The SEC announced they had obtained an emergency freeze
against three Swiss-based traders under an allegation of insider trading. The
SEC claims that Compania International Financiera S.A., Coudree Capital Gestion
S.A., and Chartwell Asset Management...
I'm not sure what to make of Mark Hurd, Hewlett-Packard,
Larry Ellison, and Oracle.
HP threw Hurd out on the street for some stupid behavior.
By throwing out on the street, I mean let him keep most of his compensation package.
Altering compliance records prior to their production for
an examination and inadequate procedures to control the flow of nonpublic
information became the predicate for sanctions against a broker dealer, an
investment adviser and the chief compliance...
We were recently introduced to Fraud Examiner Expert Tracy Coenen , in her
book " Expert Fraud Investigation: A Step-By-Step Guide " she details the
steps a company should go through in performing a fraud investigation. Coenen
One of the struggles with implementing a compliance
program for a private equity fund is that the Investment Advisers Act is targeted at retail operations
dealing with relatively liquid investments. Neither fits well with the private
equity model of...
All compliance programs are designed to prevent, detect
and deter ethical violations. In the United States, they are also designed to
bring companies into compliance with the Foreign Corrupt Practices Act (FCPA).
However, as important as these programs...
There is an ongoing debate in the compliance arena as to
whom a Chief Compliance Officer (CCO) should report. Should the CCO report to
the Board of Directors or appropriate Board committee such as an Audit
Committee or Compliance Committee? Or can...
We recently wrote about ongoing assessments as a key
component of a best practices anti-corruption and anti-bribery program.
One of our colleagues commented that such a tool is also one with which a
company should begin to craft its compliance program...
At the recent Compliance Week 2010 Annual Conference one
of the issues discussed by Assistant Attorney General, for the Criminal
Division of the US Department of Justice, Lanny Breuer, was what the Department
of Justice (DOJ) might consider as an "effective...
In a post yesterday on TheAtlantic.com, Daniel
Indiviglio posed the question " Does Hurd's New Oracle Gig Prove Business Ethics Don't Matter ?"
Indiviglio noted that while Mark Hurd's missteps at H-P may have been
With failure, comes learning. As a compliance officer, disciplinary actions against other compliance officers can
be a road map showing me what not to do. Recently, the SEC charged affiliated
firms and their former chief compliance officer with failing...
In a Whitepaper entitled " Restoring Balance-Proposed
Amendments to the Foreign Corrupt Practices Act ", authors Andrew
Wiessmann and Alixandra Smith, writing on behalf of the US Chamber
Institute for Legal Reform who recently proposed amending...
In December 2010, the Ethics
Resource Center (ERC) released a White Paper entitled, " Blowing the Whistle
on Workplace Misconduct ." This White Paper report detailed several findings
that the ERC had determined through surveys, interviews...
So what can your Chief Executive Officer (CEO) do for
your Foreign Corrupt Practices Act (FCPA) compliance program? It turns out
quite a bit. Both the US Sentencing Guidelines, which are used as the basis for
FCPA compliance programs, and the Consultative...
The Chief Compliance Officer should be a model for
employee conduct. I don't thing there is any better way to lead and educate
than to set an example.
Not all Chief Compliance Officers succeed in this role
and some get subject to discipline...