Archive for: May, 2012

Weak “PIN” Numbers Add Financial Fraud Risk

Weak “PIN” Numbers Add Financial Fraud Risk

When creating a “PIN” number, it is usual for most people to base it on birthdays, or repeating, sequential numbers. A recent report from “PULSE” in the UK shows that this type of coding does contribute to Financial Fraud, particularly when related to cards. The report further discloses that out of eleven wallets, one of [...]

Further Arrest in FSA Unauthorised Business Probe

Further Arrest in FSA Unauthorised Business Probe

A 54 year old man was arrested on suspicion of committing offences under the Financial Services and Markets Act 2000 and the Fraud Act 2006 in connection with an ongoing FSA investigation into a suspected unauthorised foreign exchange trading scheme. No one has been charged at this stage in connection with the FSA’s investigation, which [...]

Patrick Francis O’Donnell Fined Over Sale of Non-mainstream Investments

Patrick Francis O’Donnell Fined Over Sale of Non-mainstream Investments

The Financial Services Authority (FSA) has fined Patrick Francis O’Donnell of P3 Wealth Management Limited (P3) £60,000 for advising his clients to invest in Unregulated Collective Investment Schemes (UCIS) and other non-mainstream investments, when these products were clearly unsuitable. The FSA said O’Donnell did not understand the regulatory restrictions on the promotion of UCIS and [...]

SEC Charges Penny Stock Financiers, 2 Public Companies with Illegal Unregistered Stock Distributions

The Securities and Exchange Commission filed a civil injunctive action in the United States District Court for the Middle District of Florida against Mark A. Lefkowitz, Compass Capital Group, Inc., Mark A. Lopez, Unico, Inc., Steven R. Peacock, Shane H. Traveller, and Advanced Cell Technology, Inc., alleging that they violated the federal securities laws in [...]

SEC Sues Chicago Man for Siphoning $4.3m from Investors

The Securities and Exchange Commission charged Chicago-area resident Richard DeMaria yesterday with fraud, alleging that he operated a prime bank scheme that defrauded at least thirteen investors out of approximately $4.3 million. The SEC’s complaint, filed on May 29, 2012 in the U.S. District Court for the Northern District of Illinois, alleges that DeMaria enticed [...]

Court OKs Plan of Distribution in BISYS Financial Reporting Case

Judge Richard J. Sullivan has issued an order approving the Securities and Exchange Commission’s proposed plan of distribution in SEC v. The BISYS Group, Inc. 07 Civ. 4010 (RJS) (S.D.N.Y.). Pursuant to the court’s order approving the Plan, A.B. Data, Ltd., the claims administration firm that served as the court-appointed claims administrator in a parallel [...]

SEC Obtains Dismissal of Complaint Without Prejudice Against 3 Swiss Entities in Insider Trading Case

A federal court in New York granted the Securities and Exchange Commission’s (SEC) motion to dismiss without prejudice the its complaint against the defendants in a civil action alleging insider trading. On July 15, 2011, the SEC filed a complaint charging Compania International Financiera S.A., Coudree Capital Gestion S.A., and Chartwell Asset Management Services, all [...]

FAF Establishes Private Company Council

The Financial Accounting Foundation (FAF) Board of Trustees, after seeking and considering public comment, will establish a new body to improve the process of setting accounting standards for private companies. The new group, the Private Company Council (PCC), will be overseen by the Trustees and will replace the existing Private Company Financial Reporting Committee (PCFRC), [...]

Payouts to MF Global Account Holders Continue

Payouts to MF Global Account Holders Continue

The Financial Services Compensation Scheme (FSCS) is continuing to assess claims and make payments where it can to MF Global account holders who return their application forms. The FSCS said it needs to ensure that each claim is eligible in accordance with the rules and that it is paying the correct amount of compensation in [...]

SEC Charges Phoenix-Based Investment Adviser and Firm with Fraud

SEC Charges Phoenix-Based Investment Adviser and Firm with Fraud

The Securities and Exchange Commission has charged a Phoenix-based investment adviser and his firm for recommending investments without telling clients about his personal stake and exploiting a client who was buying an ownership share in the firm. The SEC’s Enforcement Division alleges that Walter J. Clarke advised clients at Oxford Investment Partners LLC to invest [...]

Jon Rymer Named Interim Inspector General

The Securities and Exchange Commission today announced that Jon T. Rymer will serve as Interim Inspector General until the Commission hires a permanent Inspector General. Mr. Rymer, who currently serves as Inspector General of the Federal Deposit Insurance Corporation, will continue his duties at the FDIC’s Office of Inspector General after starting at the SEC [...]

Report Reveals What It Takes to Be the New Market Leaders

Report Reveals What It Takes to Be the New Market Leaders

Six mega trends have been identified that will significantly impact the revenues, costs and profitability of the commercial vehicle industry as demand for trucks and buses evolves with globalization, technology development, regulation and emerging market growth. Mega trends shaping the global commercial vehicle industry , a report by Ernst & Young, looks at how stakeholders across [...]

KPMG Welcomes Alan Milburn’s Update Progress Report on Social Mobility in the Professions

Commenting on Alan Milburn’s update report on access to the professions, Marianne Fallon, Head of Corporate Affairs at KPMG, said: ‪“We welcome Alan Milburn’s report and the continuing focus on this area. Social mobility is vital to the professions. As the world changes, so must we. We actively want to broaden our intake and offer [...]

Ernst & Young Releases China Banking Industry Report

Ernst & Young Releases China Banking Industry Report

According to the Ernst & Young report, “2011 Review of China’s Listed Banks and Outlook,” the rapid growth of the Chinese banking industry may be hard to sustain due to the slowdown of the national economy, steady advances in market-oriented interest rate reform as well as tightened capital restrictions. Therefore, Chinese banks must make it [...]

Rethink on VAT Treatment of Hot Takeaway Food and Static Caravans

Charities have urged anew the government to exempt charity donations from the planned cap on tax reliefs amid the rethink on VAT on hot takeaway food and static caravans. Chancellor George Osborne proposed in the budget that any food served above ambient temperature would be taxed at 20 percent to address an “anomaly” in the [...]

KPMG in Milton Keynes Has New Senior Partner

KPMG in Milton Keynes has announced the appointment of Mark Matthewman as the new Senior Partner for the office. Mark joined KPMG in 1989 in KPMG’s Northampton office, which was later merged with the Milton Keynes office in 1997. He became a partner in 2000, and spent two years on secondment at KPMG’s Silicon Valley [...]

B3 Industries Calls in KPMG Administrators

B3 Industries Calls in KPMG Administrators

Colin Haig, Paul Flint and Allan Graham from KPMG Restructuring have been appointed joint administrators to two subsidiaries of B3 Industries Limited, the copper cable and optical fibre manufacturer with headquarters in Blackley, Manchester. The subsidiaries comprise Manchester Cables Limited, based in Blackley, and FTTX Limited, also based in Blackley but with a distribution site [...]

Markets with Strong ‘Soft Power’ Brands Attract Greater Share of FDI

Ernst & Young has launched its Rapid Growth Market Soft Power Index, in conjunction with the Moscow-based SKOLKOVO Institute for Emerging Markets Studies which shows that countries with strong “soft power” brands attract significantly more foreign direct investment (FDI). At its core, soft power is defined as the ability to shape the preferences of others by [...]

Regulatory Changes Expected to Drive Fluctuations in Shadow Banking

Regulatory Changes Expected to Drive Fluctuations in Shadow Banking

The shadow banking system in the United States might not be as large today as regulators and market participants feared, according to a new quarterly index introduced today by the Deloitte Center for Financial Services. However, with regulatory changes and financial innovation looming, the shadow banking system could creep back very quickly, the Deloitte research [...]

Consumer Spending Up As Pace of Declining Home Prices Slows

Consumer Spending Up As Pace of Declining Home Prices Slows

The Deloitte Consumer Spending Index has posted another monthly increase in April as the pace of falling new home prices slowed. “The Index has been undergoing a mix of changes as housing, energy prices and unemployment tip back and forth each month” explains Carl Steidtmann, Deloitte’s chief economist and author of the monthly Index. “On [...]