Proliferating Fraud Challenges Lenders to Step up Diligence
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Howard R. Elisofon Partner; Co-Chair, Securities Litigation and Enforcement [email protected] (212) 592-1437 PHONE (212) 545-3366 FAX
Howard R. Elisofon Partner; Co-Chair, Securities Litigation and Enforcement [email protected] (212) 592-1437 PHONE (212) 545-3366 FAX Howard Elisofon is a nationally renowned litigator with more than 35 years of experience in securities law and enforcement. Howard began his career as trial counsel for the SEC’s Division of Enforcement. He subsequently worked in a variety of senior legal positions at Prudential Securities and First New York Securities, where he obtained his Series 7 and Series 24 licenses, and then in private practice at Greenberg Traurig LLP, where he was a founding member of the firm’s New York office. As co-chair of Herrick’s Securities Litigation and Enforcement practice, Howard focuses on securities and commodities litigation, arbitration, mediation and investigations for broker- dealers, brokerage firms, investment advisers, investment companies, venture capital firms and insurance companies, as well as securities traders and industry executives. He represents clients in a wide variety of complex commercial litigation matters, as well as enforcement proceedings before the SEC, the Offices of the U.S. Attorneys, the New York State Attorney General and New York State District Attorneys, as well as FINRA and various exchanges, and state securities and insurance regulators. A frequent speaker on securities and enforcement related topics, and a sought-after authority on broker-dealer issues, Howard’s commentary is often featured in major media outlets. High-Profile Government Investigations and Litigation Howard has defended clients in numerous high-profile government investigations, including the Drexel Burnham/Ivan Boesky insider trading matter, the Prudential Securities limited partnership fraud scandal, the Prudential market timing investigation and the Stanford Ponzi scheme. -
Special Committee Report
REPORT OF THE 2009 SPECIAL REVIEW COMMITTEE ON FINRA’S EXAMINATION PROGRAM IN LIGHT OF THE STANFORD AND MADOFF SCHEMES SEPTEMBER 2009 SPECIAL REVIEW COMMITTEE Charles A. Bowsher (Chairman) ———————————— Ellyn L. Brown ———————————— Harvey J. Goldschmid ———————————— Joel Seligman ———————————— INDUSTRY GOVERNOR ADVISERS OF COUNSEL Mari Buechner Paul V. Gerlach W. Dennis Ferguson Griffith L. Green G. Donald Steel Dennis C. Hensley Michael A. Nemeroff SIDLEY AUSTIN LLP 1501 K Street, NW Washington, DC 20005 TABLE OF CONTENTS I. EXECUTIVE SUMMARY .............................................................................................. 1 A. The Stanford Case................................................................................................. 2 B. The Madoff Case................................................................................................... 4 C. Recommendations................................................................................................. 6 II. BACKGROUND ON FINRA EXAMINATION PROGRAM...................................... 9 III. EXAMINATIONS OF MEMBER FIRMS INVOLVED IN THE STANFORD AND MADOFF SCANDALS.................................................................. 11 A. The Stanford Case............................................................................................... 12 1. Background............................................................................................... 12 2. Daniel Arbitration and 2003 Cycle Examination...................................... 13 3. 2003 -
Rotary Club of Tampa North a 100% Paul Harris Fellow Club
Rotary Club of Tampa North District 6890 ~ Club # 4293 Chartered 1954 A 100% Paul Harris Fellow Club May 4, 2020 Volume 2019-2020, Issue 31 Today’s Speaker: Andrew Warren Andrew Warren was elected as State Attorney of Florida's 13th Judicial Circuit, Hillsborough County, in November 2106. Warren leads an office of approximately 130 prosecutors and 300 total employees whose mission is to build a safer community while promot- ing justice and fairness for everyone in the criminal justice system. Since taking office on January 3, 2017, Warren has been reforming our local criminal justice system. He has been tough on violent crimi- nals, fraudsters, and repeat offenders who threaten the safety of our neighborhoods. He has utilized innovative reforms and created successful diversion programs to hold low-level offenders accountable while steering them away from the downward spiral of the system, including civil citation programs for juveniles and adults. Warren has focused on treatment, prevention, and rehabilitation for offenders with substance abuse and mental illness in order to reduce recidivism rather than further the revolving door of the criminal justice system. He has minimized poverty traps that criminalize people because they are poor. He has embraced data-driven approaches that improve safety, cut crime, and save taxpayer dollars. Additionally, Warren has emphasized transparency and civic engagement to build trust with the community that he serves. Warren previously served as a federal prosecutor with the United States Department of Justice. After initially prosecuting street crime in Washington, DC, he spent the majority of his career with the Justice Department prosecuting complex financial fraud all across the country—crimes that victimized retirees, investors, and taxpayers. -
Stanford Ponzi Scheme: Lessons for Protecting Investors from the Next Securities Fraud
THE STANFORD PONZI SCHEME: LESSONS FOR PROTECTING INVESTORS FROM THE NEXT SECURITIES FRAUD HEARING BEFORE THE SUBCOMMITTEE ON OVERSIGHT AND INVESTIGATIONS OF THE COMMITTEE ON FINANCIAL SERVICES U.S. HOUSE OF REPRESENTATIVES ONE HUNDRED TWELFTH CONGRESS FIRST SESSION MAY 13, 2011 Printed for the use of the Committee on Financial Services Serial No. 112–30 ( U.S. GOVERNMENT PRINTING OFFICE 66–868 PDF WASHINGTON : 2011 For sale by the Superintendent of Documents, U.S. Government Printing Office Internet: bookstore.gpo.gov Phone: toll free (866) 512–1800; DC area (202) 512–1800 Fax: (202) 512–2104 Mail: Stop IDCC, Washington, DC 20402–0001 VerDate Nov 24 2008 17:24 Aug 25, 2011 Jkt 066868 PO 00000 Frm 00001 Fmt 5011 Sfmt 5011 K:\DOCS\66868.TXT TERRIE HOUSE COMMITTEE ON FINANCIAL SERVICES SPENCER BACHUS, Alabama, Chairman JEB HENSARLING, Texas, Vice Chairman BARNEY FRANK, Massachusetts, Ranking PETER T. KING, New York Member EDWARD R. ROYCE, California MAXINE WATERS, California FRANK D. LUCAS, Oklahoma CAROLYN B. MALONEY, New York RON PAUL, Texas LUIS V. GUTIERREZ, Illinois DONALD A. MANZULLO, Illinois NYDIA M. VELA´ ZQUEZ, New York WALTER B. JONES, North Carolina MELVIN L. WATT, North Carolina JUDY BIGGERT, Illinois GARY L. ACKERMAN, New York GARY G. MILLER, California BRAD SHERMAN, California SHELLEY MOORE CAPITO, West Virginia GREGORY W. MEEKS, New York SCOTT GARRETT, New Jersey MICHAEL E. CAPUANO, Massachusetts RANDY NEUGEBAUER, Texas RUBE´ N HINOJOSA, Texas PATRICK T. MCHENRY, North Carolina WM. LACY CLAY, Missouri JOHN CAMPBELL, California CAROLYN MCCARTHY, New York MICHELE BACHMANN, Minnesota JOE BACA, California THADDEUS G. McCOTTER, Michigan STEPHEN F. -
Yom Kippur Morning 5770 Lehman Brothers, Failed
YOM KIPPUR MORNING 5770 LEHMAN BROTHERS, FAILED BANKS, UNEMPLOYMENT, CITIBANK, ALLEN STANFORD, AIG, MARC DREIER, THE SEC, BEAR STEARNS, BAIL OUTS, BANKRUPTCIES, UNEMPLOYMENT, JAMES NICHOLSON, DELAYED RETIREMENTS, BANK OF AMERICA, UBS. BERNIE MADOFF, GREED IS GOOD, FINANCIAL MELTDOWN, MERRILL LYNCH, SUB-PRIME MORTGAGE LOANS, CALIFORNIA GOING BROKE. NON-PROFITS GOING BROKE, 401K’s DISAPPEARING, WALL STREET, TARP AND GREED, INVESTMENT BANKING IS ALL WE NEED. ECONOMY IN A FREEFALL, ECONOMY IN NEAR COLLAPSE, SUICIDE AND HEDGE FUNDS, PLUNGING HOME VALUES. THE IRS BANK FAILURES, DELAYED RETIREMENT, GM STOCK SELLING FOR A DOLLAR, STIMULUS PACKAGE, JOBS DISAPPEARING, COLLEGE ENDOWMENT FUNDS ARE SLASHED FRANK DIPASCALI, PONZI SCHEMES, CHURCH PONZI SCHEMES, AFRICAN PONZI SCHEMES, JEWISH PONZI SCHEMES, PONZI, PONZI, PONZI, BERNIE MADOFF My son David will tell you that the wildest roller coaster rides in the country are at Cedar Point Amusement Park in Sandusky, Ohio. However, looking at the American economy these past two years, we know that there have been some pretty wild rides here as well and, unlike the amusement park, these rides don’t end after two minutes. The last year and a half of the Bush Administration was a terrifying freefall. Not necessarily because of the wrong decisions being made; it just seemed that no one was in charge. No one spoke up. No one acted. No one took responsibility and the economy seemed to careen closer to the edge of the cliff with every passing day. The only real option for whoever won the Presidential election was to actually do something. Our congregants and our community, like most other congregations and communities, have been deeply affected by the events of the past two years. -
Stanford Arbreq 290313 USPFTA
REQUEST FOR ARBITRATION AND STATEMENT OF CLAIM UNDER THE UNCITRAL ARBITRATION RULES AND SECTION B OF CHAPTER 10 OF THE UNITED STATES - PERU FREE TRADE AGREEMENT NATIONALS OF PERU VICTIMIZED BY THE STANFORD PONZI SCHEME INVESTORS / CLAIMANTS and THE GOVERNMENT OF THE UNITED STATES OF AMERICA PARTY / RESPONDENT Pursuant to Article 10.16(1)(a) of the United States - Peru Free Trade Agreement (“USPFTA”), the Claimants hereby serve this Request for Arbitration and Statement of Claim for the non-compliance of the Government of the United States of America (the “U.S.A.,” the "United States" or the "Respondent") with certain of its obligations under the USPFTA. I. NAME AND ADDRESS OF THE DISPUTING INVESTORS 1. Pursuant to powers of attorney granted by each claimant to his, her or its respective attorney, the addresses for the Claimant/Investors are as follows: For the Claimants listed in Appendix I, Tab A: c/o: Mr. Edward F. Valdespino Strasburger & Price, LLP 300 Convent Street, Suite 900 San Antonio, Texas 78205 For the Claimants listed in Appendix I, Tab B: c/o: Mr. Peter Morgenstern Butzel Long, A Professional Corporation 380 Madison Avenue, 22nd Floor New York, NY 10017 II. BREACH OF OBLIGATIONS 2. The Claimants allege that the United States has acted inconsistently with its obligations under Section A of Chapter 10 of the USPFTA, with respect to the following provisions: i) Article 10.3 – National Treatment; ii) Article 10.4 – Most-Favored-Nation Treatment; and iii) Article 10.5 – Minimum Standard of Treatment. 3. In relevant part, the text of each applicable USPFTA provision is as follows: Article 10.3. -
Financial Panics and Scandals
Wintonbury Risk Management Investment Strategy Discussions www.wintonbury.com Financial Panics, Scandals and Failures And Major Events 1. 1343: the Peruzzi Bank of Florence fails after Edward III of England defaults. 2. 1621-1622: Ferdinand II of the Holy Roman Empire debases coinage during the Thirty Years War 3. 1634-1637: Tulip bulb bubble and crash in Holland 4. 1711-1720: South Sea Bubble 5. 1716-1720: Mississippi Bubble, John Law 6. 1754-1763: French & Indian War (European Seven Years War) 7. 1763: North Europe Panic after the Seven Years War 8. 1764: British Currency Act of 1764 9. 1765-1769: Post war depression, with farm and business foreclosures in the colonies 10. 1775-1783: Revolutionary War 11. 1785-1787: Post Revolutionary War Depression, Shays Rebellion over farm foreclosures. 12. Bank of the United States, 1791-1811, Alexander Hamilton 13. 1792: William Duer Panic in New York 14. 1794: Whiskey Rebellion in Western Pennsylvania (Gallatin mediates) 15. British currency crisis of 1797, suspension of gold payments 16. 1808: Napoleon Overthrows Spanish Monarchy; Shipping Marques 17. 1813: Danish State Default 18. 1813: Suffolk Banking System established in Boston and eventually all of New England to clear bank notes for members at par. 19. Second Bank of the United States, 1816-1836, Nicholas Biddle 20. Panic of 1819, Agricultural Prices, Bank Currency, and Western Lands 21. 1821: British restoration of gold payments 22. Republic of Poyais fraud, London & Paris, 1820-1826, Gregor MacGregor. 23. British Banking Crisis, 1825-1826, failed Latin American investments, etc., six London banks including Henry Thornton’s Bank and sixty country banks failed. -
Hedge Funds: Due Diligence, Red Flags and Legal Liabilities
Hedge Funds: Due Diligence, Red Flags and Legal Liabilities This Website is Sponsored by: Law Offices of LES GREENBERG 10732 Farragut Drive Culver City, California 90230-4105 Tele. & Fax. (310) 838-8105 [email protected] (http://www.LGEsquire.com) BUSINESS/INVESTMENT LITIGATION/ARBITRATION ==== The following excerpts of articles, arranged mostly in chronological order and derived from the Wall Street Journal, New York Times, Reuters, Los Angles Times, Barron's, MarketWatch, Bloomberg, InvestmentNews and other sources, deal with due diligence in hedge fund investing. They describe "red flags." They discuss the hazards of trying to recover funds from failed investments. The sponsor of this website provides additional commentary. "[T]he penalties for financial ignorance have never been so stiff." --- The Ascent of Money (2008) by Niall Ferguson "Boom times are always accompanied by fraud. As the Victorian journalist Walter Bagehot put it: 'All people are most credulous when they are most happy; and when money has been made . there is a happy opportunity for ingenious mendacity.' ... Bagehot observed, loose business practices will always prevail during boom times. During such periods, the gatekeepers of the financial system -- whether bankers, professional investors, accountants, rating agencies or regulators -- should be extra vigilant. They are often just the opposite." (WSJ, 4/17/09, "A Fortune Up in Smoke") Our lengthy website contains an Index of Articles. However, similar topics, e.g., "Bayou," "Madoff," "accountant," may be scattered throughout several articles. To locate all such references, use your Adobe Reader/Acrobat "Search" tool (binocular symbol). Index of Articles: 1. "Hedge Funds Can Be Headache for Broker, As CIBC Case Shows" 2. -
Zerohack Zer0pwn Youranonnews Yevgeniy Anikin Yes Men
Zerohack Zer0Pwn YourAnonNews Yevgeniy Anikin Yes Men YamaTough Xtreme x-Leader xenu xen0nymous www.oem.com.mx www.nytimes.com/pages/world/asia/index.html www.informador.com.mx www.futuregov.asia www.cronica.com.mx www.asiapacificsecuritymagazine.com Worm Wolfy Withdrawal* WillyFoReal Wikileaks IRC 88.80.16.13/9999 IRC Channel WikiLeaks WiiSpellWhy whitekidney Wells Fargo weed WallRoad w0rmware Vulnerability Vladislav Khorokhorin Visa Inc. Virus Virgin Islands "Viewpointe Archive Services, LLC" Versability Verizon Venezuela Vegas Vatican City USB US Trust US Bankcorp Uruguay Uran0n unusedcrayon United Kingdom UnicormCr3w unfittoprint unelected.org UndisclosedAnon Ukraine UGNazi ua_musti_1905 U.S. Bankcorp TYLER Turkey trosec113 Trojan Horse Trojan Trivette TriCk Tribalzer0 Transnistria transaction Traitor traffic court Tradecraft Trade Secrets "Total System Services, Inc." Topiary Top Secret Tom Stracener TibitXimer Thumb Drive Thomson Reuters TheWikiBoat thepeoplescause the_infecti0n The Unknowns The UnderTaker The Syrian electronic army The Jokerhack Thailand ThaCosmo th3j35t3r testeux1 TEST Telecomix TehWongZ Teddy Bigglesworth TeaMp0isoN TeamHav0k Team Ghost Shell Team Digi7al tdl4 taxes TARP tango down Tampa Tammy Shapiro Taiwan Tabu T0x1c t0wN T.A.R.P. Syrian Electronic Army syndiv Symantec Corporation Switzerland Swingers Club SWIFT Sweden Swan SwaggSec Swagg Security "SunGard Data Systems, Inc." Stuxnet Stringer Streamroller Stole* Sterlok SteelAnne st0rm SQLi Spyware Spying Spydevilz Spy Camera Sposed Spook Spoofing Splendide -
Branding in Ponzi Investment Schemes by Yaron Sher Thesis Bachelors of Honours in Strategic Brand Communication Vega School Of
BRANDING IN PONZI INVESTMENT SCHEMES BY YARON SHER THESIS SUBMITTED IN THE FUFILLMENT OF THE REQUIREMENTS OF THE DEGREE BACHELORS OF HONOURS IN STRATEGIC BRAND COMMUNICATION AT THE VEGA SCHOOL OF BRAND LEADERSHIP JOHANNESBURG SUPERVISOR: NICOLE MASON DATE: 23/10/2015 Acknowledgements First and foremost, I wish to express my thanks to Nicole Mason, my research supervisor, for providing me with all the necessary assistance in completing this research paper. I would also like to give thanks to Jenna Echakowitz and Alison Cordeiro for their assistance in the construction of my research activation and presentation. I take this opportunity to express gratitude to all faculty members at Vega School of Brand Leadership Johannesburg for their help and support. I would like thank my family especially my parents Dafna and Manfred Sher for their love and encouragement. I am also grateful to my girlfriend Cayli Smith who provided me with the necessary support throughout this particular period. I also like to place on record, my sense of gratitude to one and all, who directly or indirectly, have helped me in this producing this research study. Page 2 of 60 Abstract The subject field that involves illegal investment schemes such as the Ponzi scheme is an issue that creates a significant negative issues in today’s society. The issue results in forcing financial investors to question their relationship and trust with certain individuals who manage their investments. This issue also forces investors, as well as society, to question the ethics of people, especially those involved in investments who operate their brand within the financial sector. -
Drug Enforcement Administration FOIA Request Logs, FY2011-2016
Drug Enforcement Administration FOIA request logs, FY2011-2016 Brought to you by AltGov2 www.altgov2.org/FOIALand Received between 10/01/2010 and 09/30/2011 Request ID Received Date Closed Date Request Description Final Disposition 10/1/2010 4/30/2012 ANY AND ALL DOCUMENTS AND INFORMATION Granted/Denied in Part REGARDING AIRCRAFT BEECRAFT KING AIR 200 TAIL/ID #N642TF. ETC. 11-00001-F 8/2/2011 8/2/2011 INFORMATION CONCERNING THE "COCAINE Other Reasons - Records not reasonably 11-00002-F DRUG STATUE" described 6/22/2011 6/22/2011 INFORMATION REGARDING ILLEGAL DRUG Other Reasons - "Refusal to comply with other ACTIVITIES BETWEEN FLORIDA AND BILLERICA, requirements - Identification..." MA THAT WAS REPORTED TO DEA BY THE BOSTON, MA FIELD INTELLIGENCE SUPPORT 11-00003-F TEAMS (FIST) (SEPTEMBER 2005) 10/5/2010 6/29/2011 ANY AND ALL REPORTS, NOTICES OF LOSS Granted in full AND/OR FILINGS OF ANY SORT PERTAINING TO THE HAMPSTEAD PHARMACY, INC. AND/OR HAMPSTEAD MEDICAL CENTER LOCATED AT 14980 US WEST HIGHWAY 17, NORTH 11-00004-F HAMPSTEAD, NORTH CAROLINA 28443 10/5/2010 6/24/2011 COPIES OF THE "OATH OF OFFICE" FOR THE Granted/Denied in Part (b)(6), DEA SPECIAL AGENTS, FOR THE U.S. DEPARTMENT OF JUSTICE , DRUG ENFORCEMENT ADMINISTRATION'S LAKE MARY/HEATHROW 11-00005-F OFFICE IN FLORIDA 10/5/2010 6/27/2011 STRIDE DATA ON MARIJUANA FOR ALL YEARS Other Reasons - Request Withdrawn 11-00006-F AVAILABLE 10/5/2010 11/29/2010 ANY AND ALL RECORSD IN POSSESSION, Other Reasons - "Refusal to comply with other CUSTODY, OR CONTROL OF THE DRUG requirements - Identification..." ENFORCEMENT ADMINISTRATION THAT REFER TO, RELATE, TO OR MENTION (b)(6), ETC. -
Congressional Record—House H1653
February 23, 2009 CONGRESSIONAL RECORD — HOUSE H1653 the Olympic torch on its route through BILLS PRESENTED TO THE ∑ Division H—Department of State, For- Cleveland for the 2002 Olympic Games PRESIDENT eign Operations, and Related Programs Ap- propriations Act, 2009; in Salt Lake City, Utah. He is a mem- Lorraine C. Miller, Clerk of the ∑ Division I—Transportation, Housing and ber of Tau Boule and holds life mem- House reports that on February 4, 2009 berships in Kappa Alpha Psi Fraternity Urban Development, and Related Agencies she presented to the President of the Appropriations Act, 2009; and and the NAACP. United States, for his approval, the fol- ∑ Mr. Speaker, I thank you. I thank Division J—Further Provisions Relating lowing bill. to the Department of Homeland Security and my colleagues, and again, I thank this H.R. 2. To amend title XXI of the Social Other Matters. Nation for recognizing that black his- Security Act to extend and improve the Chil- Section 3 states that, unless expressly pro- tory is indeed American history. dren’s Health Insurance Program, and for vided otherwise, any reference to ‘‘this Act’’ f other purposes. contained in any division shall be treated as referring only to the provisions of that divi- LEAVE OF ABSENCE Lorraine C. Miller, Clerk of the House reports that on February 16, 2009 sion. By unanimous consent, leave of ab- she presented to the President of the DIVISION A sence was granted to: United States, for his approval, the fol- TITLE I—AGRICULTURAL PROGRAMS Ms. EDDIE BERNICE JOHNSON of Texas lowing bill.