September 27, 2005
The UK says Sarbanes-Oxley is Overkill, but is it?
When Tony Blair recently said he thought Sarbanes-Oxley was overkill, this blog told him to mind his own business. We indicated that he should take care of his own country's problems. Since then the London terror attacks have rightly consumed Blair's attention.
But maybe they also need to look a little at fraud prevention in the UK as well. No one in their right mind thinks that any country where there is huge money involved is perfect. Come on Tony. You Brits are wonderful, but your companies cannot all pass the litmus test for honesty, transparency and an absence of fraud.
See this current example from London (caught by US Officials):
"London firm 'was link in US banking fraud case'
By James Moore, Financial Correspondent (Filed: 27/09/2005)
A City-based securities broker run by a direct descendent of the Duke of Wellington has been named as the company used as the London link in an alleged $101m banking fraud involving collapsed hedge fund Bayou.
Court papers filed by the Arizona Attorney General Office say $101m of funds in the name of Majestic Capital Management were deposited with London-based ODL Securities, run by Graham Wellesley, who holds the title Viscount Dangan, before they were sent on to US bank Wachovia from where they were seized on May 19.
Graham Wellesley had been concerned about the funds. In the papers, the attorney-general said US courts had "probable cause that the seized funds were in the process of being used in a fraud on various financial institutions". The decision to seize the funds was opposed by lawyers representing Bayou, which is being sued by the US Government. "
For complete article, click here.
If your company needs assistance on rapidly and cost effectively complying with Sarbanes-Oxley and MI 52-111, see www.issuescentral.com to learn more about the Compliance Playbook(tm).
But maybe they also need to look a little at fraud prevention in the UK as well. No one in their right mind thinks that any country where there is huge money involved is perfect. Come on Tony. You Brits are wonderful, but your companies cannot all pass the litmus test for honesty, transparency and an absence of fraud.
See this current example from London (caught by US Officials):
"London firm 'was link in US banking fraud case'
By James Moore, Financial Correspondent (Filed: 27/09/2005)
A City-based securities broker run by a direct descendent of the Duke of Wellington has been named as the company used as the London link in an alleged $101m banking fraud involving collapsed hedge fund Bayou.
Court papers filed by the Arizona Attorney General Office say $101m of funds in the name of Majestic Capital Management were deposited with London-based ODL Securities, run by Graham Wellesley, who holds the title Viscount Dangan, before they were sent on to US bank Wachovia from where they were seized on May 19.
Graham Wellesley had been concerned about the funds. In the papers, the attorney-general said US courts had "probable cause that the seized funds were in the process of being used in a fraud on various financial institutions". The decision to seize the funds was opposed by lawyers representing Bayou, which is being sued by the US Government. "
For complete article, click here.
If your company needs assistance on rapidly and cost effectively complying with Sarbanes-Oxley and MI 52-111, see www.issuescentral.com to learn more about the Compliance Playbook(tm).
