Apollo Agrees to Cut Some Fees for Calpers New York Times - DealBook, April 19, 2010
Apollo Management agreed on Monday to concessions for its oldest and largest investor, Calpers, cutting its fees for certain funds and dropping the use of placement agents to gain business from the California pension fund. The talks between Apollo and Calpers have been closely watched by the investment community, as the credit crisis opened up an opportunity for investors to press for smaller fees.
“This sets a standard, a template for other money managers,” Ellen Zimiles, the chief executive of Daylight Forensic & Advisory, a consulting firm that did work on the Calpers review, told DealBook. “It’s pretty game-changing about what money managers and their alliance with pension funds will look like.”
Under Joseph Dear, Calpers’s chief investment officer, the big pension fund — formally the California Public Employees Retirement System — has sought to cut costs in several areas, including fees that it pays to various money managers. Read More.
A rescued bookstore provides a training ground for people with autism Entrepreneur Magazine, May 2010
Ellen Zimiles was walking through downtown Maplewood, N.J., over Labor Day weekend in 2008, when she noticed a disturbing sign hanging in the town's local bookstore. It said that unless someone took over the bookstore by November, it would close.
Distressed at the potential blow the closure would deal to the community, which was already suffering from the recession, Zimiles suggested to her husband, Jonah--who had recently graduated from Columbia University's Graduate School of Business and was Read More.
CNBC Power Lunch: Lehman's Accounting Tricks
March 12, 2010 at 1:40pm- The new examiners report on Lehman reveals accounting practices that us supposed to be banned by Sarbanes Oxley. Insight with Ellen Zimiles, former Assistant U.S. District Attorney and Jeffrey Miron, Cato senior fellow. Press Play Below:
FCPA Enforcement Driving Compliance Software www.mainjustice.com, December 15, 2009
Last month, the DOJ’s Assistant Attorney General for the Criminal Division, Lanny Breuer, gave a rousing speech putting the pharmaceutical industry on notice that it would be subject to increased enforcement of international anti-bribery statutes. As Main Justice reported last month, the shifting gears of the DOJ’s amped-up Foreign Corrupt Practices Act enforcement team had targeted an evolving, under-regulated, and increasingly global industry. A 2009 survey by the Pharmaceutical Research and Manufactures of America found that nearly $100 billion, or about one third, of members’ sales were generated outside the U.S., where health systems are regulated and operated by government entities to a greater degree, Breuer said..
Perhaps it was to be expected that what might follow would be an equally rigorous response from the private sector. Tuesday offered one such example. Daylight Forensic & Advisory, a risk management firm run by former FBI special agent Joe Spinelli, has teamed Read More.
All Learning Comes to Use The New York Times, October 31, 2009
ELLEN ZIMILES Chief executive, Daylight Forensic and Advisory, Manhattan
AGE 49
ALWAYS WITH HER BlackBerry and reading glasses
RECENTLY READ ‘Power Ambition Glory’ by Steve Forbes and John Prevas
I GREW up in Brooklyn, one of four children. My father was a project manager for an advertising agency. We probably had less money than I realized. I didn’t know that my mother waited until Friday to go food shopping because that’s when my father could give her money.
When I was about 7, my father taught me a lesson I’ve never forgotten about standing up for yourself. When we were taking a walk during the High Holy Days, six or seven teenagers on a corner started yelling ethnic slurs. My father walked up to the group and calmly asked if they had a problem. He defused the situation in a few seconds. After majoring in speech pathology and audiology as an undergraduate, I got a law degree and worked at a New York law firm. I worked on a case with Read More.
Expertise In Investigatory And Advisory Services That Every Company Needs The Metropolitan Corporate Counsel - October 2009
The Editor interviews Carmina Hughes, Executive Director, Daylight Forensic & Advisory.
Editor: Several years ago SOX was the newest compliance regulatory tool. Is it still foremost in the thinking of corporations today? Why has the focus changed?
Hughes: When SOX was enacted, there was a great deal of concern with compliance, especially 404 compliance, requiring a thorough independent review of a company’s internal controls Read More.
A question of patience
Financial Times - January 7, 2009
By the end of today, US regulators hope to learn what has happened to the $50bn lost through Bernard Madoff's alleged "Ponzi" scheme. But some observers are sceptical that financial watchdogs will get the information they need to help unravel what could be the world's biggest fraud . Read More.
Madoff expected to disclose worth to regulators
Reuters - December 30, 2008
NEW YORK (Reuters) - Confessed swindler Bernard Madoff faces a Wednesday deadline to tell regulators how much he is worth and where his money and other assets are, but it will likely be a longer wait before his investors, seeking to recover billions of dollars, learn the tallies. Read More.
Claim Madoff acted alone meets skepticism
Reuters - December 23, 2008
Could the Bernard Madoff scandal alleged to be the biggest ever Wall Street scam really have been the act of just one person? Fraud experts say they think it's impossible. Read More.
Risking Nothing, Risking Eerything
Investment Dealers Digest June 9, 2008
In its 50-page April 18 report to shareholders explaining its huge writedowns, UBS admitted it was unaware of its total subprime exposure prior to last summer. Read More.
Ellen Zimiles G'83 Financial Forensics
Syracuse University Magazine, Spring 2008
As an assistant U.S. attorney, Ellen Zimiles followed the money trail. It led to cracking high-profile money laundering cases and divesting criminals of their profits. Her reputation preceded her as she moved into the private sector for a position with a “Big Four” accounting firm and then co-founded Daylight Forensic & Advisory, a financial investigative company. Read More.
Finding the Smoking E-mail
Accounting Today May 5, 2008
Think you have a lot of e-mails? Those who work within the e-discovery process — the handling of electronic information and documents for litigation purposes — most likely have more. Read More.
Risk Management and Compliance Spending Will Increase in 2008
Fortent April 3, 2008
Financial institutions and other companies will spend 7.4 percent more this year on compliance, risk management and corporate governance, according to a survey issued by AMR Research Inc. Read More.
Since 9/11, regulatory agencies have ratcheted up the pressure each year to get banks to comply with the Bank Secrecy Act, severely punishing those that have failed to heed warnings on noncompliance, meting out memorandums of understanding, cease-and-desist orders, enforcement actions, and civil money penalties. Read More.
Lighting Her Way
The New York Enterprise Report, April 2008
See how Daylight Forensic grew from a 16-person operation in Rockefeller Center to an international forensic accounting firm with 115 employees and offices in London, Miami, and Washington, DC in less than two years.
For the complete article, please visit http://www.nyreport.com/index.cfm/fuseaction/Page.viewPage/pageId/485
Investment Banks Eye Mortgage Fraud
Investment Dealers Digest January 28, 2008
Swamped by losses in securities pooling home loans, Wall Street’s investment banks have stepped up efforts to uncover fraudulent activity among mortgage brokers who, by some accounts, underwrite as much as 60%-70% of all the nation’s mortgages. In cases of fraud, the Wall Street banks are expected to sue the brokers to recoup some of their losses. Read More.
AML Departments Face Job Cuts as Mortgage Crisis Worsens
Fortent January 15, 2008
As more and more financial institutions rocked by the deepening mortgage crisis announce painful job cuts, anti-money laundering compliance officers must take quick action to protect their departments, compliance consultants say. Read More.
Budget Crunches, EU Directives, Knowing Your Employee Will Loom Large in 2008, AML Experts say
Fortent January 2, 2008
Now that the confetti has settled and the kazoos have been packed away for next year’s parties, anti-money laundering compliance officers are asking themselves questions about what lies ahead. Will Congress enact transaction reporting reform? What concrete steps will the Financial Crimes Enforcement Network and the Treasury Department take to reduce burgeoning AML compliance requirements? Will the shift in regulatory attention toward mortgage lending issues encourage financial institutions to slash their AML compliance budgets? Read More.
AML Professionals, 2007 Marked by Record Penalties, Promises of Reform
Fortent January 2, 2008
Anti-money laundering compliance professionals view 2007 as a year when actions by U.S. lawmakers, regulators and law enforcement raised as many questions as they answered. Read More.
