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8/25/2008
UK Agency Takes Background Checks Over the Line
8/20/2008
Checking in With Inmate #46683-112 (Bill Lerach)
Australian PI To Do Time For Posing as Police
Siemens and the SEC Close to a Deal?
Victims of PAAM Hedge Fund Meltdown Unlikely to See Recompense
News to Nobody: Siemens Internal Corruption Controls Found Lacking
UK's Serious Fraud Office Investigations "Golf-For-Influence" Claims
The August Portfolio
Cuomo's Auction Rate Securites Probe Gets More Ambitious
National Century Execs Sentenced
Countrywide Exec, Mozilo Faces SEC Probe
Major Exchanges Agree to Tighten Regulations
Banky Panky
Credit Suisse Closes Out Trading Scandal With FSA Fine 8/11/2008
Ice Industry Gets Look on Price Fixing
SEC Look at Countrywide Finance Gets Real
German Authorities Ready Siemens Trial On Illegal Trade Union Payments
Michael Miskin - Another Noted Name From Henrich Kieber's List 8/08/2008
Lereach's Former Firm Makes Case to Societe Generale Shareholders
Short Piece on NYSE Investigators
Massachusetts Hits Merrill Lynch With Fraud-Related Charges
11 Arrested in 40 Million Credit Card Hack 8/05/2008
Scrutiny on Tax Evasion Leads to Resignation of UBS Banking Exec
Brocade Moves Against Former Executives
A Great Line
A New Face Charged in Soc Gen Rogue Trading Scandal?
I Was an NRA Spy
Countrywide Financial Analyst Arrested on Identity Theft Charges
Police Report of Soc Gen Scandal Describes Bank as Ignorant of Rogue Trades
Sam Israel Forced to Give Up His Scooter
The Thorough Process of Investigation
UK Agency Takes Background Checks Over the Line
The British Criminal Records Bureau, which was set up a half-dozen years ago, aids in vetting potential public and private sector employees - specifically those who might come into contact with young children, - by providing a standard criminal record report.
According to The Times of London, the CRB has gone far beyond this mandate, passing files to more than 50 different recruiting firms for standard job vetting in cases where there is no connection with kids whatsoever.
Now here's the kicker - for an extra £5, you can get the police file on the charges that were unproven.
Then again, I guess these days in the UK you can be stopped and searched in public for no reason whatsoever...so this comes as no real surprise.
-- MDT
According to The Times of London, the CRB has gone far beyond this mandate, passing files to more than 50 different recruiting firms for standard job vetting in cases where there is no connection with kids whatsoever.
Now here's the kicker - for an extra £5, you can get the police file on the charges that were unproven.
Then again, I guess these days in the UK you can be stopped and searched in public for no reason whatsoever...so this comes as no real surprise.
-- MDT
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Checking in With Inmate #46683-112 (Bill Lerach)
I could do with out the triumphalism in the piece (and the transparent bitterness over not having a planned interview with Lerach take place), but give this DC Examiner article a gander anyway for a day-in-the life story for what Lerach is up to these days, while completing his sentence at a minimum security prison in Lompoc, California.
- MDT
- MDT
Labels: Bill Lerach
Australian PI To Do Time For Posing as Police
Brett Sutcliffe at 28 year old "investigator" who fronts a really classy Aussie P.I. firm called Spousebusters has been sentenced to a year in jail for trying to intimidate a 77 year old women with a phoney letter that presented him as a member of the Australian Federal Police.
The elderly woman had apparently irritated Sutcliffe by asking him to move is investigator-mobile so that she could more easily carry her groceries into her house. Sutcliffe declined to cooperate, citing national security concerns.
The completely ridiculous threat letter followed and now jail will follow for Mr. Sutcliffe. Of course, the most beautiful part of the whole thing is that Sutcliffe was outed as a phony when the same elderly woman saw him on a local news show pimping his telephoto lens skills.
-- MDT
The elderly woman had apparently irritated Sutcliffe by asking him to move is investigator-mobile so that she could more easily carry her groceries into her house. Sutcliffe declined to cooperate, citing national security concerns.
The completely ridiculous threat letter followed and now jail will follow for Mr. Sutcliffe. Of course, the most beautiful part of the whole thing is that Sutcliffe was outed as a phony when the same elderly woman saw him on a local news show pimping his telephoto lens skills.
Sweet sweet comeuppance ensued. To see a picture of this chump Sutcliffe, try here.
-- MDT
Siemens and the SEC Close to a Deal?
Victims of PAAM Hedge Fund Meltdown Unlikely to See Recompense
Even though fund manager, Paul Eustace, formerly of the now defunct Philadelphia Alternative Asset Management is facing a court order requiring him to pay some $237 million to investors (not to mention another $20 million in fines) it seems unlikely that Eustace will be doing so any time soon.
The good news is that about $180 million has already been recovered, mostly in the form of other PAAM-related legal settlements from UBS bank and The Man Group's MF Global.
Eustace, you may recall, was shut down by the CTFC back in 2005 after it became known that he had cost his PAAM investors millions while using misappropriated funds to do stuff like get his girlfriend a boob job.
For all of our past coverage of the PAAM case - see here.
-- MDT
8/17/2008
The good news is that about $180 million has already been recovered, mostly in the form of other PAAM-related legal settlements from UBS bank and The Man Group's MF Global.
Eustace, you may recall, was shut down by the CTFC back in 2005 after it became known that he had cost his PAAM investors millions while using misappropriated funds to do stuff like get his girlfriend a boob job.
For all of our past coverage of the PAAM case - see here.
-- MDT
Labels: PAAM, Paul Eustace
News to Nobody: Siemens Internal Corruption Controls Found Lacking
UK's Serious Fraud Office Investigations "Golf-For-Influence" Claims
Sink me!
I believe some hooligans have knocked over a dustbin in shaftsbury!
Also... free golf.
-- MDT
I believe some hooligans have knocked over a dustbin in shaftsbury!
Also... free golf.
-- MDT
Labels: Serious Fraud Office
The August Portfolio
Big fan of the mag. Even bigger fan of the website. Couple of stories worth checking out while they are still available.
-- MDT
8/13/2008
The first is an update on questions surrounding the death, which some call murder, of soft serve king, Tom Carvel back in 1990. We first wrote about the Carvel estate back in the Spring of 2007.Enjoy...
The second concerns Robert Amsterdam, defense attorney for Russian oil billionaire, Mikhail Khodorkovsky, former head of Yukos. A more than interesting view on what happens when you face the Russian government across the aisle.
-- MDT
Cuomo's Auction Rate Securites Probe Gets More Ambitious
...with the addition of a few more minor names, like JPMorgan Chase, Morgan Stanley and Wachovia.
-- MDT
-- MDT
Labels: auction rate securities, JPMorgan, Morgan Stanley, New York AG, Wachovia
National Century Execs Sentenced
Countrywide Exec, Mozilo Faces SEC Probe
Major Exchanges Agree to Tighten Regulations
In order "to strengthen investor protection by consolidating the surveillance, investigation and enforcement of insider trading in equity securities."
Get the details at MarketWatch.
-- MDT
Get the details at MarketWatch.
-- MDT
Banky Panky
Slate has my favorite article title of the week. Even if it is a short one, the title makes it worth mentioning.
-- MDT
-- MDT
Labels: tax evasion, UBS
Credit Suisse Closes Out Trading Scandal With FSA Fine 8/11/2008
Ice Industry Gets Look on Price Fixing
In other news... the market for bagged ice is 1.8 billion?
I am, and apparently always have been, in the wrong business.
-- MDT
I am, and apparently always have been, in the wrong business.
-- MDT
Labels: ice, price fixing
SEC Look at Countrywide Finance Gets Real
So says proud countrywide parent, Bank of America. Oh, and Connecticut is suing. That too.
-- MDT
8/10/2008
-- MDT
Labels: Countrywide, SEC, sub-prime mortgage
German Authorities Ready Siemens Trial On Illegal Trade Union Payments
The key figures are names that should be familiar to anyone who has been following the Siemens case Johannes Feldmayer (former Siemens bard member) and Wilhelm Schelsky (former head of the Association of Independent Employees trade union). Feldmayer is accused of going above and beyond to foster good relations with the AUB - tens of millions of dollars above and beyond.
For more on the upcoming trial, which has 100 witnesses lined up already, try the WSJ Law Blog. For more background on the Feldmayer and Schelsky try the tags below. We've got you covered.
For more on the upcoming trial, which has 100 witnesses lined up already, try the WSJ Law Blog. For more background on the Feldmayer and Schelsky try the tags below. We've got you covered.
Labels: AUB, Johannes Feldmayer, Siemens, Wilhelm Schelsky
Michael Miskin - Another Noted Name From Henrich Kieber's List 8/08/2008
Lereach's Former Firm Makes Case to Societe Generale Shareholders
Coughlin Stoia Geller Rudman & Robbins is seeking to include foreign shareholders of the embattled Societe Generale in a class action suit against the bank, to be adjudicated in the U.S.
CSG&R is one of a number of firms that had been competing for to slot in the SocGen case. As of July 23rd, they won the day and will be act as lead counsel.
A Manhattan district court will ultimately decide whether foreign citizens can be included in the class, but CSR&G has had UK public relations firm, Byfield Consultancy to drum up publicity abroad.
8/07/2008
CSG&R is one of a number of firms that had been competing for to slot in the SocGen case. As of July 23rd, they won the day and will be act as lead counsel.
A Manhattan district court will ultimately decide whether foreign citizens can be included in the class, but CSR&G has had UK public relations firm, Byfield Consultancy to drum up publicity abroad.
Labels: Byfield Consultancy, class action, Coughlin Stoia, Societe Generale
Short Piece on NYSE Investigators
Highlighting the move to more sophisticated and technology-oriented techniques for identifying illegal behavior. There are quant jocks on both sides, it seems.
-- MDT
-- MDT
Labels: investigation, NYSE
Massachusetts Hits Merrill Lynch With Fraud-Related Charges
Auction rate securities fraud charges, to be exact. According to the Massachusetts AG, Merrill continued talking up ARS to analysts and - worse - advising its customers to buy into ARS, even as Merrill itself was ditching.
Real classy.
-- MDT
Real classy.
-- MDT
Labels: auction rate securities, Fraud, Merrill Lynch
11 Arrested in 40 Million Credit Card Hack 8/05/2008
Scrutiny on Tax Evasion Leads to Resignation of UBS Banking Exec
UBS has announced the departure of David Aufhauser, their general counsel for the Americas. Aufhauser is currently being investigated by the New York Attorney General's office in conjuction with a broader probe of the financial markets.
-- MDT
-- MDT
Labels: David Aufhauser, tax evasion, UBS
Brocade Moves Against Former Executives
Racketeering claims against ten former executives and board members were filed late last week. Law firm Wilson Sonsini, along with name partner, Larry Sonsini (also a former Brocade board member) have paid Brocade $9.5 million to ensure exclusion from the recently filed lawsuit. Lots more at Law.com.
-- MDT
-- MDT
Labels: Brocade, Gregory Reyes, Larry Sonsini, racketeering, Wilson Sonsini
A Great Line
From Matt Daily at Reuters, RE: Klaus Kleinfeld, Siemens and Alcoa.
-- MDT
-- MDT
Labels: Alcoa, Klaus Kleinfeld, Siemens
A New Face Charged in Soc Gen Rogue Trading Scandal?
And the name is Thomas Mougard, the 24 year old former assistant to Jerome Kerviel. He is accused of aiding in the scheme that allowed Kerveil to make billions of dollars in financial moves without Soc Gen being the wiser. Kerviel himself remains free at the moment. As for Mougard, well you know what they say about how stuff rolls down hill, right?
-- MDT
8/04/2008
-- MDT
Labels: Jerome Kerveil, Societe Generale, Thomas Mougard
I Was an NRA Spy
Well, not me personally. That would be one miss Mary McFate -- aka Mary Lou Sapone, a "research consultant" who specialized in infiltrating activist groups on behalf of corporate clients.
Since the mid-1990s, Sapone, under her maiden name McFate had worked her way up the food chain of no less prominent a public interest group than the Brady Campaign against hand gun violence, where she held a board position.
Of course, it wasn't her deep commitment to the cause that brought her there - it was a check from the National Rifle Association (which apparently came to Sapone via security firm, Beckett Brown International).
Crazy stuff, right? In point of fact it happens all the time, but rarely are these kinds of operatives outed in such noisy and embarassing fashion. You can read all about Mary Lou over at Mother Jones.
-- MDT
8/03/2008
Since the mid-1990s, Sapone, under her maiden name McFate had worked her way up the food chain of no less prominent a public interest group than the Brady Campaign against hand gun violence, where she held a board position.
Of course, it wasn't her deep commitment to the cause that brought her there - it was a check from the National Rifle Association (which apparently came to Sapone via security firm, Beckett Brown International).
Crazy stuff, right? In point of fact it happens all the time, but rarely are these kinds of operatives outed in such noisy and embarassing fashion. You can read all about Mary Lou over at Mother Jones.
-- MDT
Labels: corporate espionage, Mary Lou Sapone, NRA
Countrywide Financial Analyst Arrested on Identity Theft Charges
Wahid Siddiqi - what a guy. Buying and selling his customer private data. You'd think these Countrywide guys are crooks or something.
-- MDT
-- MDT
Labels: Countrywide, identity theft, Wahid Siddiqi
Police Report of Soc Gen Scandal Describes Bank as Ignorant of Rogue Trades
Report says Soc Gen unaware of rogue trades. Kerveil looks nervous.
-- MDT
8/01/2008
-- MDT
Labels: Jerome Kerveil, Societe Generale
Sam Israel Forced to Give Up His Scooter
Oh the humanity!
A new low for the former hedge fund fugitive.
-- MDT
A new low for the former hedge fund fugitive.
-- MDT
Labels: Bayou Group, hedge fund, Sam Israel
The Thorough Process of Investigation
Obviously the Department of Justice has been going through some issues of of late, no question. Spinning out of a recent New York Times article is tidbit worth mentioning in these parts - one of the bits of information that has been released in the U.S. Attorney hiring investigation is the "bad words" Lexis query, passed down from the White House, that DOJ staffers were instructed to use in vetting potential hires -- part of what the DOJ called The Thorough Process of Investigation:
-- MDT
[first name of a candidate] and pre/2 [last name of a candidate] w/7 bush or gore or republican! or democrat! or charg! or accus! or criticiz! or blam! or defend! or iran contra or clinton or spotted owl or florida recount or sex! or controvers! or racis! or fraud! or investigat! or bankrupt! or layoff! or downsiz! or PNTR or NAFTA or outsourc! or indict! or enron or kerry or iraq or wmd! or arrest! or intox! or fired or sex! or racis! or intox! or slur! or arrest! or fired or controvers! or abortion! or gay! or homosexual! or gun! or firearm!Ahhh the old audit trail. It'll get you every time. More here.
-- MDT
