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5/29/2009
FCPA Ramp Up Continues
Nicksaid...
Dennis Mahonsaid...
Deutsche Bank Spying Scandal Widens
Trading Under The Influence
Foreign Corrupt Practices Act
Madoff Investor, Merkin Agrees to Step Aside at Investment Fund
Update on TD International Suit - The Plot Thickens
MIlberg Looks North for New Business
Intrigue at TD International - Firm Files Suit Against Former Partner
Sad Tale of the Swedish Match King
5/11/2009
Ponzi Schemes of the Caribbean
Madoff's Amex Bill
Mafia Wind Farm
It Ain't Just the FBI That is Overwoked
What is it With German Companies and Bribery? 5/10/2009
Snag in the Oracle Talks to Acquire Sun Microsystems
Madoff - Who is He Protecting?
Seriously, Get a Mac
Intellius Snaps Up Social Network Search Engine 5/04/2009
General RE Exect Sentenced in Fraud Trial
FCPA Ramp Up Continues
With 120 companies currently under investigation for alleged acts of foreign bribery.
-- MDT
-- MDT
Labels: FCPA
2 Comments.
Nicksaid...
Fairfax County Park Authority?
Dennis Mahonsaid...
FCPA--Foreign Corrupt Practices Act.
Post a Comment
Deutsche Bank Spying Scandal Widens
Not much meat here, but at least enjoy that this is a German newspaper (Deutsche Welle) quoting Reuters, which itself was quoting a German newspaper (Frankfurter Allgemeine Zeitung). Long story short, Deutsche bank is not out of the woods yet and multiple investigations continue into the extent the corporation spied on employees and others.
-- MDT
5/26/2009
-- MDT
Labels: corporate spying, Deutsche Bank
Trading Under The Influence
Don't let this happen to you... 28 year old Morgan Stanley trader, David Connor Redmond rolled back in to the office a little too deep in his cups after a three hour lunch and promptly breached his firm's value-at-risk limits with a large short of West Texas Intermediate oil futures.
A stand-up guy, Redmond attempted to hide his gaffe by transferring it to a colleague's name without his knowledge.
Classy.
If there's an upside, it is that Redmond sold his positions the next day at a profit, but that didn't stop him from getting slapped with a two-year ban for his trouble.
5/25/2009
A stand-up guy, Redmond attempted to hide his gaffe by transferring it to a colleague's name without his knowledge.
Classy.
If there's an upside, it is that Redmond sold his positions the next day at a profit, but that didn't stop him from getting slapped with a two-year ban for his trouble.
Labels: David Connor Redmond, Morgan Stanley
Foreign Corrupt Practices Act
Madoff Investor, Merkin Agrees to Step Aside at Investment Fund
J. Ezra Merkin, under investigation by New York AG, Andrew Cuomo has given up control of his investigative fund, Ascot Partners. According to many, Ascot was a major feeder fund for Bernard Madoff's lucrative ponzi empire. See Muckety's Ascot wheel of influence, right here.
Attorney General Cuomo has accused Merkin of complicity in the Madoff fraud. He is also facing a variety of private suits from other investors. At least eight other Madoff investors are currently under governent investigation. Three named thusfar as of interest in the investigation are Jeffrey Picower, Stanley Chais and Carl Shapiro.
5/20/2009
Attorney General Cuomo has accused Merkin of complicity in the Madoff fraud. He is also facing a variety of private suits from other investors. At least eight other Madoff investors are currently under governent investigation. Three named thusfar as of interest in the investigation are Jeffrey Picower, Stanley Chais and Carl Shapiro.
Labels: Ascot Partners, Bernie Madoff, Carl Shapiro, Jeffrey Picower, Stanley Chaise
Update on TD International Suit - The Plot Thickens
This new post from the Legal Times blog goes into great detail on the defense that former (or is he?) TD International partner, Steven Fleischmann plans to deploy in rebuttal to the lawsuit filed against him by his former firm.
TD International has alleged that Fleischmann diverted hundreds of thousands in company funds to an external shell company by redirecting payment for TDI invoices.
In response, Fleischmann claims that other TD partners were taking advantage of the same type of set-up, which allowed them to leverage the TD International name for their own side projects and reap the individual financial rewards.
Complicating things further - neither Fleischmann's original partnership document, nor the document that would have documented his removal from the firm circa 2008 appear to have been signed by the relevant parties...
All that and more at Legal Times... including the reaction of DC District Court Judge Richard's reaction to TD International's request that Fleishchmann's access to funds in the bank accounts for his TDI side company be frozen (looks unlikely).
--MDT
5/18/2009
TD International has alleged that Fleischmann diverted hundreds of thousands in company funds to an external shell company by redirecting payment for TDI invoices.
In response, Fleischmann claims that other TD partners were taking advantage of the same type of set-up, which allowed them to leverage the TD International name for their own side projects and reap the individual financial rewards.
Complicating things further - neither Fleischmann's original partnership document, nor the document that would have documented his removal from the firm circa 2008 appear to have been signed by the relevant parties...
All that and more at Legal Times... including the reaction of DC District Court Judge Richard's reaction to TD International's request that Fleishchmann's access to funds in the bank accounts for his TDI side company be frozen (looks unlikely).
--MDT
MIlberg Looks North for New Business
The noted, and notorious, securities class action powerhouse is apparently focusing on Canada when it comes to the development of new cases.
--MDT
5/12/2009
--MDT
Labels: Canada, class action, Milberg, securities
Intrigue at TD International - Firm Files Suit Against Former Partner
According to the Legal Times blog, Steven Fleischmann is facing charges from his former partners at investigative and risk management consultancy TD International. A lawsuit filed against Fleischmann in U.S. District court this week on behalf of TD International alleges that Fleischmann diverted more than $1 million from the firm by manipulating company invoices.
The complaint states that Fleischmann accomplished his theft via the creation of a shell company called "Tertium Datur International" (the "TD" in TD International), setting up a bank account and even a website for the phony enterprise. By tampering with invoices and instructing clients to pay to the new Tertium Datur accounts Fleishmann was able to divert payments away from TD International projects and into his own pockets.
Again, according to the Legal Times blog, Fleishmann was confronted internally when it was appeared that certain clients hadn't paid their invoices. When Fleishmann's explanations didn't hold up, the impropriety was discovered.
The complaint states that Fleischmann accomplished his theft via the creation of a shell company called "Tertium Datur International" (the "TD" in TD International), setting up a bank account and even a website for the phony enterprise. By tampering with invoices and instructing clients to pay to the new Tertium Datur accounts Fleishmann was able to divert payments away from TD International projects and into his own pockets.
Again, according to the Legal Times blog, Fleishmann was confronted internally when it was appeared that certain clients hadn't paid their invoices. When Fleishmann's explanations didn't hold up, the impropriety was discovered.
TD International is asking that Fleishmann be prevented from accessing any of the funds in the Tertium Datur International account. They are seeking a return of the purloined funds as well as punative dammages.
Fleischmann joined TD International in 2004 after a distenguished career with the International Atomic Energy Commission and the Department of State. After leaving goverment service, Fleishmann served in a senior risk management position with CMS Energy Corp.
Currently, it seems he has some serious explaining to do...
- MDT
Fleischmann joined TD International in 2004 after a distenguished career with the International Atomic Energy Commission and the Department of State. After leaving goverment service, Fleishmann served in a senior risk management position with CMS Energy Corp.
Currently, it seems he has some serious explaining to do...
- MDT
Sad Tale of the Swedish Match King
1 Comments.
Also the subject of a great book by Frank Partnoy, a talented professor of law and finance:
http://www.amazon.com/Match-King-Kreuger-Financial-Scandals/dp/1586487434
Partnoy usually appears before Congress, but last night he was on the Daily Show with John Stewart, discussing Ivar:
http://www.thedailyshow.com/video/index.jhtml?videoId=226624&title=frank-partnoy&byDate=true
Post a Comment
http://www.amazon.com/Match-King-Kreuger-Financial-Scandals/dp/1586487434
Partnoy usually appears before Congress, but last night he was on the Daily Show with John Stewart, discussing Ivar:
http://www.thedailyshow.com/video/index.jhtml?videoId=226624&title=frank-partnoy&byDate=true
Ponzi Schemes of the Caribbean
From the fine folks at Baseline Scenario - a link to a new International Monetary Fund working paper detailing more than you ever wanted to know about you know what taking place you know where.
If unregulated investment schemes taking place at tropical latitudes are your thing, check it out right here. Case studies galore.
Thanks to a regular friend of the blog for sending the link along.
-- MDT
If unregulated investment schemes taking place at tropical latitudes are your thing, check it out right here. Case studies galore.
Thanks to a regular friend of the blog for sending the link along.
-- MDT
Labels: IMF, ponzi scheme
Madoff's Amex Bill
Mafia Wind Farm
It Ain't Just the FBI That is Overwoked
Bank regulators are working overtime too...
An Inspector General's work is - really - never done.
-- MDT
An Inspector General's work is - really - never done.
-- MDT
What is it With German Companies and Bribery? 5/10/2009
Snag in the Oracle Talks to Acquire Sun Microsystems
That Sun make have broken anti-bribery laws in an undisclosed jurisdiction outside the U.S. Sun made the disclosure in a recent Federal filing and is cooperating with the DOJ and SEC on matter.
-- MDT
5/08/2009
-- MDT
Labels: bribery, Oracle, Sun Microsystems
Madoff - Who is He Protecting?
Madoff's long-time secretary, Eleanor Squillari, says he's stonewalling on behalf of someone... So, who? As an aside, I could have done without her bringing up Bernie's trips to the massage parlor.
Maybe hat's just me.
--MDT
5/05/2009
Maybe hat's just me.
--MDT
Labels: Bernie Madoff, Eleanor Squillari, happy ending
Seriously, Get a Mac
Intellius Snaps Up Social Network Search Engine 5/04/2009
General RE Exect Sentenced in Fraud Trial
Robert Graham will serve a year and a day for his role in AIG's $500 million reinsurance fraud. Graham was formerly senior vice president and assistant general counsel at General Re, the reinsurance unit of AIG. More on recent General Re prosecutions here.
-- MDT
-- MDT
Labels: General Re, Robert Graham
