Categories
The Corruption Files

The Corruption Files: The Savings and Loan Crisis: A Deep Dive into Deregulation and its Consequences

What is stranger than fiction? The stories of worldwide corruption.

In this podcast series, co-hosts Tom Fox, the Voice of Compliance and Mike DeBernardis, partner at Hughes Hubbard, discuss some of the most audacious corruption cases in anti-corruption enforcement. More importantly, they will discuss the lessons learned on what your organization can do to prevent running afoul of international anti-bribery laws.

In this episode of Season 2, Tom and Mike take a deep dive into the Savings and Loan (S&L) crisis of the 1980s.

This scandal, which cost the U.S. between $150 and $200 billion, serves as a powerful case study on the consequences of deregulation. Factors like legislative changes, poor management, fraud, and economic pressures all contributed to the collapse of over a thousand S&Ls. Notable cases, such as the Lincoln Savings and Loan scandal involving Charles Keating, highlight the systemic issues that plagued the industry. The episode emphasizes the importance of regulatory oversight, ethical leadership, and strong internal controls to prevent future financial crises.

Key Highlights:

  • Overview of the SNL Crisis
  • Factors Leading to the Crisis
  • Major Scandals and Key Players
  • Lessons Learned and Regulatory Changes
  • Comparisons to Other Financial Crises

Resources:

Mike DeBernardis on Linkedin

HughesHubbardReed

Tom Fox

Instagram

Facebook

YouTube

Twitter

LinkedIn

Categories
Sunday Book Review

Sunday Book Review: July 28, 2024, Books on Fraud Edition

In the Sunday Book Review, Tom Fox consider books that would interest the compliance professional, the business executive or anyone who might be curious. It could be books about business, compliance, history, leadership, current events or anything else that might interest me.

In today’s edition of the Sunday Book Review, we look at business top books on policies and procedures.

  • The Fraud Practitioner’s Handbook by Alan Doig
  • Practical Fraud Prevention by Gilit Saporta and Shoshana Maraney
  • Fraud Investigation Reports in Practice by Petter Gottschalk
  • A Short Guide to Fraud Risk by Martin Samociuk and Nigel Iyer

 

For more information on Ethico and a free White Paper on ROI for your compliance program, click here.

Categories
10 For 10

10 For 10: Top Compliance Stories For The Week Ending July 20, 2024

Welcome to 10 For 10, the podcast which brings you the week’s Top 10 compliance stories in one podcast each week. Tom Fox, the Voice of Compliance brings to you, the compliance professional, the compliance stories you need to be aware of to end your busy week. Sit back, and in 10 minutes hear about the stories every compliance professional should be aware of from the prior week.

Every Saturday, 10 For 10 highlights the most important news, insights, and analysis for the compliance professional, all curated by the Voice of Compliance, Tom Fox. Get your weekly filling of compliance stories with 10 for 10, a podcast produced by the Compliance Podcast Network.

  • Does Amazon Prime Day cause injuries?   (WaPo)
  • Deutsch Bank flouted accounting rules. (FT)
  • Senator Robert Menendez is guilty.  (WSJ)
  • Carlos Watson was found guilty. (Bloomberg)
  • The mayor of Venice is under investigation for corruption.   (ABCNews)
  • An ex-Goldman banker pleads not guilty to bribery and corruption charges.   (WSJ)
  • Nigeria refuses to release Binance compliance professionals. (Bloomberg)
  • The judge tosses the SEC suit against Solar Winds. (Law360)
  • A Chinese tycoon was convicted of fraud in US.   (BBC)
  • An ex-Segantii Capital Management employee was alleged to be accused of ‘disreputable conduct’. (FT)

For more information on the Ethico ROI Calculator and a free White Paper on the ROI of Compliance, click here.

You can check out the Daily Compliance News for four curated compliance and ethics-related stories each day, here.

Connect with Tom 

Instagram

Facebook

YouTube

Twitter

LinkedIn

Categories
Daily Compliance News

Daily Compliance News: July 12, 2024 – The New Normal Edition

Welcome to the Daily Compliance News. Each day, Tom Fox, the Voice of Compliance, brings you compliance-related stories to start your day. Sit back, enjoy a cup of morning coffee and listen to the Daily Compliance News. All from the Compliance Podcast Network.

Each day, we consider four stories from the business world: compliance, ethics, risk management, leadership, or general interest for the compliance professional.

In today’s edition of Daily Compliance News:

  • The new normal of office life. (FT)
  • DOJ seeks to boost defense of TikTok divestiture law.  (Reuters)
  • Former Indonesian Minister sentenced to 10 years for corruption. (Bloomberg)
  • Anti-communist fraudster trial heads to jury (NYT)

For more information on the Ethico ROI Calculator and a free White Paper on the ROI of Compliance, click here.

Categories
Daily Compliance News

Daily Compliance News: July 9, 2024 – The Boeing Pleads Guilty Edition

Welcome to the Daily Compliance News. Each day, Tom Fox, the Voice of Compliance, brings you compliance-related stories to start your day. Sit back, enjoy a cup of morning coffee and listen to the Daily Compliance News. All from the Compliance Podcast Network.

Each day, we consider four stories from the business world: compliance, ethics, risk management, leadership, or general interest for the compliance professional.

In today’s edition of Daily Compliance News:

  • Boeing agrees to plead guilty to a felony count.  (NYT)
  • $50bn Medicare fraud unearthed. (WSJ)
  • Tesla shareholder’s lawyer argues for a $7 billion fee award in the Musk pay case. (Reuters)
  • Final arguments in the Menendez case. (Bloomberg)

For more information on the Ethico ROI Calculator and a free White Paper on the ROI of Compliance, click here.

Categories
Trekking Through Compliance

Trekking Through Compliance – Episode 36 – Risk Management Lessons from Catspaw

In this episode of Trekking Through Compliance, we consider the episode Catspaw, which aired on October 27, 1967, and occurred on Star Date 3018.2.

Strange things happen to a landing party consisting of Jackson, Sulu, and Scotty when they beam down to planet Pyrus 7. When Kirk, Spock, and McCoy beam down to investigate, leaving DeSalle in command and Chekov as his sidekick, they are enveloped in fog. They also detect multiple life readings, even though the Enterprise’s sensors only detect the landing party. They are all captured by Korob and Sylvia.

Meanwhile,  Enterprise is breaking free through DeSalle’s efforts. Korob sets Kirk and Spock free and tells them to leave immediately because he can no longer control Sylvia. Kirk grabs Korob’s scepter, and after fending off attacks from McCoy, Scott, and Sulu, Kirk tells Sylvia that he has the scepter. Kirk breaks the scepter in front of Sylvia. The castle vanishes, and Sylvia and Korob appear as the bizarre blue and yellow puppet-like alien beings they are. Unable to survive in this galaxy without the transmuter, they shrivel up and melt away, and Sulu and Scott are returned to normal.

Commentary

The story follows a landing party encountering strange, supernatural events on planet Pyrus 7, leading to valuable compliance lessons. Key takeaways include maintaining situational awareness, establishing effective incident response, identifying and mitigating supply chain vulnerabilities, fostering a culture of skepticism, prioritizing resilience, and empowering cross-functional collaboration. The episode uniquely ties the plot’s elements to practical compliance and risk management learning.

Key Highlights

  • Story Synopsis
  • Fun Facts and Production Notes
  • Narcissism in Cat’s Paw
  • Risk Management Lessons

Resources

Excruciatingly Detailed Plot Summary by Eric W. Weisstein

MissionLogPodcast.com

Memory Alpha

Categories
Compliance and AI

Compliance and AI: Jay Rosen on Emerging AI Threats in Corporate Compliance and Cybersecurity

What is the role of Artificial Intelligence in compliance? What about Machine Learning? Are you using ChatGPT?

These questions are but three of the many questions we will explore in this exciting new podcast series, Compliance and AI. Hosted by Tom Fox, the award-winning Voice of Compliance, in this podcast Jay Rosen joins me to discuss AI and fraud risk management.

Jay Rosen delves into the escalating influence of AI in corporate fraud, with historical and modern examples. A recent case from Hong Kong highlights how deepfake technology can be used to deceive employees. The speaker outlines three main AI threats: real-time deepfakes, AI-enabled evasion tactics, and manipulation of AI models.

It outlines strategies for corporations to mitigate these risks, including training on deepfake detection, ensuring secure data access, and implementing dual authorization processes. The goal is to prepare compliance departments for the AI-driven era of corporate crime.

Key Highlights:

  • Introduction to AI and Corporate Fraud
  • The Rise of AI in Cybersecurity and Fraud
  • Emerging AI Risks and Compliance Challenges
  • Key Areas of AI-Enabled Fraud
  • Deep Fake Technology and Corporate Impersonation
  • Mitigating AI Risks in Corporate Environments
  • Strategies for Handling Deepfakes and Model Manipulation

Resources:

Jay Rosen on LinkedIn

Tom Fox

Instagram

Facebook

YouTube

Twitter

LinkedIn

Categories
Compliance Into the Weeds

Compliance into the Weeds: The WACKO Enforcement Action Involving BF Borgers

The award-winning, Compliance into the Weeds is the only weekly podcast that takes a deep dive into a compliance-related topic, literally going into the weeds to more fully explore a subject.

Looking for some hard-hitting insights on compliance? Look no further than Compliance into the Weeds!

In this episode, Tom Fox and Matt Kelly look into an absolutely wacko SEC enforcement action involving BF Borgers and its founder and principal, Benjamin Borger’s.

The auditing sector was recently rocked by the Securities and Exchange Commission’s (SEC) investigation into BF Borgers CPA, an auditing firm with over 1,600 problematic disclosures. The incident, which serves as a reminder of the critical role played by audit committees in ensuring appropriate audit procedures,.

Only a fraudster can admire the audacity of Benjamin F. Borgers in fabricating audit reports for hundreds of clients, which underscores the need for enhanced governance and regulatory measures to prevent similar incidents in the future.

We discuss the impact on smaller public companies, focusing on their struggles to find competent and affordable audit firms. Matt raised the question of where the company’s audit committees were during all this fraudulent work. He also speculates on potential legal repercussions for Borgers and his firm. Both perspectives highlight the gravity of the situation, the need for improved oversight, and potential consequences of such actions.

Key Highlights:

  • Audit Quality Oversight in Regulatory Environment
  • Finding New Auditors After Losing Previous Firm
  • Limited Options for Small Company Auditors
  • Proactive Monitoring of Audit Firms by Committees

Resources:

Matt on Radical Compliance

 Tom 

Instagram

Facebook

YouTube

Twitter

LinkedIn

Categories
10 For 10

10 For 10: Top Compliance Stories For The Week Ending April 13, 2024

Welcome to 10 For 10, the podcast which brings you the week’s Top 10 compliance stories in one podcast each week.

Tom Fox, the Voice of Compliance, brings to you, the compliance professional, the compliance stories you need to be aware of to end your busy week. Sit back, and in 10 minutes, hear about the stories every compliance professional should be aware of from the prior week.

Every Saturday, 10 For 10 highlights the most important news, insights, and analysis for compliance professionals, all curated by the Voice of Compliance, Tom Fox.

Get your weekly filling of compliance stories with 10 for 10, a podcast produced by the Compliance Podcast Network.

1. EY is still under fire for Wirecard imbroglio.  (FT)

2. The former Cognizant executives trial moved yet again. (Law360)

3. US to crack down on UFLPA loophole. (WSJ)

4. Yet another Boeing whistleblower allegation. (NYT)

5. The US agrees to the Menendez trial postponement. (Reuters)

6. The imprisoned Binance Director denies the AML charge. (BBC)

7. Was Wirecard a Russian spy operation?  (FT)

8. A Vietnamese property tycoon was sentenced to death for fraud.  (FT)

9. Zuma is back on the ballot in South Africa. (Bloomberg)

10. More trouble for Boeing executives. (WSJ)

For more information on the Ethico ROI Calculator and a free White Paper on the ROI of Compliance, click here.

You can check out the Daily Compliance News for four curated compliance and ethics related stories each day, here.

Connect with Tom 

Instagram

Facebook

YouTube

Twitter

LinkedIn

Categories
Daily Compliance News

Daily Compliance News: April 12, 2024 – The Sentenced to Death Edition

Welcome to the Daily Compliance News. Each day, Tom Fox, the Voice of Compliance, brings you compliance-related stories to start your day. Sit back, enjoy a cup of morning coffee and listen to the Daily Compliance News. All from the Compliance Podcast Network.

Each day, we consider four stories from the business world: compliance, ethics, risk management, leadership, or general interest for the compliance professional.

In today’s edition of Daily Compliance News:

  • A Vietnamese property tycoon was sentenced to death for fraud.  (FT)
  • Zuma is back on the ballot in South Africa. (Bloomberg)
  • The US agrees to the Menendez trial postponement. (Reueters)
  • More trouble for Boeing executives. (WSJ)

For more information on the Ethico ROI Calculator and a free White Paper on the ROI of Compliance, click here.