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jerryking : white-collar_crime   9

New Ontario initiative targets complex, white-collar crimes
AUGUST 20, 2019 | The Globe and Mail | GREG MCARTHUR.

The Ontario government has quietly launched an initiative intended to solve a problem that has vexed Canadian law enforcement: the successful prosecution of complex, white-collar crimes.

With little fanfare, the province has created what it is calling the Serious Fraud Office (SFO), with a structure that is novel to Canada: teaming up investigators and prosecutors and dedicating them to financial crimes that are too sprawling for any one municipal police force to handle.....Ontario’s office, however, will investigate an array of financial crimes, not just money laundering but large-scale fraud and corruption. It was created to fix long-standing issues with how the government combats such crimes, the two officials in charge of the initiative said in an interview......One of the primary goals is to bridge gaps between investigators and prosecutors......to prevent cases from languishing and forcing judges to throw them out because of unconstitutional court delays. Unlike a traditional police investigation, the SFO’s structure means prosecutors will be heavily involved from the outset of a case........The SFO is also designed to thwart an issue common to most police departments: the frequent shifting of resources away from fraud units whenever police are confronted with a more pressing public-safety issue, such as a threat of terrorism......“White-collar crime investigations are both complex and lengthy. Specialization and long-term experience of both prosecutors and the investigators will be critical to success.”
corruption  financial_crimes  financial_penalties  fraud  fraud_detection  groundbreaking  large-scale  law_enforcement  legal_strategies  money_laundering  Ontario  prosecutors  Queens_Park  securities_enforcement  securities_industry  white-collar  white-collar_crime 
august 2019 by jerryking
An Insider-Trading Tale That Reads Like a Thriller - The New York Times
By ANDREW ROSS SORKINFEB. 7, 2017

“Black Edge: Inside Information, Dirty Money, and the Quest to Bring Down the Most Wanted Man on Wall Street,”
nonfiction  hedge_funds  Andrew_Sorkin  books  slight_edge  insider_trading  informational_advantages  Wall_Street  Preet_Bharara  SAC_Capital  Steven_Cohen  book_reviews  white-collar_crime  Sheelah_Kolhatkar 
february 2017 by jerryking
When the Feds Went After the Hedge-Fund Legend Steven A. Cohen - The New Yorker
ANUARY 16, 2017 ISSUE
WHEN THE FEDS WENT AFTER THE HEDGE-FUND LEGEND STEVEN A. COHEN
Inside the government’s nearly ten-year battle against one of the most powerful men on Wall Street.
By Sheelah Kolhatkar
Wall_Street  Preet_Bharara  insider_trading  hedge_funds  SAC_Capital  Steven_Cohen  white-collar_crime  nonpublic  Sheelah_Kolhatkar 
january 2017 by jerryking
Data Is the World
Aug 1, 2005 | Inc.com | Michael S. Hopkins.

Use your data. "Companies aren't taking advantage of the data they generate, Levitt says. "Often, data generated for one purpose is useful for another. Freakonomics describes the case of an entrepreneur selling bagels in corporate offices who kept meticulous records to track profits and loss—data that eventually yielded insights about white-collar crime and the effects of office size on honesty.
Ask different questions. The abortion-crime link revealed itself when Levitt thought to stop asking what made crime fall and try asking why it had risen so much in the first place. That led him to justice system practices in the 1960s, which led him to a statistical understanding of which individuals were likeliest to commit crimes, and ultimately to the question of why a large segment of that population seemed to have vanished.
Don't mistake correlation for causality. Innovative policing and a drop in crime happened simultaneously, but data proved the one didn't cause the other. (Be mindful of the feudal king who, having learned disease was greatest in regions with the most doctors, figured that reducing doctors would reduce disease.)
Question conventional wisdom. An idea that is both easy to understand and a source of comfort (such as the credit quickly given to innovative policing for cutting crime) should be especially suspect.
Respect the complexity of incentives. "You can't imagine, says Levitt, "all the ways humans will connive to beat a system.
Employ data against cheating. Just as companies don't sufficiently capitalize on the data they have access to, they aren't exploiting what Levitt calls "opportunities to think about fraud or theft in their businesses.
'60s  bank_shots  causality  cheating  conventional_wisdom  correlations  data  data_driven  exhaust_data  Freakonomics  gaming_the_system  incentives  insights  justice_system  massive_data_sets  metadata  oversimplification  questions  skepticism  social_data  Steven_Levitt  theft  think_differently  white-collar_crime 
january 2013 by jerryking
In the Insider Trading War, Market-Beaters Beware - NYTimes.com
Sep 22, 2011 |NYT|ROGER LOWENSTEIN.A problem with the SEC’s
focusing on high-return funds is that it skates over the crucial
distinction between short- & LT investing. Some of the 8,000+ hedge
funds in the US are engaged in rapid-fire trading —trying to outguess
the competition w.r.t disclosures that’ll become public in a week.Some
are obsessed with trying to outguess Wall Street “whisper
numbers”.Absent tips regarding forthcoming news, their managers have no
value added/edge. For investors working longer horizons the picture is
different.Skillful, L.T. investors can make $ without tips, by analyzing
info. that’s already public...Society has an interest in genuine
research (e.g. whether GOOG will be a more dominant biz.)...Hedge fund
hypertrading doesn’t add to economic output--it ratchets up mkt.
volatility...A marked increase in volatility complicates the SEC’s
job...the payoff for trading on insider tips rises as well.Ferreting out
the prescient & the crooked becomes more important.
insider_trading  insider_information  SEC  Roger_Lowenstein  white-collar_crime  Wall_Street  hedge_funds  SAC_Capital  volatility  long-term  investing  personal_payoffs 
september 2011 by jerryking
What Any Goldman Settlement Might Entail - DealBook/White Collar Watch Blog - NYTimes.com
May 6, 2010 | NYT | by Peter J. Henning who's working on a
book, “The Prosecution and Defense of Public Corruption: The Law &
Legal Strategies,” by Oxford Univ. Press. What might it take for GS to
resolve its various lawsuits & inquiries? Threats? 3-fold: (1) SEC's
lawsuit; (2) a slew of private shareholder suits that largely piggyback
the S.E.C. claims; (3) a DoJ investigation. The SEC’s fraud case
presents the most immediate threat to GS, DoJ investigation could have
the greatest impact if it develops into a full-blown threat of
prosecution, while the private suits are of less importance as they pose
little if any threat to the GS’s continuing operations. For the SEC:
($=monetary penalties), appt. of an outside monitor to oversee GS’s
compliance with the terms of the settlement, require GS to appoint a
different person as chair; For the DoJ --difficult for GS to negotiate
some type of resolution; For Private Litigants there's whether the GS
board breached its fiduciary duty.
anticipating  books  corruption  Department_of_Justice  financial_penalties  Goldman_Sachs  legal  legal_strategies  SEC  think_threes  white-collar  white-collar_crime 
may 2010 by jerryking

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