1 | P a g e
Corgentum Launches Background
Investigation Service Establishing a Fully
Integrated Operational Due Diligence
Solution
First Independent US-Based Operational Due Diligence Provider to
Offer a Comprehensive Service to Investors
New York, NY (PRWEB) March 11, 2013
Corgentum Consulting, the leading provider of the industry’s...
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1 | P a g e Corgentum Launches Background Investigation Service Establishing a Fully Integrated Operational Due Diligence Solution First Independent US-Based Operational Due Diligence Provider to Offer a Comprehensive Service to Investors New York, NY (PRWEB) March 11, 2013 Corgentum Consulting, the leading provider of the industry’s most comprehensive hedge fund operational due diligence reviews, today announced that the firm has launched a new background investigation service, expanding its operational due diligence (ODD) offerings. Background investigations have become increasingly significant to assessing investment opportunities. According to a recent Corgentum survey of ODD analysts, more than 90 percent feel that background investigation is an integral part of the due diligence process. The firm s investigative reviews will cover a comprehensive list of key background and reputational risks across five core areas, including criminal checks, litigation searches, regulatory inq
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Publiée le 11 Mars 2013
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© 2013 Corgentum Consulting, LLC
The FBI Is On the Case of Hedge Fund Fraud
Over the past few years, the U.
S.
Federal Bureau of Investigation ("FBI") has become increasingly
involved in policing hedge fund fraud.
Traditionally, thought of by most as focusing on more
criminal activities such as terrorism and bank robbery, the FBI...
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© 2013 Corgentum Consulting, LLC The FBI Is On the Case of Hedge Fund Fraud Over the past few years, the U. S. Federal Bureau of Investigation ("FBI") has become increasingly involved in policing hedge fund fraud. Traditionally, thought of by most as focusing on more criminal activities such as terrorism and bank robbery, the FBI has seen itself become more involved with other US regulators, such as the U. S. Securities and Exchange Commission, to investigate financial crime. Perhaps this is because hedge fund fraud schemes appear to have gotten more intricate and complicated over the years. Or it could be that the under resourced financial regulatory agencies are increasingly looking to other government agencies such as the FBI for assistance. Another reason for increased FBI involvement may be because the types of activity involved in such frauds are increasingly viewed as more criminal in nature than simply lower level financial crimes . Finally, the increasingly large sums o
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Publiée le 26 Fév. 2013
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Fund of Funds Fraud – Helmut Kiener’s K1 Saga
Continues With Barclays Lawsuits
Germany’s so-called “mini Madoff” Helmut Kiener is back in the news.
You may remember Mr.
Kiener as being the founder of a fund of funds operation called the K1 Group.
The K1 Group was a Ponzi scheme, and Mr.
Kiener was convicted and jailed....
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Fund of Funds Fraud – Helmut Kiener’s K1 Saga Continues With Barclays Lawsuits Germany’s so-called “mini Madoff” Helmut Kiener is back in the news. You may remember Mr. Kiener as being the founder of a fund of funds operation called the K1 Group. The K1 Group was a Ponzi scheme, and Mr. Kiener was convicted and jailed. Specifically, the court sentenced Kiener to 10 years in jail based on a conviction of 86 counts of falsification of documents, and 10 counts of fraud and tax evasion. In addition to being a fraud, this story received a great deal of attention at the time the scam was revealed. Kiener’s co-conspirator Dieter Frierchs killed himself when Spanish police tried to extradite him back to Germany. As more people began to investigate Mr. Kiener it was also revealed that before founding the K1 Group he had worked as a telephone book salesman and as a psychologist that had studied something he called, “statistical chance theory. ” He claimed that this theory allowed him to
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Publiée le 25 Jan. 2013
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The Preposterous Fraud of Andrey C.
Hicks and
Locust Offshore Management
A man claiming to run a high profile hedge fund recently pleaded guilty to stealing approximately $2.
3
million from investors.
The plea came at the end of 2012 and slipped off many people’s radar, however,
the preposterousness of the case is worth...
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The Preposterous Fraud of Andrey C. Hicks and Locust Offshore Management A man claiming to run a high profile hedge fund recently pleaded guilty to stealing approximately $2. 3 million from investors. The plea came at the end of 2012 and slipped off many people’s radar, however, the preposterousness of the case is worth revisiting. In October 2012, the SEC charged Andrey C. Hicks and his firm Locust Offshore Management with employing a fraudulent scheme to dupe investors into investing in a purported British Virgin Islands fund called the Locust Offshore Fund, Ltd. The problem, the SEC alleged, was that there was never any such fund. Furthermore, the SEC complaint alleged that, “Hicks has transferred substantially all of the investors’ funds to bank accounts in his personal name and, on information and belief, for his personal use. ” Mr. Hicks claims about his firm were so outlandish that it was reported he stated to prospective investors to have grown “assets under management f
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Publiée le 16 Jan. 2013
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Silicon Valley Hedge Fund Fraud – Asquena Albert
Hu’s Sentenced to 12 years in Prison
Things seemed to be going well for Silicon Valley hedge fund manager Albert Hu for quite some time.
Beginning around 2001 his at least half a dozen hedge funds were supposedly performing well and
successfully raising capital from investors....
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Silicon Valley Hedge Fund Fraud – Asquena Albert Hu’s Sentenced to 12 years in Prison Things seemed to be going well for Silicon Valley hedge fund manager Albert Hu for quite some time. Beginning around 2001 his at least half a dozen hedge funds were supposedly performing well and successfully raising capital from investors. Things continued along smoothly for several years. Performance was supposedly consistently good and investors kept allocating his hedge funds capital. Investors with Mr. Hu’s funds thought they had nothing to worry about. That was until 2009. In March of 2009 Mr. Hu, who reportedly claimed to have a PhD from MIT, was charged with fraud by the SEC. The SEC raised a number of concerning question about the operations of “Dr. ” Hu’s hedge funds including Asquena Capital Management, AQC Asset Management and Fireside Capital Management. Among the SEC’s charges were that Hu: 1) Lied about his service providers – Hu claimed to investors that several “prominent in
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Publiée le 16 Jan. 2013
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www.
Corgentum.
com
January 2013
Operational Due Diligence Insights
- Regulatory Focus: Can Operational
Due Diligence Prevent Exposure to
Hedge Fund Insider Trading?
- Business Continuity Corner: A PostSandy Analysis of Hedge Fund BCP/DR
Planning?
- Private Equity: Will the Coming
Private Equity Data Storm Influence LP
Operational Due...
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www. Corgentum. com January 2013 Operational Due Diligence Insights - Regulatory Focus: Can Operational Due Diligence Prevent Exposure to Hedge Fund Insider Trading? - Business Continuity Corner: A PostSandy Analysis of Hedge Fund BCP/DR Planning? - Private Equity: Will the Coming Private Equity Data Storm Influence LP Operational Due Diligence? - IT Hub: Evaluating Hedge Fund Technology Consultants - Service Providers: Analyzing Fund Legal Counsel - Does It Matter As Long As It s Legal? -Term of the Month: Audit Holdback - Fraud Spotlight: The Preposterous Fraud of Andrey C. Hicks and Locust Offshore Management - Accounting Spotlight: Interpreting Fund Expense Disclosures - On the Calendar In This Issue Welcome to Our January 2013 Edition Welcome to the January 2013 issue of Corgentum Consulting s Operational Due Diligence Insights. This newsletter serves as a resource for news, opinions and insights focused on issues related to operational risk and operational due diligence on fund
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Publiée le 10 Jan. 2013
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© 2012 Corgentum Consulting, LLC
Corgentum s Email Newsletter - Due Diligence News Just Released!
Corgentum Consulting has just released the August 29 issue of its bi-monthly email newsletter - Due
Diligence News.
Headlines covered in this issue include:
How Ponzi schemer Sam Israel fell for conspiracy scam
Portus founder...
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© 2012 Corgentum Consulting, LLC Corgentum s Email Newsletter - Due Diligence News Just Released! Corgentum Consulting has just released the August 29 issue of its bi-monthly email newsletter - Due Diligence News. Headlines covered in this issue include: How Ponzi schemer Sam Israel fell for conspiracy scam Portus founder can’t pay restitution; settlement OK’ed anyway Fraud gets hedge fund manager 5 years Hedge funds face Form PF filing deadline Due Diligence News is investor’s bi-monthly glimpse into the world of operational due diligence. To signup for to receive future issues please signup at our contact page. Originally posted on the Corgentum Consulting blog at www. Corgentum. com/blog For More Jason Scharfman, Managing Partner Information info@corgentum. com Corgentum. com | Blog | Twitter Feed Tel. 201-360-2430
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Publiée le 29 Août 2012
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© 2012 Corgentum Consulting, LLC
Corgentum’s Top Five Tweets of the Week of
August 20th
, 2012
These are Corgentum Consulting’s top five tweets for the week of August 20th, 2012.
1) Silvercorp s #legal attack on #hedgefund dismissed http://ow.
ly/d5zv5
2) Plural Investments #hedgefund founded by #SAC alum Grossman to shutter...
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© 2012 Corgentum Consulting, LLC Corgentum’s Top Five Tweets of the Week of August 20th , 2012 These are Corgentum Consulting’s top five tweets for the week of August 20th, 2012. 1) Silvercorp s #legal attack on #hedgefund dismissed http://ow. ly/d5zv5 2) Plural Investments #hedgefund founded by #SAC alum Grossman to shutter http://ow. ly/daUuw 3) Garth Peterson, Ex- #MorganStanley Executive, Sentenced To Nine Months In #Prison Over #Bribery Allegations http://ow. ly/d2LGW 4) The Jon #Corzine #hedgefund ? ow. ly/1Or9wS 5) Former #Bulldogs coach Donnan facing charges in $80 million #Ponzi scheme ow. ly/d14t8 Be sure to follow Corgentum Consulting on Twitter @Corgentum for the latest news on operational due diligence, hedge funds, private equity, fraud and the alternative investment industry. For More info@corgentum. com Information Corgentum. com | Blog | Twitter Feed Tel. 201-360-2430
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Publiée le 28 Août 2012
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Understanding Fund Terms: Shadow Equity
Operational due diligence is a multidisciplinary subject.
An investor beginning the operational due
diligence process for the first time may encounter subjects with which they have little to no
familiarity.
As the scope of operational due diligence has become broadened in recent years, even...
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Understanding Fund Terms: Shadow Equity Operational due diligence is a multidisciplinary subject. An investor beginning the operational due diligence process for the first time may encounter subjects with which they have little to no familiarity. As the scope of operational due diligence has become broadened in recent years, even seasoned operational due diligence professionals may encounter terms which they may be unfamiliar. The purpose of this section of Operational Due Diligence Insights is to cast a spotlight on some of the words and terms which investors may have not previously encountered, or which tend to get overlooked in operational due diligence reviews. This issue s word: Shadow Equity (also known as Phantom Equity) Defined: Shadow equity refers to a type of compensation scheme for hedge fund investment professionals. Employees compensated via a shadow equity scheme are not compensated as if they were direct owners of the hedge fund (i. e. General Partner), but are ef
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Publiée le 24 Août 2012
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