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4/30/2009
New Charges in the NY Pension Kickback Investigation
4/29/2009
How Portfolio Came to Be, And Came to Fail
PEM CEO, Danny Pang Arrested By the FBI, Company Assets Forzen
Another Bayou-Related Conviction
Hennessee Group Fined on Bayou Hedge Fund Due Diligence Failures
Carlyle Group Implicated n Fraud Probe
When Former Intelligence Officials Advocate on Behalf of (Alleged) International Criminals
Augustus Capital Launches New Due Diligence Product
More Funds Face Madoff-Related Lawsuits
Madoff Feeder Fund Head, Ezra Merkin, Sees Testimony Unsealed
GVCwinstar: An Object Lesson in Due Diligence
Hilton v. Starwood - Charges Fly in Corporate Espionage Flap
Corporate Spying Charges Raised Against EDF
My Favorite Muckraker, New Digs
Ponzi Schemer Duped Fellow Churchgoers
The Malaysian Insider Speculates on Rise in Corporate Fraud
So We're Calling Ourselves "Investment Consultants" These Days?
Kroll Announces San Francisco Office 4/16/2009
As SEC Twiddled Thumbs the Stanford Fraud Rolled On
Manhattan DA Hopeful Leslie Crocker Snyder Sings a New Tune on Corporate Crime
British Rail Chief Under Investigation Found Dead
Federal Government Background Screeners Admit Fraud
Obama Administration Heats up Diplomatic Pressure on Investigator's Disappearance 4/09/2009
Hollywood Star Tapped Politically Connected Investigators in Power Struggle over Australian Rugby team
Frontline: Black Money
Dreier
Deutsche Bahn CEO Steps Down Due to Corporate Spying Matter
Airbus Outs its Own Corporate Spying 4/06/2009
More Scrutiny for Corporate Monitors
Settlement in GlobalOptions Web Smear Litigation?
AIG's Cassano the Subject of a Criminal Probe? 4/02/2009
Chicago Traders, Sarvey and Sklena Facing Fraud Indictment
Stanford Financial CFO Not Pleased With Her Representation
Multinationals Face Tax Fraud, Money Laundering Investigation
Exploring Corporate Liability for Foreign Bribery
New Charges in the NY Pension Kickback Investigation
Saul Meyer and the firm he found, Aldus Equity Parters are both facing the wrath of the SEC.
-- MDT
Labels: Aldus Equity Partners, Saul Meyer
0 Comments.
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How Portfolio Came to Be, And Came to Fail
The post mortem by way of prologue, courtesy of of the NY Observer.
-- MDT
Labels: CondeNast Portfolio
PEM CEO, Danny Pang Arrested By the FBI, Company Assets Forzen
Does no one respect religious pilgrimage anymore?
The case that just gets weirder and more sorid....
4/27/2009
The case that just gets weirder and more sorid....
I am a most certainly sucker for any case that involves the desperate search for gold bullion - more here!
-- MDT
Labels: Best Excuse Ever for Leaving the Country, Danny Pang, FBI, Gold Bullion
Another Bayou-Related Conviction
Matthew Marino... brother of former bayou exec, Daniel Marino (already plead guilty).
Labels: Bayou Group, Daniel Marino, Matthew Marino, Sam Israel
Hennessee Group Fined on Bayou Hedge Fund Due Diligence Failures
Hennessee Group, a New York-based investment adviser is facing a $800,000 fine from the SEC due to the firm's failure to perform promised due diligence of the Bayou Group hedge fund, once run by eventual death-faking, scooter-riding fugitive from justice, Sam Israel.
Bayou, of course, was one of the biggest hedge fund flame-outs of all time, with many of the fund's major players doing jail time. The SEC complaint details about 40 Hennessee clients who altogether has about $56 million invested inthe Bayou fund.
Hennssee head, Charles Gradante has neither confirmed or denied wrongdoing in the matter. While he hasn't commented on the specifics of his own case, Gradante has submitted a letter to the SEC with a variety of recommendations for how other migh avoid Hennessee's fate.
Amongst Gradante's recommendations - increased reguation of hedge fund borrowing and requiring that third parties, such has Kroll, be hired to conductforencic audits of hedge fund financial statements. More here, via Bloomberg.
-- MDT
4/23/2009
Bayou, of course, was one of the biggest hedge fund flame-outs of all time, with many of the fund's major players doing jail time. The SEC complaint details about 40 Hennessee clients who altogether has about $56 million invested inthe Bayou fund.
Hennssee head, Charles Gradante has neither confirmed or denied wrongdoing in the matter. While he hasn't commented on the specifics of his own case, Gradante has submitted a letter to the SEC with a variety of recommendations for how other migh avoid Hennessee's fate.
Amongst Gradante's recommendations - increased reguation of hedge fund borrowing and requiring that third parties, such has Kroll, be hired to conductforencic audits of hedge fund financial statements. More here, via Bloomberg.
-- MDT
Labels: Bayou Group, Fraud, hedge fund, Hennessee, Kroll, Sam Israel
Carlyle Group Implicated n Fraud Probe
Cuomo's investigation of NY pension fund kickbacks reaches ever further -- through major investment firms like Quadrangle, Carlyle Group and Odyssey Investment Partners and even to a top Obama administration staffer. Get details on all the quirky turns in this case over at the WSJ.
-- MDT
-- MDT
When Former Intelligence Officials Advocate on Behalf of (Alleged) International Criminals
Augustus Capital Launches New Due Diligence Product
Focusing on alternative asset investors:
-- MDT
4/22/2009
"The service will encompass tll types of hedge fund and CTA strategies.All exchange-listed securities within the major asset classes - global equities, foreign exchange, global fixed income, and commodity futures - will be targeted. Cash and derivative securities will be evaluated. "More details at Hedge Fund Review.
-- MDT
Labels: Augustus Capital, due diligence
More Funds Face Madoff-Related Lawsuits
They're facing questions from investors about the quality of the due diligence they performed on Mr. Madoff. Details at the WSJ.
-- MDT
-- MDT
Labels: Bank of New York Mellon, Ivy Asset Management, J.P. Jeanneret Associates, Meridian Capital Partners, Meridian Diversified Fund Management
Madoff Feeder Fund Head, Ezra Merkin, Sees Testimony Unsealed
Merkin touts his due diligence on Madoff's investment strategy...
Love it.
Merkin is facing charges from New York AG, Andrew Cuomo that he secretly diverted billions in Gabriel Capital Corp client funds to Madoff's care (on which he claimed hundreds of millions in management fees). Merkin is not suspected to have known in advance about the Madoff fraud.
-- MDT
Love it.
Merkin is facing charges from New York AG, Andrew Cuomo that he secretly diverted billions in Gabriel Capital Corp client funds to Madoff's care (on which he claimed hundreds of millions in management fees). Merkin is not suspected to have known in advance about the Madoff fraud.
-- MDT
Labels: Merkin
GVCwinstar: An Object Lesson in Due Diligence
Lawsuits, liens - who is giving these folks money? Do your homework people! Check out the related articles on the right-hand side of the page. Looks like a long year for pensioners in Detroit.
-- MDT
-- MDT
Labels: due diligence, GVCwinstar, Kirkland Dudley
Hilton v. Starwood - Charges Fly in Corporate Espionage Flap
A pair of poached employees lead to charges of stolen secrets! Starwood is seeking to have Hilton prosecuted under the federal Economic Espionage Act. A Grand Jury has been convened and is currently investigating.
-- MDT
-- MDT
Labels: corporate spying
Corporate Spying Charges Raised Against EDF
The French nuclear energy firm EDF has been outed for paying investigators to infiltrate the country's anti-nuclear energy movement. Pierre François, firm's production security division has admitted to organizing the far-reaching surveillance since 2002.
Enviro-group Greenpeace has also alledged that EDF attempted to hack into the nonproft's private computer network, a charge that EDF denies. As you'll see in this piece from the FT, there is assuridly more to that story.
-- MDT
Enviro-group Greenpeace has also alledged that EDF attempted to hack into the nonproft's private computer network, a charge that EDF denies. As you'll see in this piece from the FT, there is assuridly more to that story.
-- MDT
Labels: corporate spying, EDF, Greenpeace, Kargus Consultants, Thierry Lorho
My Favorite Muckraker, New Digs
Gary Weiss has found a permanent perch over at Portfolio magazine. You'd do well to add The Weiss File to your daily visits.
And, full credit to Portfolio, when it comes to reporting on the corporate investigative arena, they pay more attention than most. Big fan of the magazine and its website in particular.
Not clear on whether Gary will continue his pre-existing blog, but here's hoping he does double duty.
-- MDT
4/21/2009
And, full credit to Portfolio, when it comes to reporting on the corporate investigative arena, they pay more attention than most. Big fan of the magazine and its website in particular.
Not clear on whether Gary will continue his pre-existing blog, but here's hoping he does double duty.
-- MDT
Ponzi Schemer Duped Fellow Churchgoers
I like that the put "hedge fund" in quotes for this charmer... So much the better that he'll end up in Folsom Prison.
I hear that train a'comin...
-- MDT
I hear that train a'comin...
-- MDT
The Malaysian Insider Speculates on Rise in Corporate Fraud
Why yes, I am a regular reader of MI.
Not a lot new here, but look for comments from several investigative leading lights from that neck of the woods - Chris Leahy, managing director of Kroll's Singapore office and Lawrence Lai, from Ernst & Young Risk Advisory Services and Bob Yap, the local head of forensics for KPMG.
-- MDT
Not a lot new here, but look for comments from several investigative leading lights from that neck of the woods - Chris Leahy, managing director of Kroll's Singapore office and Lawrence Lai, from Ernst & Young Risk Advisory Services and Bob Yap, the local head of forensics for KPMG.
-- MDT
Labels: Bob Yap, Chris Leahy, Ernst and Young, KPMG, Kroll, Lawrence Lai
So We're Calling Ourselves "Investment Consultants" These Days?
An investigator by any other name...
Check out this piece on investment-related due diligence from the Detroit Free Press.
-- MDT
4/20/2009
Check out this piece on investment-related due diligence from the Detroit Free Press.
-- MDT
Labels: due diligence
Kroll Announces San Francisco Office 4/16/2009
As SEC Twiddled Thumbs the Stanford Fraud Rolled On
All it took was (four) years of diddling at the SEC, multiple whistleblowers (at least five) and the Bernie Madoff debacle to bring down the Stanford Financial house of cards. Here's a pretty darn good run-down from Bloomberg of R. Allen Stanford's various brushes with the law prior to his current PONZI poster-boy status.
-- MDT
-- MDT
Labels: ponzi scheme, R. Allen Stanford
2 Comments.
Don;t you just love trods who bust chops on behalf of bad faith acts
Akin to Madoff and STanford - reports on Traub's fraud in eToys and his confessions to false affidavits utilized to seize control of the federal estate - not only received federal willful, blindness, the DE DoJ actually put a promise of such in writing and gave Traub illicit, implied, blanket, immunity.
Then Traub's other two partners - Tom Petters and Marc Dreier accomplished $3 billion and $700 million in fraud on their own.
The DE DOJ also instructed the SEC To back off from any Official Investigation forming.
www.petters-fraud.com
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Then Traub's other two partners - Tom Petters and Marc Dreier accomplished $3 billion and $700 million in fraud on their own.
The DE DOJ also instructed the SEC To back off from any Official Investigation forming.
www.petters-fraud.com
Manhattan DA Hopeful Leslie Crocker Snyder Sings a New Tune on Corporate Crime
Come to Jesus and all that.
At least she's smart enough to see the way the wind is blowing.
-- MDT
At least she's smart enough to see the way the wind is blowing.
-- MDT
Labels: Leslie Crocker Snyder, white collar crime
British Rail Chief Under Investigation Found Dead
Given the epic level of shameless corruption and greed we've seen exposed state-side in the last few months a story like this is all the more hard to process. In the UK a husband and wife commit suicide together, rather than face the outcome of an ongoing bribery investigation. Tragic, unbelievable. All over a few trinkets - cars watches, etc. - not even close to the billions we've seen people like Dreier, Stanford and Madoff piss through.
-- MDT
4/14/2009
-- MDT
Labels: Anthony Burgess, bribery
Federal Government Background Screeners Admit Fraud
Government reps are making it sound like no big deal - according to a recent report in the Washington Post, since 2007 six investigators working on behalf of the Office of Personnel Management, the agency that heads up background screening for federal jobs, have been charged with making false statements.
Three of the investigators were OPM employees. The three others were employed by government contractors: USIS and Kroll. One of these folks was convicted as recently as last week in Federal court in the District of Columbia. Dozens, if not hundreds of background checks have been admittedly falsified in these cases alone. Tip of the iceberg?
More at the Washington Post.
-- MDT
4/13/2009
Three of the investigators were OPM employees. The three others were employed by government contractors: USIS and Kroll. One of these folks was convicted as recently as last week in Federal court in the District of Columbia. Dozens, if not hundreds of background checks have been admittedly falsified in these cases alone. Tip of the iceberg?
More at the Washington Post.
-- MDT
Labels: background checks, Fraud, Kroll, USIS
Obama Administration Heats up Diplomatic Pressure on Investigator's Disappearance 4/09/2009
Hollywood Star Tapped Politically Connected Investigators in Power Struggle over Australian Rugby team
What do Russell Crowe and investigative firm Palladino & Sutherland have in common?
The South Sydney Rabbitohs, apparently - according to some recently released court records.
-- MDT
The South Sydney Rabbitohs, apparently - according to some recently released court records.
-- MDT
Labels: Palladino and Sutherland, Russell Crowe
Frontline: Black Money
Mentioned this PBS report on international bribery to you back in February. The full program is now available online.
Well worth your time.
- MDT
4/08/2009
Well worth your time.
- MDT
Dreier
Since he's somewhat fallen off the radar in the Madoff / Stanford investment fraud duet, lets give the man his due attention - Marc Dreier - fallen superlawyer, prince of thieves. To that end, check out this intense, illuminating profile of Dreier from New York Magazine.
-- MDY
4/07/2009
-- MDY
Labels: Mark Dreier
Deutsche Bahn CEO Steps Down Due to Corporate Spying Matter
Departing Deutsche Bahn CEO, Hartmut Mehdorn had been vocal about holding firm to his job up through late March, but the scandal surrounding DB's surveillance of over 200,000 workers took only a little over a month to engulf him. An official announcement of who will be named to replace Mehdorn is expected within days. The German government has already indicated its preferred pick to run the state rail company.
Get further details on the Mehdorn departure via Bloomberg.
-- MDT
Get further details on the Mehdorn departure via Bloomberg.
-- MDT
Labels: corporate spying, Deutsche Bahn, Hartmut Mehdorn
Airbus Outs its Own Corporate Spying 4/06/2009
More Scrutiny for Corporate Monitors
These kinds of sweetheart deals may get a little less sweet if two congressmen have their way.
-- MDT
-- MDT
Labels: Christopher Christie, Corporate Monitorships, John Ashcroft
Settlement in GlobalOptions Web Smear Litigation?
So a little bird tells me.
Haven't reviewed the filing yet, but apparently the case will be going bye-bye with no fault all around. Here's the background, if the story has slipped your mind.
-- MDT
4/05/2009
Haven't reviewed the filing yet, but apparently the case will be going bye-bye with no fault all around. Here's the background, if the story has slipped your mind.
-- MDT
Labels: Coca-Cola, GlobalOptions, Gulnora Karimova, Maqsudi, Roz Trading, Uzbekistan, Zeromax
AIG's Cassano the Subject of a Criminal Probe? 4/02/2009
Chicago Traders, Sarvey and Sklena Facing Fraud Indictment
The Commodity Futures Trading Commission first moved against Edward Sarvey and David Sklena, both floor brokers at the Chicago Board of trade, back in January of 2008. This week the dual indictments moved forward, alleging more than $2 million in losses. Both Sarvey and Sklena have been charged with wire fraud, commodities fraud and non-competitive trading.
-- MDT
4/01/2009
-- MDT
Labels: CTFC, David Sklena, Edward Sarvey
Stanford Financial CFO Not Pleased With Her Representation
Laura Pendergest-Holt has filed suit against Thomas Sjoblom of Proskauer Rose for malpractice, claiming he sold her down the river for the benefit of Stanford Financial... Details here.
-- MDT
-- MDT
Labels: Laura Pendergest Holt, Proskauer Rose, R. Allen Stanford, Stanford Financial, Thomas Sjoblom
Multinationals Face Tax Fraud, Money Laundering Investigation
Naughty naughty... Michelin, Adidas and French oil company, Total are suspected of making use of Liechtenstein's noted tax haven status. French authorities are expected to commence a probe into these matters in the coming weeks, spinning out of their ongoing investigation into 60 other some-odd firms.
All three firms have previously denied having accounts with LGT, the Liechtenstein-based bank that has faced intense scrutiny since former employee, Heinrich Keiber turned whistleblower and spread the bank's business across law enforcement agencies of most of the world's developed countries.
More on the pending investigation right here.
And check out this piece from The Guardian on the changing regulatory scene in Liechtenstein.
-- MDT
All three firms have previously denied having accounts with LGT, the Liechtenstein-based bank that has faced intense scrutiny since former employee, Heinrich Keiber turned whistleblower and spread the bank's business across law enforcement agencies of most of the world's developed countries.
More on the pending investigation right here.
And check out this piece from The Guardian on the changing regulatory scene in Liechtenstein.
-- MDT
Labels: Adidas, Heinrich Kieber, Michelin, money laundering, tax evasion, Total
Exploring Corporate Liability for Foreign Bribery
