Archive for: November, 2011

‘Longtime Madoff Employee Created Fake Trades’

‘Longtime Madoff Employee Created Fake Trades’

A longtime Bernie Madoff employee created fake trades to facilitate the massive Ponzi scheme, according to a complaint filed by the US Securities and Exchange Commission. The SEC’s investigation was conducted by Kristine M. Zaleskas and Aaron P. Arnzen of the New York Regional Office. The Commission thanks the U.S. Attorney’s Office for the Southern [...]

Penalty Against Investment Advisers for Compliance Failures

Penalty Against Investment Advisers for Compliance Failures

The Securities and Exchange Commission has charged three investment advisers for failing to adopt and implement written compliance policies and procedures designed to prevent securities law violations. The SEC Enforcement Division’s Asset Management Unit works to prevent harm on investor by working closely with agency examiners to ensure that viable compliance programs are in place [...]

OFT OKs Move to Strike Out Logbook Loans’ Appeal

OFT OKs Move to Strike Out Logbook Loans’ Appeal

The OFT has given its nod to a Tribunal’s decision striking out appeals by the UK’s biggest logbook loan businesses against the removal of their consumer credit licences. Log Book Loans can seek permission to appeal the decision of the First-tier Tribunal to the Upper Tribunal (Administrative Appeals Chamber) on the grounds that there has [...]

13 New Members Appointed to Financial Accounting Standards Advisory Council

13 New Members Appointed to Financial Accounting Standards Advisory Council

The Board of Trustees of the Financial Accounting Foundation (FAF) has appointed thirteen new members to the Financial Accounting Standards Advisory Council (FASAC) effective January 1, 2012. The FASAC is responsible for advising the Financial Accounting Standards Board (FASB) on technical issues, project priorities, and other matters that affect accounting standard setting. Members of the [...]

PCAOB in Cooperative Arrangement with Taiwan

PCAOB in Cooperative Arrangement with Taiwan

The Public Company Accounting Oversight Board has entered into a cooperative agreement with the Financial Supervisory Commission of Taiwan, aiming to tackle the oversight of auditors that practice in both of the regulators’ respective jurisdictions. “Although we have been doing inspections of Taiwan-based audit firms since 2007, this agreement with Taiwan’s FSC is important to [...]

Scam Victims Warned Against Falling Prey to Phishers Anew

Scam Victims Warned Against Falling Prey to Phishers Anew

The Securities Investor Protection Corporation (SIPC) has urged consumers to avoid individuals claiming to represent SIPC when asking for personal information and payments in order to facilitate the return of funds lost in investment scams. The SIPC maintains a special reserve fund mandated by Congress to protect the customers of insolvent brokerage firms. The warning [...]

Still Down: Deloitte Consumer Spending Index

Still Down: Deloitte Consumer Spending Index

The “faltering” housing market has been blamed for the still poor Deloitte Consumer Spending Index (Index) that fell in October. “Real home prices continue to fall despite low interest rates and may continue downward given high inventory levels and mortgage defaults,” said Carl Steidtmann, Deloitte’s chief economist and author of the monthly Index. “Additionally, a [...]

Family-run Ponzi Scheme Busted

Family-run Ponzi Scheme Busted

A Bethesda, Md. man and several family members and friends have been caught under the sun defrauding investors in the Washington D.C. metropolitan area with their multi-million dollar Ponzi scheme. The investigation was conducted by Sarah Allgeier, Richard Johnston and Donato Furlano. The Securities and Exchange Commission claimed that Garfield M. Taylor lured middle-class residents [...]

Weather Blamed for Poor Retail Performance

Weather Blamed for Poor Retail Performance

The poor or unexpected weather has always been the reason performance figures by UK retailers have plummeted of late, according to the latest White Paper from the KPMG/Synovate Retail Think Tank (‘RTT’). The panel of industry commentators, who meet on a quarterly basis to provide an authoritative and independent view on issues that affect the [...]

MF Global Clients May Soon Claim Assets

MF Global Clients May Soon Claim Assets

MF Global UK Limited clients with claims against funds in the customer money pool and client assets can complete and submit a claim form from starting December 8, according to one of the administrators. Richard Fleming, Richard Heis and Mike Pink of KPMG LLP, the Joint Special Administrators of MF Global UK Limited, have announced [...]

KPMG Helping Firms Measure Sustainability Performance

KPMG Helping Firms Measure Sustainability Performance

KPMG International and Sustainable Asset Management (SAM) bared a worldwide alliance to help companies measure and enhance their corporate sustainability performance upon which investors would base their assessment of the firm. The alliance leverages the expertise and the capacity of SAM to measure sustainability, the official partner with Dow Jones Indexes for the publication of [...]

Pre-Thanksgiving APEC Meeting Highlights Free Trade

Pre-Thanksgiving APEC Meeting Highlights Free Trade

Majority of chief executive officers have urged Asia-Pacific leaders to prioritize free-trade and eliminate every barrier thereof. Establishing a free-trade agreement among the 21 economies of the Asia-Pacific region should be a top priority for the Asia-Pacific Economic Cooperation (APEC), whose summit is ongoing n Honolulu, Hawaii. Two-thirds of the CEOs surveyed by PwC said [...]

OFT Finds ‘No Grounds for Action’ In Veterinary Tests Case

OFT Finds ‘No Grounds for Action’ In Veterinary Tests Case

The OFT has found no grounds to take action against IDEXX Laboratories Limited (IDEXX) following an investigation into alleged abuses of a dominant position in the veterinary diagnostic testing sector. The OFT opened its investigation in November 2010 after it received a complaint alleging that IDEXX was abusing a dominant position in the market for [...]

Live FASB Webcast on November 28

Live FASB Webcast on November 28

The Financial Accounting Standards Board (FASB) has now opened the registration for the upcoming webcast, IN FOCUS: Understanding the FASB’s Proposals for Investment Companies, Investment Property Entities, and Consolidations. This live webcast, offered free of charge, will take place on Monday, November 28, 2011, from 1:00 to 2:30 p.m. EST. Participants in the live broadcast [...]

Bogus Facebook, Groupon IPO Busted

Bogus Facebook, Groupon IPO Busted

The Securities and Exchange Commission has filed an emergency enforcement action to halt a sham pre-IPO purporting to be coming from Facebook and Groupon. The fraudulent scheme targets investors who seek the stock in Internet and technology companies like Facebook and Groupon in advance of a public offering. The scheme was revealed in a continuing [...]

Doubts Remain Over KPMG Renewable Energy Report

Doubts Remain Over KPMG Renewable Energy Report

A controversial report on the renewable energy industry allegedly leaked from KPMG has continued to spark hostility from renewable energy groups, which are now training their ire at news corporation BBC. The report allegedly urged the UK government to revamp its current renewable energy policy, according to a report ostensibly leaked to the BBC. Now, [...]

In-store Deals Demand Down, Hopes for Discounts Up

In-store Deals Demand Down, Hopes for Discounts Up

Demand for in-store deals has plummeted as shoppers are highly expecting for discounted prices, according to the Deloitte/Harrison Group annual American Pantry Survey. Harrison Group is a market research and strategy consulting firm headquartered in Waterbury, Connecticut, specializing in the wealth and affluent markets, and the media, financial management and interactive entertainment markets. The survey, [...]

Uniform Standard Governing Payment of State Taxes for Employees Working in More Than One State Pushed

Uniform Standard Governing Payment of State Taxes for Employees Working in More Than One State Pushed

Congress should adopt a uniform national standard governing withholding and payment of state income taxes for employees who work in more than one state, Barry Melancon, president and CEO of the American Institute of Certified Public Accountants, said in a letter to members of the House Judiciary Committee strongly supporting H.R. 1864, the Mobile Workforce [...]

AICPA Official Praises Congress’ Move to Trash Withholding Requirement

AICPA Official Praises Congress’ Move to Trash Withholding Requirement

The American Institute of Certified Public Accountants Vice-President Edward Karl has applauded the Congress’ vote to repeal the 3 percent withholding requirement. “The AICPA commends Congress for recognizing that it makes sense to repeal the requirement that generally requires federal, state and local governments to withhold 3 percent on payments made to government contractors, as [...]

International Committee Roundtable Tackles Integrated Reporting

International Committee Roundtable Tackles Integrated Reporting

The International Integrated Reporting Committee held a roundtable meeting earlier this week at SAP’s Executive Briefing Center in Palo Alto, California to gather perspectives on integrating governance, environmental and social performance information into organizational financial reporting. Business leaders from the corporate, investment, standard-setting and regulatory communities attended the meeting, co-convened by the American Institute of [...]