Doug Cornelius on compliance for private equity real estate
Last year, the Securities and Exchange Commission put a new rule in place restricting an investment adviser’s ability to have custody of its clients’ assets. Given that many private fund managers are going to have to register as investment advisers they need to figure out how to comply with this rule. The rule is the … Continue reading “Custody and Private Funds”
Here are some compliance-related stories that caught my eye: A Blank Check for Cleaning Up Madoff’s Mess by Floyd Norris in the New York Times But the Bernard L. Madoff fraud is proving to be different, and not just because Mr. Madoff ran by far the largest Ponzi scheme ever encountered. … SIPC (pronounced SIP-ick), … Continue reading “Compliance Bits and Pieces for February 25”
Here are some recent compliance related stories I found interesting. SEC Charges Two Longtime Madoff Employees with Fraud The Securities and Exchange Commission today charged a pair of longtime employees at Bernard L. Madoff Investment Securities LLC (BMIS) with playing key roles in the Madoff Ponzi scheme. One employee produced phony account statements for investors … Continue reading “Compliance Bits and Pieces for November 19”
What happens when you have a business disaster on your resume? Maybe listing an Enron or WorldCom would not be so bad. Those companies are big enough that you may not be tainted by the corporate fraud. Unless you ended up in handcuffs. As the company gets smaller, you’re more likely to get caught in … Continue reading “Save Your Company, Save Yourself”
Here are some recent compliance-related stories that I found interesting: The face of the financial crisis by Larry Ribstein in the Creative Destroyer We need somebody we can send off to jail. Jail apparently provides the moral clarity necessary to wrap up a financial crisis. Bernie Madoff’s just an old-fashioned fraud from another era. The … Continue reading “Compliance Bits and Pieces for October 1”
His crime was simple: collect money from investors, fake the returns, pocket the money, and repeat. His crime was the biggest: $20 billion in cash plus $45 billion of fake returns. Should Bernie Madoff be the new name for evil? Christine Hurt of University of Illinois College of Law contrasts Madoff with the original Ponzi … Continue reading “The New Face of Evil?”
The Dodd-Frank Act has created some new positions and some long occupied seats have opened up at the Securities and Exchange Commission. Maybe you have the skills to help the SEC? Yes, the SEC dropped in the rankings of best federal workplace, slipping from 3rd in 2007 to 24th in 2010. I suspect that reflects … Continue reading “How About Working for SEC Enforcement?”
They’re looking at you. Rob Kaplan and Bruce Karpati, co-chiefs of the Asset Management Unit of the SEC enforcement division, held their first full staff meeting last week. This new unit will be focusing on misbehavior by private-equity funds, hedge funds, buyout firms, mutual funds and other asset managers. The unit is one of the … Continue reading “SEC is Probing Hedge Funds”
Here are some compliance stories from the past week that I found interesting: Shadowing a Swindler by Richard Tofel His review of the Harry Markopolos book: No One Would Listen [N]early all the whistleblowers she had met shared two qualities. First, they were onto something—that is, there was at least some truth to what they … Continue reading “Compliance Bits and Pieces for March 12”
Here are some compliance related stories from the past week: Setting Off Alarm Bells at Work by Steven D. Levitt on Freakonomics Apparently, the use of such internet sites [Facebook] is not tolerated by CPS and rather than block those websites altogether, accessing them causes this ear-piercing noise to go off that sounds something like … Continue reading “Compliance Bits and Pieces for March 5”
