Doug Cornelius on compliance for private equity real estate
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 … Read more »
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, … Read more »
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 … Read more »
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 … Read more »
These are some of the compliance-related stories that recently caught my attention. In Defense of Compliance Checklists by Michael Volkov in Corruption, Crime & Compliance If a compliance officer can persuade the business side to take responsibility for compliance, compliance officers should develop simple checklists and other mechanisms to support the business. For example, the … Read more »
The United States has a long arm in imposing financial restrictions. U.S. companies cannot assist their foreign subsidiaries or affiliates with sales to sanctioned countries or persons on the blocked persons list. A US company got caught doing this. White Birch was accused of facilitating the sale and shipment of Canadian paper from White Birch’s … Read more »
One of the arguments made by Lynn Tilton in her battle against the administrative law judges of the Securities and Exchange Commission was the inherent unfairness of that judicial system compared to the federal courts. She failed in her battle against the system, but won on the merits. From October 2010 through May 2015, 90 … Read more »
George Saunders’s first novel is a weird, wonderful and woeful book about young Willie Lincoln, son of the President, who is trapped in the “bardo.” That is a Tibetan term for the intermediate state or gap we experience between death and our next rebirth. Willie has died and been taken to Oak Hill cemetery, buried in a … Read more »
These are some of the compliance-related stories that recently caught my attention. The Effectiveness of SEC Enforcement in Deterring Financial Misconduct by Shiu-Yik Au This paper examines how the Securities and Exchange Commission’s (SEC) enforcement actions and whom they target deter future financial misconduct. An enforcement action reduces the incidence of misconduct in other firms … Read more »
Rusty Tweed may have been trying to make good investments for his clients. He knew a guy that had a new quantitative trading strategy for blue chip stocks. Rusty raised money form his clients to invest with the quant manager. Problems started right at the beginning, according the complaints filed by FINRA and the Securities … Read more »