Law Professor: Corporate Criminal Punishment is a Mistake www.mainjustice.com, December 28, 2009
Two recent articles underscore a growing paradox in international corruption efforts.
On Christmas day, The New York Times published an
op-ed by Andrea Bonime-Blanc, general counsel and chief compliance officer of Daylight Forensic & Advisory, a risk management firm specializing in corporate compliance with the Foreign Corrupt Practices Act. (A few weeks back, I wrote about Daylight’s proprietary/futuristic software technology, known as STAR–suspicious transaction analysis reporting–that risk-ranks the intermediaries any given firm does business with.)
Read More.
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.
Money Laundering: A Global Challenge
Financier Worldwide November 2008
Money laundering is a growing problem in both developed and emerging economies. Although it is difficult to measure and quantify, the IMF estimates that illegal funds total between 2-5 percent of world GDP. Globalisation and the burgeoning size of financial markets have made it easier for criminals to hide the source of their capital from government agencies. Read More.
Money Laundering: A Global Challenge
Fraud Examiner Newsletter November 2008
Whenever the dust settles from the current economic disaster, one major element of the crisis will make news headlines for years to come. That element is – you guessed it—fraud. Read More.
S.E.C. Temporarily Blocks Short Sales of Financial Stocks
New York Times September 20, 2008
The Securities and Exchange Commission issued a temporary ban on short sales of 799 financial stocks on Friday, a move against traders who have sought to profit from the financial crisis by betting against bank shares. . Read More
To Uncover Laundering Risks, Monitoring More Than Employee E-mail May Be Essential
Fortent September 2, 2008
After former Bank of New York vice president Lucy Edwards was convicted of helping her husband launder over $7 billion from Russian banks, she had one piece of advice for the bank that ended up paying $38 million in related penalties to U.S. regulators: the compliance department should've known what she was up to. Read More.
Olympic Boom In China Will Mean More U.S. Corruption Penalties, Say Consultants
Fortent August 15, 2008
The United States is likely to ramp up penalties against financial institutions and other companies that have bribed Chinese officials to gain entry into the Asian market, including business involving the Olympics, say financial consultants. 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.
