wanted to know about private placements The Securities and Exchange Commission is stepping into the meeting point of its mandates by looking to “simplify, harmonize, and improve” the framework for private placements. The SEC is looking to expand investment opportunities while balancing investor protections and the promotion of capital formation. The … Read more »
Of course the lawyerly answer is: “maybe.” Ronald Duane Dunham challenged his criminal conviction for securities fraud, arguing that the Cherokee Village lots he sold did not qualify as securities under the California Corporation Code. Mr. Dunham got in this position by persuading a number of elderly victims to invest over a million dollars with … Read more »
I grabbed the SEC case against Syed Arham Arbab for the headline and obvious jokes. Mr. Arbab is accused of running a fake investment scheme out of his college fraternity. He formed a fund called Artis Proficio Capital Investments, LLC with a business address of 558 W. Broad Street, Athens, GA 30601. (Go ahead and … Read more »