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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Adrianne Appel2023-05-16T19:53:00
The Bernie Madoff scandal came to light 15 years ago, but lessons from the notorious Ponzi scheme are as fresh as ever, author Jim Campbell said.
Campbell, whose book “Madoff Talks” is the basis for a new Netflix docuseries he helped executive produce, gave an insider’s view of the fraudster during a Day 2 fireside chat at Compliance Week’s National Conference in Washington, D.C. on Tuesday.
Madoff died in federal prison in 2021. He started his career as a highly respected market maker, investment adviser, and former chairman of the Nasdaq stock exchange. Alongside his legitimate business, he ran an illegal $64.8 billion Ponzi scheme from the 1970s until he was arrested in 2008.
In 2009, Madoff was sentenced to 150 years in prison for his crimes.
Madoff wasn’t just another market maker—he was a “go-to” adviser who revolutionized the Nasdaq, said Campbell when fireside chat moderator Michael Olver, managing director of risk consultancy Pacific Strategies & Assessments, asked if Madoff could be considered a financial genius.
The Ponzi scheme quietly grew into one of the biggest hedge funds in the world, operating under the radar by Madoff’s secretiveness and investors’ trust and naivete.
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News and analysis for the well-informed compliance or audit exec.
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2023-08-18T14:50:00Z By Kyle Brasseur
The Federal Reserve Board placed restrictions on Washington-based Farmington State Bank after taking issue with how the liquidating financial institution changed its business plan without seeking proper approvals.
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The former chief compliance officer at cryptocurrency exchange FTX paid off whistleblowers and their lawyers trying to expose the company’s fraud, according to a lawsuit filed in bankruptcy court by FTX and its debtors.
2022-12-13T22:24:00Z By Aaron Nicodemus
A flurry of criminal and civil fraud charges laid against FTX founder Sam Bankman-Fried have pulled back the veil on the cryptocurrency exchange’s complete lack of internal controls and toothless risk management procedures.
2024-06-28T19:30:00Z By Jeff Dale
A Bank of England report warned of private equity risk management deficiencies as interest rates remain stagnant, with international coordination important.
2024-06-20T15:40:00Z By Aaron Nicodemus
Compliance departments at financial institutions must become more involved in ensuring their firm’s operational resiliency to address emerging risks, the Treasury Department’s Office of the Comptroller of the Currency said in its semi-annual risk perspective.
2024-06-07T22:34:00Z By Adrianne Appel
Compliance has been “sleeping on” artificial intelligence, two panelists discussed at Compliance Week’s Women in Compliance Summit. The profession should be positioned to lead on AI governance at the business level.
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