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3/31/2009
The Family that Frauds Together...
3/27/2009
Yet Another Investigative Firm Establishes a DC Beachhead
Eat Drink and Be Merry
Two New Kids in The Pool
Deleware Online Pays Loving Tribute to the Freeh Group
Hedge Funds Increasingly Turning to Investigators for Due Diligence Assistance
While We're on the Subject of Refco...
Mayer Brown Dodges a Refco Bullet (Several More in the Cylinder)
Help Wanted, Fraud Investigation Experience a Plus
Spitzer Seeking to Reclaim a Bit of His Legacy
FBI Talks Stats on Mortgage, Corporate Fraud Investigations
Supreme Court Opts to Pass on the Bloomberg Gun Suit
Madoff Accountant Surrenders
Shell Bribery Probe Continues
Luxembourg, Austria, The Swiss All Fall in Line With OECD Standards on Tax Evasion
What to Expect When You're Expecting an FCPA Crackdown
Noted Investigator Bob Levinson Still Missing
Now What?
Madoff Indictments Multiply
Madoff Plea Forthcoming? 3/08/2009
Meet "The Lord of Fraud"
British Companies Face Legal Repercussions for Illegaly Obtaining Personal Information
Call to Unleash Lerach on the Banking System?
Former KB Home CEO Faces Backdating Charges
Like Swatting Lfies at a BBQ
New Tresury Sec. Comes Out Swinging on Tax Havens
We'll Be Suing Mr. Madoff and Additional Parties TBD
John Glasgow Still Missing, Still Mysterious
This is Excellent
Doing Some Investigator Job Hunting?
Mintz Group Newsletter Available for Subscription
In Case You Were Looking for a Way to Feel Worse About Bernie Madoff
The Family that Frauds Together...
...does time together. And the first step happened today as Bernie Madoff's two sons saw their assets frozen, Madoff's brother Peter had already gotten the same treatment. Some of those infamous Madoff feeder fund, Fairfield caught the chill as well.
Still scot free? His better half, Ruthie Madoff.
Ok, no one actually calls her Ruthie. Except me. It's our thing.
-- MDT
Still scot free? His better half, Ruthie Madoff.
Ok, no one actually calls her Ruthie. Except me. It's our thing.
-- MDT
Labels: Adres Piedrahita, Andrew Madoff, Bernie Madoff, Fairfield Greenwich, Mark Madoff, ponzi, Walter Noel
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Yet Another Investigative Firm Establishes a DC Beachhead
HedgeCheck, LLC has announced a DC office and the appointment of two new directors to run the show - Natasha Cayenne-McCall, formerly of Lehman Bros. and Stacy Weiner, formerly of Kroll.
At least someone is hiring out there...
-- MDT
At least someone is hiring out there...
-- MDT
Labels: HedgeCheck, Kroll, Lehman Brothers, Natasha Cayenne-McCall, Stacey Weiner
Eat Drink and Be Merry
And so we did last night. A big thank you to the organizers of last night's DC investigator get together. It was tremendous fun to catch up with friends and former colleagues. On work, on life, etc. It was also welcome reminder of just how good you guys really are at what you do (very, very good) and of how lucky I've been to work with you. So thanks. Looking forward to doing it again soon.
-- MDT
3/24/2009
-- MDT
Two New Kids in The Pool
Two Wall Street Journal reporters, Sue Schmidt (better known from her stint at the Washington Post) and Glenn Simpson, have left their reporting days behind them and hung out an investigative shingle: SNS Global LLC.
According to a report from Michael Calderone over at Politico, Schmidt indicated that despite the career change, she and Simpson will "still be investigating areas they covered while doing traditional journalism - everything from counterterrorism to international organized crime."
Not the worst time to leave the newspaper biz, I'd imagine.
-- MDT
According to a report from Michael Calderone over at Politico, Schmidt indicated that despite the career change, she and Simpson will "still be investigating areas they covered while doing traditional journalism - everything from counterterrorism to international organized crime."
Not the worst time to leave the newspaper biz, I'd imagine.
-- MDT
Labels: Glen Simpson, SNS Global, Sue Schmidt
Deleware Online Pays Loving Tribute to the Freeh Group
A glowing report on the former FBI director, Louis Freeh and his Freeh Group International. Pretty interesting profile actually, even if it does read a bit like a seven page press release.
-- MDT
3/23/2009
-- MDT
Labels: Freeh Group International, Louis Freeh
Hedge Funds Increasingly Turning to Investigators for Due Diligence Assistance
Good stuff, here, from Bloomberg. Taking the obligatory stroll through Madoff country, they've put together a decent piece on how hedge fundies are using investigators to avoid being the next ones burned.
Investment firms using P.I.s is certainly nothing new, but one might imagine that recent headlines combined with a reenvigorated regulatory apparatus have heated up the market a bit.
Look for comments from Randy Shain of Backtrack/First Advantage Corp. as well as Pete Turecek of Kroll.
And a word of thanks to the friendly tipster who pointed me toward the article.
-- MDT
Investment firms using P.I.s is certainly nothing new, but one might imagine that recent headlines combined with a reenvigorated regulatory apparatus have heated up the market a bit.
Look for comments from Randy Shain of Backtrack/First Advantage Corp. as well as Pete Turecek of Kroll.
And a word of thanks to the friendly tipster who pointed me toward the article.
-- MDT
Labels: Backtrack, due diligence, First Advantage, hedge fund, Jules Kroll, Pete Turecek, Randy Shain
While We're on the Subject of Refco...
The Park Avenue duplex once owned by Refco's former CEO, Phillip Bennett (now serving a 16 year sentence) has gone on the market for $5.9 million. The property had passed into government hands after Bennett plead guilty to most of the available types of business fraud.
You can check out a floorplan here via the always awsome Curbed. Nice hardwoods! If you'd like to make an offer, I am sure Sabrina or Daniela would be glad to take your call. Open house this Wed!
-- MDT
You can check out a floorplan here via the always awsome Curbed. Nice hardwoods! If you'd like to make an offer, I am sure Sabrina or Daniela would be glad to take your call. Open house this Wed!
-- MDT
Labels: Phillip Bennett, Refco
Mayer Brown Dodges a Refco Bullet (Several More in the Cylinder)
Stoneridge looms large in a decision that sees Refco lawyer Joseph Collins and the firm of Mayer Brown off the hook for the commodity firm's fraud and subsequent flame-out. This would be a bit of a strikeout for Refco's shareholders and for uber-securities litigator John Coffey of Bernstein Litowitz Berger & Grossmann.
You can view the judge's dismissal order here, thanks to the AmLaw Daily. While your at it, check out Judge Gerard Lynch's juicy footnote on page 25 where he basically calls the Stoneridge decision out as a steaming pile of crap that we'd be better off without. But he says it all Judge-like and nice.
Despite the decision in this case, none of these folks are quite done with Refco yet. John Coffee has more parties to chase on behalf of the aggrieved - someone signed off on those Refco books Grant Thornton . For Mayer Brown there is still the small matter of the Refco-related RICO suit brought by Thomas H. Lee Partners and a multi billion dollar lawsuit filed by Refco's bancruptcy trustee.
Oh and Joseph Collins also has the small matter of his own federal criminal trial on security fraud charges. That'll start in April.
Call it a full docket all around. More on this mess via Law.com
-- MDT
3/22/2009
You can view the judge's dismissal order here, thanks to the AmLaw Daily. While your at it, check out Judge Gerard Lynch's juicy footnote on page 25 where he basically calls the Stoneridge decision out as a steaming pile of crap that we'd be better off without. But he says it all Judge-like and nice.
Despite the decision in this case, none of these folks are quite done with Refco yet. John Coffee has more parties to chase on behalf of the aggrieved - someone signed off on those Refco books
Oh and Joseph Collins also has the small matter of his own federal criminal trial on security fraud charges. That'll start in April.
Call it a full docket all around. More on this mess via Law.com
-- MDT
Labels: Joseph Collins, Mayer Brown Rowe and Maw, Refco, Stoneridge
Help Wanted, Fraud Investigation Experience a Plus
Corporate investigators, your time is now.
You've been anointed by the New York Times as the new go-to profession.
-- MDT
You've been anointed by the New York Times as the new go-to profession.
-- MDT
Spitzer Seeking to Reclaim a Bit of His Legacy
FBI Talks Stats on Mortgage, Corporate Fraud Investigations
How high is the water mama?
Some big, big numbers here. According to recent testimony from FBI Deputy Director John Pistole before a House of Reps panel, the FBI is currently investigating 2,000-plus mortgage fraud fraud investigations ongoing in 2009 (up from around 900 in 2006) and 566 corporate fraud investigations 43 of which apparently derive from the current financial crisis.
Three feed high and rising.
Exponentially.
Pistole's full testimony is right here. Well worth reading
-- MDT
3/19/2009
Some big, big numbers here. According to recent testimony from FBI Deputy Director John Pistole before a House of Reps panel, the FBI is currently investigating 2,000-plus mortgage fraud fraud investigations ongoing in 2009 (up from around 900 in 2006) and 566 corporate fraud investigations 43 of which apparently derive from the current financial crisis.
Three feed high and rising.
Exponentially.
Pistole's full testimony is right here. Well worth reading
-- MDT
Supreme Court Opts to Pass on the Bloomberg Gun Suit
This Examiner recap of the Bloomberg effort features a cameo from the James Mintz Group, which sent undercover investigators into New York area gunstores in order to make illegal purchases as part of a sting operation.
-- MDT
-- MDT
Labels: Mintz Group
Madoff Accountant Surrenders
Shell Bribery Probe Continues
A little of that FCPA action we've been talking about. The U.S. government's investigation goes (involving both the SEC and DOJ) back to 2007 and concerns allegations that reps of Royal Dutch Shell paid bribes to Nigerian customs agents, possibly through Swiss freight forwarding firm Panalpina. The SEC is investigating ten other firms that used Panalpina on suspicion of similar illegal payments. Shell has been running its own internal investigation alongside the U.S. Government probe.
-- MDT
3/18/2009
-- MDT
Labels: bribery, FCPA, Royal Dutch Shell
Luxembourg, Austria, The Swiss All Fall in Line With OECD Standards on Tax Evasion
Perhaps a response to being on the OECD's draft blacklist of uncooperative tax havens? That is, after the Swiss got through whinging about being on the list in the first place.
None of these countries are quite prepared to rat on their own population, but foreigners should no longer count on the same discretion.
For its part the OECD doesn't plan on changing the makeup of their naughty list prior to the G20, no matter what kind of pledges they receive - I'm looking at you, Monaco.
As the G20 meeting gets closer (early April) they'll be plenty more pressure to go around and other traditional tax havens may also fall in line. But should they?
Some (ok, one guy from the Cato institute) says no.
-- MDT
None of these countries are quite prepared to rat on their own population, but foreigners should no longer count on the same discretion.
For its part the OECD doesn't plan on changing the makeup of their naughty list prior to the G20, no matter what kind of pledges they receive - I'm looking at you, Monaco.
As the G20 meeting gets closer (early April) they'll be plenty more pressure to go around and other traditional tax havens may also fall in line. But should they?
Some (ok, one guy from the Cato institute) says no.
-- MDT
Labels: tax evasion, tax havens
What to Expect When You're Expecting an FCPA Crackdown
Some thoughts from the fine folks at Baker Hostetler, via the New York Law Journal.
-- MDT
3/15/2009
-- MDT
Labels: FCPA
Noted Investigator Bob Levinson Still Missing
And it has been two years...
Levinson disappeared in March 2007 on a trip to Iran's Kish islands. Levison's official reason for the trip was to scout locations on the for a Canadian documentary film. According to later statements from his family, Levinson was actually in Iran for an altogether different purpose - investigating cigarette smuggling on behalf of his security consulting firm. The State Department's official statement on the Levinson disappearance calls it a "business trip."
His wife, seven children and two grand children await his safe return.
Mr. Levinson was employed by the U.S. Department of Justice for 28 years, spending time with the FBI and DEA. After three decades of government service, Levinson hung out his own investigative shingle and in 2006 he joined SafirRosetti / GlobalOptions becoming the point man for their Florida office. Levinson at one point served as the managing directory of the Miami office of invesitgative firm, Decision Strategies and he was also famously involved in the investigation of the Paul Klebnikov murder.
One hopes for the best, but in this kind of situation who really knows. Levinson's family has set up a website to help keep attention on the case. You can find it here.
For more on how the Levinson case might find itself front and center in the Obama administration's renewed efforts at diplomacy with Iran check out this Miami Herald article from February.
-- MDT
Levinson disappeared in March 2007 on a trip to Iran's Kish islands. Levison's official reason for the trip was to scout locations on the for a Canadian documentary film. According to later statements from his family, Levinson was actually in Iran for an altogether different purpose - investigating cigarette smuggling on behalf of his security consulting firm. The State Department's official statement on the Levinson disappearance calls it a "business trip."
His wife, seven children and two grand children await his safe return.
Mr. Levinson was employed by the U.S. Department of Justice for 28 years, spending time with the FBI and DEA. After three decades of government service, Levinson hung out his own investigative shingle and in 2006 he joined SafirRosetti / GlobalOptions becoming the point man for their Florida office. Levinson at one point served as the managing directory of the Miami office of invesitgative firm, Decision Strategies and he was also famously involved in the investigation of the Paul Klebnikov murder.
One hopes for the best, but in this kind of situation who really knows. Levinson's family has set up a website to help keep attention on the case. You can find it here.
For more on how the Levinson case might find itself front and center in the Obama administration's renewed efforts at diplomacy with Iran check out this Miami Herald article from February.
-- MDT
Labels: Decision Strategies, GlobalOptions, Paul Klebnikov, Robert Levinson, SafirRosetti
Now What?
With Bernard Madoff behind bars, what's next?
Finding the money for one. Good luck on that, FTI.
--MDT
3/11/2009
Finding the money for one. Good luck on that, FTI.
--MDT
Labels: Bernie Madoff
Madoff Indictments Multiply
Madoff Plea Forthcoming? 3/08/2009
Meet "The Lord of Fraud"
Lord Rodney to his friends. Brian McGough to his mum. Convicted late last week ending a 30 year run of audacious chicanery. More at The Telegraph.
-- MDT
-- MDT
Labels: Hugh Rodley
British Companies Face Legal Repercussions for Illegaly Obtaining Personal Information
From The Guardian:
"firms, including Balfour Beatty, Sir Robert McAlpine, Laing O'Rourke and Costain, have, for many years, covertly bought details of workers' trade union activities and their conduct at work.
...workers have been unfairly denied employment because they have had no chance of challenging any inaccurate information, some of which has been stored for decades."
Much of this malfeasance can apparently be traced back to private detective, Ian Kerr, who is set to be prosecuted in the case.
More here on Kerr's secret database.
-- MDT
"firms, including Balfour Beatty, Sir Robert McAlpine, Laing O'Rourke and Costain, have, for many years, covertly bought details of workers' trade union activities and their conduct at work.
...workers have been unfairly denied employment because they have had no chance of challenging any inaccurate information, some of which has been stored for decades."
Much of this malfeasance can apparently be traced back to private detective, Ian Kerr, who is set to be prosecuted in the case.
More here on Kerr's secret database.
-- MDT
Call to Unleash Lerach on the Banking System?
Former KB Home CEO Faces Backdating Charges
Backdating. Quaint, right?
In the face of the Madoffs, Stanfords et. al. In the cold hard light of 2009 backdating seems downright kiddie pool way to defraud your shareholders. But punished it must be and Bruce Karatz, former CEO of KB Home, is facing 20 counts - with a potential (cough) 415 years in prison.
Another former KB exec, Garry Ray plead guilty a month ago to conspiring with Mr. Krantz to obstruct the SEC investigation into backdating at KB Homes. That can't be a terribly good sign for Krantz. Bloomberg has the rest.
-- MDT
3/07/2009
In the face of the Madoffs, Stanfords et. al. In the cold hard light of 2009 backdating seems downright kiddie pool way to defraud your shareholders. But punished it must be and Bruce Karatz, former CEO of KB Home, is facing 20 counts - with a potential (cough) 415 years in prison.
Another former KB exec, Garry Ray plead guilty a month ago to conspiring with Mr. Krantz to obstruct the SEC investigation into backdating at KB Homes. That can't be a terribly good sign for Krantz. Bloomberg has the rest.
-- MDT
Labels: backdating, Bruce Karatz, Garry Ray, KB Home
Like Swatting Lfies at a BBQ
Another $57 million financial fraud pops up.
-- MDT
3/05/2009
-- MDT
Labels: Essex Street Associates, John F. Doorly, Tenens Corp
New Tresury Sec. Comes Out Swinging on Tax Havens
You only need to know one thing to know why:
-- MDT
A congressional report released in January found that in 2007 83 of the 100 largest publicly traded U.S. companies had units in low-tax or no-tax jurisdictions like the Cayman Islands or the Isle of Man. They included American International Group Inc., Citigroup Inc., Bank of America Corp. and Morgan Stanley, all of which were given taxpayer money through the $700 billion financial rescue.More here.
-- MDT
We'll Be Suing Mr. Madoff and Additional Parties TBD
Plaintiffs leave room for plenty of flexibility when it comes to recovering their losses in the Madoff meltdown. His wife certainly might end up on the list of likely defendants.
-- MDT
-- MDT
Labels: Bernie Madoff
John Glasgow Still Missing, Still Mysterious
Fascinating, scary. If you have a hot tip, they sure do need it. Great and somewhat foreboding article on the Glasgow disappearance from Portfolio.com.
-- MDT
-- MDT
This is Excellent
John Stewart taking financial media triumphalism down - all the way to Chinatown. Keep your eyes peeled for the R. Allen Stanford cameo - an interview about how he avoided losing his billions in the sub prime mess.
Totally classic stuff.
3/03/2009
Totally classic stuff.
Labels: R. Allen Stanford
Doing Some Investigator Job Hunting?
Mintz Group Newsletter Available for Subscription
A months back an old colleague sent me a copy of the Mintz Group's new bi-monthly newsletter, Global Fact Gathering. I was impressed. It is a nice product and reflects the attention to concept and detail that I would expect from those guys.
At the time I held off posting anything in this space because there was no really way to subscribe to future issues. Well that has changed. A quick trip to the Mintz Group home page and you can get fixed right up. The two previous issues are also available for download.
Well worth checking out.
-- MDT
3/02/2009
At the time I held off posting anything in this space because there was no really way to subscribe to future issues. Well that has changed. A quick trip to the Mintz Group home page and you can get fixed right up. The two previous issues are also available for download.
Well worth checking out.
-- MDT
Labels: Mintz Group
In Case You Were Looking for a Way to Feel Worse About Bernie Madoff
Elie Weisel unloads on him in the New York Times.
-- MDT
“ ‘Psychopath’ — it’s too nice a word for him... Sociopath,’ ‘psychopath,’ it means there is a sickness, a pathology. This man knew what he was doing. I would simply call him thief, scoundrel, criminal."Weisel, who probably needs no introduction, lost his life savings to the Madoff fraud. His charity lost millions as well.
-- MDT
Labels: Bernie Madoff, Fraud
