Bernie Madoff - "It was inconceivable that he was a crook"

Bernie Madoff died on 14 April 2021 aged 82. He was in the 12th year of his 150 year prison sentence after committing the biggest Ponzi fraud in US financial history.

In this interview "Bernie Madoff: 'The Wizard of Lies' ", first published in September 2017, Diana Henriques drew on her years of financial journalism and extraordinary access to the title character to write the definitive book about Bernie Madoff. It was turned into an HBO movie in early 2017 starring Robert De Niro, Michelle Pfeiffer and Diana, playing herself. 

This is compelling listening. Hear it rebroadcast on the "Bribe, Swindle or Steal" podcast  HERE.

 

FATCA Compliance

1 July 2015 – London

Compliance Workshop for Foreign Financial Institutions

Even though FATCA is now operative, many foreign financial institutions (FFIs) and associated organisations are still not clear on what they should be doing.

Under FATCA all foreign financial institutions must disclose U.S. account holders and their account activities. Failure to comply with FATCA will be costly and may subject foreign financial institutions to a 30% withholding tax on U.S.-sourced payments.

If you are still not certain as how to exactly comply with the FATCA requirements and set up all the necessary structures and controls, this very practical one day course is just for you.

You will understand

• The technical requirements of FATCA
• How FATCA compliance can be effectively achieved and
• A detailed look at all the necessary internal controls and certification considerations
• How to provide support for your clients

This intermediate level course explores FATCA requirements and guidance as set out by HMRC but is also very relevant for participants from abroad.

What You Will Learn

By the end of the programme you will have a solid understanding of:

• FATCA obligations and how to comply with them
• Intergovernmental Agreements Model I & II and their structure
• Learn what due diligence is in the FATCA sense and how it should be performed
• Who are the responsible officers and what are their obligations
• What is acceptable documentary evidence and dealing with ‘self-certification’
• Learn which financial products are to be reported on and which are exempted from FATCA reporting
• How to set up internal controls and address operational challenges
• Providing support for your clients
• Have an understanding of the progressive reporting requirements over the next several years
• Know where to obtain ongoing guidance and clarification…and much more

REGISTER NOW

M&A 101 for the Board

From Bank Director –

“Steve Kent of River Branch Capital LLC outlines the board’s role in the M&A process including negotiations, due diligence and after the deal is done.”

Five Due Diligence Must-Dos

From Market Minder

“Ascot Partners. Sound familiar? No? You’re not alone. Let’s try again. Familiar with Bernard Madoff? I’m betting you are. Yet the two are part of the same story. Ascot Partners was one of the funds that fed into Bernie’s hedge fund (feeder funds). The folks who did due diligence on behalf of Madoff’s eventual victims. And, depending on who you believe, they were either co-conspirators or flat-out didn’t do their job.

I think many shared my hope that a silver lining to the Madoff cloud would’ve been investors’ placing heightened importance on doing detailed due diligence on potential advisers. Sadly, the facts show otherwise. According to Ponzitracker.com, at least 67 Ponzi schemes were uncovered in 2013, the largest being Edward Fujinaga's estimated $800 million scam. Proper due diligence helps protect you from the crooks. But it can also help you identify honest, capable advisers.’

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What's Under the Hood: Audit Committees Role in M&A Due Diligence

From BankDirectorsMagazine

“Justin Long of Bracewell & Giuliani shares some red flags that boards should focus on when evaluating a target bank's compliance environment.”