#compliancex

[thewallstreetexecutive]

Global Fintech firm seeks a Head of US Compliance

The position is based in NYC. Candidates should have anti-money laundering, payments, money remittance, and banking related Compliance experience. 

Jack Kelly 212.997.3166. JKelly@ComplianceSearch.com

Compliance Search ComplianceJobs.com The Compliance Executive

(via https://www.youtube.com/watch?v=nJqGVgtgAPI)

[nihaozin]

@wiomax_cn: RT @compliancex: Self-driving cars Who to save, who to sacrifice? https://t.co/wCh4CSWKjZ #WednesdayWisdom #WednesdayWork #WednesdayMood #JobSearchWednesday #WednesdayMotivation #HumpDay #SelfDriving #Cars #Future #Invention #Survive #Save #Sacrifice #Driverless #Failure #Collision #Confident https://t.co/5jdHUOVKoI

[muzaffar1969]

No worries on Wall Street. Dow hits new high - Compliancex | Compliancex

http://dlvr.it/PnKPkf

[jackkellycsg-blog]

Subpoenas, Scandals, Secret Swiss Bank Accounts, the SEC and More

As any loyal reader of ComplianceX, you may have noticed a little trend. Well, actually a huge, gigantic trend of never-ending scandals, whether it is insider trading, FX rigging,money laundering activities or HSBC’s recent tax evasion scandal in its Swiss arm, the commotion seems to never end.

It is not only happening in the U.S. though. Martin Wheatley, the Chief Executive of the Financial Conduct Authority (FCA) is ticked-off about  “staggering” number of scandals emanating from the City (London’s WallStreet).

Here in the U.S., Senator Elizabeth Warren is turning up the regulatory heat by demanding that prosecutors “come down hard” on HSBC for its recent tax evasion scandal in the bank’s Swiss subsidiary.

Some financial institutions are getting worried about this trend as well. Goldman Sachs, in an attempt to stay out of the list of billion dollar fined banks and win back public opinion, is embarking upon a program to limit risky, volatile activities by becoming more “boring.”

As compliance becomes more in demand, research analysts on Wall Street may have to start looking for jobs in this area due to the sad reality that they are becoming disposable, now that a new law is requiring analyst’s pay to come out of the pockets of investment managers for specific work and research.

The good news that comes from these never-ending scandals is that it keeps compliance in the forefront of everything. We can’t complain too much because, not only do we benefit from the increasing number of compliance jobs that are becoming in-demand, but our readers benefit as well because it means more job opportunities.

Unlike the big banks, you can take preventative steps and avoid any problems you may have, and this includes hiring problems!  So go ahead and post your jobs on Compliancejobs.com and be sure to check out our latest article on what recruiters don’t tell you during the job search.

We are very excited to bring you a new and improved job board with the largest selection of Compliance jobs in the world.

Check out our latest YouTube video, featuring Amanda Swain – our Client Development Associate. She provides a wonderful visual explanation of why people should post their Compliance jobs with us.

Please call us at (212) 997-3166 if you would like more information or have any questions. THE #1 JOB SITE FOR COMPLIANCE PROFESSIONALS Why post your job on ComplianceJobs.com?: -Compliance Jobs has the largest audience of Compliance, Legal and Regulatory professionals in the world. -We realize not everyone wants to work with a recruiter so we have created a cost-effective way to reach your target market and find the -perfect candidate for your job. -While other job boards cater to hundreds of different professions and job categories, we specialize in Compliance jobs and Compliance professionals. -Our job board is niche-oriented and targeted toward those in the Compliance field, so your ad is guaranteed to reach the professionals you want to reach. -Your job posting will appear in front of an active audience of job-seeking candidates that can save your job to their job profile and contact you directly. -We do so much more than just post your position. We make sure your job is in front of a relevant audience so you source only the best candidates. What You Get: -A job posting on ComplianceJobs.com which has had over 1.4 million visitors and 2.9 million page views. -Your job posting will be included on our blog, ComplianceX.com which is viewed by over 275,000 compliance professionals on a monthly basis in addition to being featured in our daily newsletter, The Compliance Exchange, which is emailed to over 110,000 Compliance professionals daily. -The job listing will be actively promoted via our social media outlets including: LinkedIn, Twitter, Facebook and Google+. -The job listing will be aggregated to the largest job boards including, Indeed, The New York Times, Simply Hired, Glassdoor, The Washington Post, Bloomberg Business Week, CNN Money, The Wall Street Journal, The Ladders and hundreds of other sites. -If you would like to give us a banner size image, we will include the image in the job posting and advertise the banner strategically on the ComplianceX blog. -You will have your own personal consultant who will offer creative ideas throughout the posting period to ensure that you listing attracts the best candidates. -Job postings will be refreshed on a daily basis to reach more candidates and a wider audience www.ComplianceSearch.com www.ComplianceX.com www.ComplianceJobs.com

[betherinconnolly-blog]

Some of us had imaginary friends when we were kids. A few of us were really socially awkward and had imaginary friends when we were teenagers. And some of us were really, really nerdy teenagers and had imaginary robot friends.

But how many of us concocted penny stock swindles using our imaginary robot friend?

In a complaint filed on Friday, the SEC alleges that a pair of British teenage twin brothers did just that.

[nihaozin]

@TrackBots: RT @compliancex: Self-driving cars Who to save, who to sacrifice? https://t.co/wCh4CSWKjZ #WednesdayWisdom #WednesdayWork #WednesdayMood #JobSearchWednesday #WednesdayMotivation #HumpDay #SelfDriving #Cars #Future #Invention #Survive #Save #Sacrifice #Driverless #Failure #Collision #Confident https://t.co/5jdHUOVKoI

[nihaozin]

@compliancex: Self-driving cars Who to save, who to sacrifice? https://t.co/wCh4CSWKjZ #WednesdayWisdom #WednesdayWork #WednesdayMood #JobSearchWednesday #WednesdayMotivation #HumpDay #SelfDriving #Cars #Future #Invention #Survive #Save #Sacrifice #Driverless #Failure #Collision #Confident https://t.co/5jdHUOVKoI

[muzaffar1969]

This former Wall Street wolf is turning trading algorithms into fine art - Compliancex | Compliancex http://dlvr.it/NFk2H1 #CorpGov

[muzaffar1969]

The little-known agency trying to hold Trump's billionaires accountable - Compliancex | Compliancex http://dlvr.it/N2kzn2 #CorpGov

[thewallstreetexecutive]

It is getting closer to Thanksgiving and we are Noticing a Significant Change in Hiring

By Jack J. Kelly

Usually, this time of year the weather in New York City starts to get the pre-winter chill in the air and you feel that the holidays are just around the corner. This season it is unusually mild; sometimes global warming has its benefits.

In addition to the changes in weather, business conditions change too.  We are entering into a dreaded time of year for recruiters (at least the type A folks)...the sloooow down period.

The time between mid-November and New Years is characterized by companies starting to reevaluate their hiring needs. If a person hasn't already been hired or is nearing the end of their interview phase, it becomes increasingly easier for firms to elect to let the job lapse into the New Year.

The typical interview cycle ranges from one to four months. If a person is to start in 2015, they would need an offer in the next two weeks to satisfy a reasonable two to three week notice period.

Corporate executives are reluctant to buy-out a bonus and have the perspective employee only work one week.  It is deemed fiscally prudent to wait until the candidate receives her bonus so that the company saves the costs.

Also at this time, candidates anticipate their yearly review and raise. If the person has not yet realized this increase, it is challenging for companies to bake that "maybe" increase into the offer.

Companies use this opportunity to focus internally on raises, bonuses, and promotions.  Unfortunately, this year corporations, particularly big banks, have also enacted tough cost-cutting measures and engaged in significant downsizings.

This year, it seems as if firms are somewhat afraid to pull the trigger and hire at this time. There has been a strong amount of hiring in my space, Compliance, and it appears that is easy for banks to take a breather and wait to see how the new year starts.

Companies also have a wealth of other excuses to forestall hiring including the recent drop in the stock market, the Federal Reserve increasing interest rates, frightening geopolitical events in the middle east, slowdown in growth in China, Europe dealing with a refugee crisis, precipitous drop in commodities and oil prices, tensions with Russia, the terrorist attacks on Paris, and any and everything else to save money and put off hiring.

Uncertainty and fear is always a barrier to hiring. Companies tend to hire more aggressively when they feel good about the economy and general business conditions. Optimism breeds new hiring as companies believe that they need the help to meet future demands. When things look scary, corporations usually hunker down and wait until they see possible improvement.

Do not worry, this cycle always happens. When we are at the holiday season the general mood improves and the hiring cycle begins in earnest again.

[jackkellycsg-blog]

Welcoming Weed to Wall Street

It was only a matter of when it would happen, not if. The pot industry is on a new high and making quite the name for itself since the SEC has now decided to allow the marijuana businesses a share registration.

Furthermore, the SEC is tirelessly trying to sway the odds in their own favor. Namely, they are attempting to bring more of its court cases before its administrative law judges, while trying to avoid filing the charges in federal court. Defense attorneys are protesting the unconstitutionality for the government agency to decide the legality of its own matters.

One critical matter facing women in particular, though this is no new matter, is a gender pay gap within the finance industry. A recent report shows that women who graduated from business school and went on to take jobs in the financial sector earned an average of $21,872 less than male MBAs.

Defying the odds against gender discrimination in the financial workplace was hedge fund manager Meredith Whitney, who declared that banks are not the market leaders anymore. She sees future troubles for the financial services economy in general.

In order to fix the problems facing the industry, a number of solutions are being suggested. For example, USB Chairman Axel Weber hypothesizes that costs at big banks should be better managed. The Bank of England’s markets strategy official, Andrew Hauser, explains when banks fail to prevent FX rigging and Libor, it goes against their own interest. He compares the sloppy oversight of banks to careless fighter pilots who ignore safety checks. What will it take for the big banks to realize that billion dollar penalties for bad behavior go against their own financial interest?

In an effort to increase economic growth in the industry and penetrate new markets, BATS Global Markets announced their desire to enter the foreign exchange market by acquiring Hotspot FX for $365 million.

Although January has been a successful trading month for Deutsche Bank, the reasons behind the earnings aren’t as good as they initially seemed for five main reasons.

Just as promised, our sister site ComplianceX, is providing today’s readers with various helpful articles to assist in your job search process. From how to appear intelligent on a job interview, to easy tips on resume building as well as a little inside information on LinkedIn, we are here to help guide you to the job you were destined for.

Stay tuned for a sneak-peek into our first ever EBook loaded with first-hand experience career advice, “Dirty Little Recruiting Secrets…That Will Help You Land Your Next Job.”

By: Rachel McCray

Brand Management Associate/ Recruiting Assistant The Compliance Search Group Direct: 212 997 3166 | Email: Rachel@ComplianceSearch.com Website: www.ComplianceSearch.com and www.CompliancEX.com

[jackkellycsg-blog]

The State of Compliance Presidential Address

My fellow Americans, President Barack Obama addressed the nation last night so I thought it was appropriate for us to have our own State of the Union Compliance job market address.

In his speech, Obama offered his New Year resolutions of taxing and spending, while everyone else watching had already promised themselves to lose weight, go to the gym, stop smoking and find a new job.  Politicians usually quickly break their promises and people stop going to the gym and start eating junk food again. Hopefully, they keep their “find a new job” resolution.

Well, ladies and gentlemen of both sides of the aisles, here is where the Compliance job market stands today (please listen to our entertaining and enlightening Podcast “The State of Compliance Presidential Address” for the full address).

In mid-December business generally slowed down due to the holidays and steady vacation breaks.  Now that it is late January we are getting follow-up calls from human resources and hiring managers regarding open job requisitions and receiving new job orders.

To give you a bad analogy describing the job market; picture one of those old time trains when they start up. During the holiday season the train is stuck at the station.  Now that it is 2015 the wheels are starting to move (chugga, chugga, chugga) and gradually take on speed. We are in the slowly moving forward stage now, but in next to no time at all, we will accelerate.

The current trend is that bonuses are being paid out later then have been paid in the past. People are expecting bonuses to be paid in late January, February or even March.  As we get into the end of January – beginning of February, firms begin getting their budgets together.

I anticipate a delayed opening – where candidates get their numbers and bonuses then slowly drift into the market and begin looking elsewhere. Perhaps candidates will find that the firm loves them and they will be getting a big bonus or conversely the company may not be giving out big bonuses and your job may be moved elsewhere. This wait-and-see mindset is slowing down the process for job seekers and hiring managers.

Meanwhile, here at Compliance Search Group, we are making placements and receiving an assortment of new and exciting jobs that are geographically dispersed in different industries and at all levels of compensation. This is good news since the array of new jobs indicate strong demand for Compliance professionals.

This is positive news for us; however, there are reports that there 50,000 people were laid off from Wall Street (included in yesterday’s ComplianceX newsletter). This is a staggering number. One of the reasons why this is happening is due to the slowdown in equities and fixed income trading. Trading is not as robust as it has been in the past and this is a big part of how banks earn their money.  Another thing that has been happening is the escalation in litigation costs, which are running into the billions.  Also, firms have been on the wrong side of oil and FX trades and have lost banks millions of dollars.

To sum it up, at this time of year, the train is pulling out of the station and things are slowly moving (maybe not as fast as we’d like) but it is definitely picking up speed. Firms are getting their budgets; candidates are starting to get their numbers and bonuses. We have a couple of things in the geopolitical arena that may give us a little pause but that is not going to worry us because we are going to move forward into the New Year with a positive mindset.

[thewallstreetexecutive]

The Halloween Recruiters Guide to Treating and Not Tricking to Get the Job

[thewallstreetexecutive]

Recent examinations of hedge funds have uncovered a range of problems, a top Securities and Exchange Commission official said, including firms boosting their performance, and the fees they collect, by changing the way they value investments.

Andrew Bowden, the director of the SEC’s Office of Compliance Inspections and Examinations, said the agency has found a series of deficiencies at the roughly 185 hedge-fund firms in which it completed exams.

The findings come as the SEC begins more closely scrutinizing hedge funds, which have historically operated with less oversight than other investment managers.

The agency, in the wake of the 2010 Dodd-Frank financial-overhaul law, has begun requiring a wider swath of hedge funds and private-equity funds to register with the agency and provide detailed data on trading.

[thewallstreetexecutive]

SAC’s Martoma gets 9 years prison for record insider trading scheme

Mathew Martoma, a former portfolio manager at billionaire Steven A. Cohen's SAC Capital Advisors LP hedge fund, was sentenced on Monday to nine years in prison for engaging in what authorities called the most lucrative insider trading scheme in U.S. history.

U.S. District Judge Paul Gardephe in New York also ordered Martoma, 40, to forfeit $9.3 million.

Prosecutors accused Martoma of making illegal trades in pharmaceutical stocks based on tips about a clinical trial for an Alzheimer's drug. They said these trades enabled SAC to generate about $275 million of illegal gains and avoid losses.

"There was nothing accidental about Mr. Martoma's conduct or the gain realized," Gardephe said. "I cannot and will not ignore that the gain is hundreds of millions of dollars more than ever seen in an insider trading prosecution." (Reporting by Nate Raymond in New York; Editing by David Gregorio)

[thewallstreetexecutive]

  Watch The Worst Insider Trader Getaway Ever

by Jack J. Kelly on August 28, 2014

Preet Bharara, the arch enemy and nemesis of insider traders as well as serving as the US Attorney for the Southern District of New York, along with George Venizelos, the Assistant Director-in-Charge of the New York Office of the Federal Bureau of Investigation, jointly and proudly announced earlier this week the arrest of Michael Lucarelli.

Mr. Lucarelli, up until this unpleasant announcement, was the Director of Market Intelligence at Lippert/Heilshorn & Associates, Inc., an investor relations firm. Now he faces 13 counts of insider trading.  Prosecutors charged Mr. Lucarelli with insider trading, alleging he made more than $500,000 in illegal profits by using confidential draft press releases to buy and sell stocks of his clients on at least 13 separate occasions.

An investor relations firm, in part, offers advice, guidance, counsel and public relations assistance to companies. They serve as an intermediary between publically traded companies and the investment community, artfully attempting to place their clientele in the best possible light.

According to Lippert/Heilshorn’s  (“LHA”) website,  “LHA’s investor relations teams are experts in providing strategic advisory services and serving as the liaison between the investment community and our clients. Executing programs that build trust and transparency between our clients and external audiences, we partner with each client to enhance the company’s reputation, control expectations and achieve desired valuation objectives.”

You have to admit, it is deliciously ironic that a guy who works for a company whose sole mission is to offer carefully cultivated images for companies, completely destroys the image of his own firm.

Here is how he allegedly conducted the insider trading. Lucarelli, due to his close relationship with certain client companies, knew important material information and financial data before any other investor.  Specifically, he was aware of corporate earnings before they were announced to the Street.

According to court reports,

“ On or about July 24, 2014, the FBI obtained a search warrant to search LUCARELLI’s office at LHA for evidence of his insider trading activities.

During that search, which was conducted without LUCARELLI’s knowledge, the FBI located a locked briefcase which, when opened, contained a draft press release for LHA client, TREX Company (“TREX”). That press release was marked “DRAFT” and contained TREX’s second fiscal quarter 2014 financial results.

The following day, after the FBI completed the search, LUCARELLI started purchasing shares of TREX. Between July 25, 2014 and August 1, 2014, LUCARELLI took a net position of 37,400 shares of TREX.

Then, on August 4, 2014, shortly before the market opened, TREX issued a press release announcing its second fiscal quarter 2014 financial results. Among other things, TREX announced that sales and earnings before taxes had increased 23 percent and 62 percent, respectively, in comparison with the comparable period in 2013. TREX also issued revenue guidance for the third fiscal quarter of 2014, which was a 27 percent increase over the comparable period in 2013.

Within two hours of the announcement, LUCARELLI sold 35,058 of the 37,400 TREX shares he previously purchased.

Those sales yielded a profit of almost $90,000.”

That has to be hard to wiggle out of.

“Despite the well-known parade of convicted insider trading perpetrators over the past several years, Michael Lucarelli was not deterred and violated both his company’s policies and his responsibility to its clients,” U.S. Attorney Preet Bharara said in a release.

George Venizelos, head of the New York FBI office, said that rather than doing his job, Lucarelli “spent his days setting up brokerage accounts to make illegal trades using inside information from unwitting clients.”

Penalties from his actions may result in a $5 million fine and sentence of 20 years in prison.

This seems par for the course you may think. We have seen this type of insider trading case so often you wonder why this story is any different.

What happens next is straight out of a bad television sitcom.

After posting a $500,000 bond and pleading not guilty, Lucarelli noticed reporters and camera men swarming the courthouse.

In an attempt to gracefully exit undetected, he panicked.

Lucarelli broke into an awkward and nervous sprint.  He literally jumped out of his sandals. While trying to be inconspicuous, he is fast becoming one of the most recognized insider traders ever.

  You may also like

Wall Street's Core Culture Means We'll See More Collapses Like MF Global

Longest-Ever Insider Trading Sentence Handed To Perpetrator of $11M Longest-Running Scheme

Happy Libor Day