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To embed, copy and paste the code into your website or blog: Bernie Madoff died yesterday. I cannot think of one person who embodied so many of the things that the compliance profession stands against than Madoff. From fraud, to lying, to ruining lives and about everything in between; it was all wrapped up in Madoff. Given the complete failure of the Securities and Exchange Commission (SEC) to shut Madoff down after whistleblower Harry Markopolis alerted authorities to the massive fraud, I thought the fall of Madoff would be a good introduction into some best practices regarding an internal reporting system. The 2020 FCPA Resource Guide stated, “An effective compliance program should include a mechanism for an organization’s employees and others to report suspected or actual misconduct or violations of the company’s policies on a confidential basis and without fear of retaliation.” ....
Print Bernard L. Madoff, the notorious financier who pulled off history’s biggest swindle and came to epitomize Wall Street corruption as the economy plunged into the worst downturn since the Great Depression, died of natural causes while serving a 150-year prison sentence, a person familiar with the matter told the Associated Press. He was 82. Suffering from kidney failure, hypertension and heart problems, Madoff died at the Federal Medical Center in Butner, N.C., apparently from natural causes, the person said. The person was not authorized to speak publicly and spoke to the AP on the condition of anonymity. Last year, Madoff’s lawyers filed court papers to try to get the 82-year-old released from prison due to the COVID-19 pandemic. The request was denied. ....
Surprise. get it? psychic being surprised? anyway, speaking of the sec, on monday on this show, our guest for the interview was harry markopolis who for years warned the sec about bernie madoff s giant multi-million dollar ponzi scheme. he documented the fraud, submitted warning after warning but sec officials ignored him. kent jones did a little investigative work as to what was going on at the sec that may explain why he was ignored. hi, kent. thanks. hi, rachel. it seems some of them in the sec had what could be called severe time management issues. okay. take a look. is so what were the wall street cops at the sec doing that prevented them from busting b n bernie madoff? surfing for porn. some of them anyway, according to an affidavit obtained by a ....