Regulatory Compliance Monitoring: Bob has worked as an “independent monitor” for two separate, global financial institutions as part of their settlements of OFAC enforcement actions brought by the Federal Reserve and the New York State Department of Financial Services. He has led teams that conducted reviews of global OFAC policies and procedures and recommended remedial steps.
In one case, after an initial review, Bob and his team reported to regulators on identified deficiencies and provided recommendations for improvement. Those recommendations included changes in the organizational structure of the compliance group, the establishment of global standards for OFAC compliance, revisions to the risk assessment process, upgrades to the training and investigations protocols and technology upgrades to improve the wire screening process. Thereafter, Bob and his team monitored implementation and conducted risk-focused sampling of wire payments to assure proper handling. In another case, Bob’s team conducted a global review of remediation efforts instituted as a result of a consent order.
Internal Investigations: Bob led an investigation into mismanagement and financial impropriety at a nationally recognized charity that resulted in a complete overhaul of the organization and the eventual criminal conviction of the executive director and her husband for embezzling several million dollars.
Fraud and Detection: During the construction of the world headquarters of a major financial institution and the construction of a major sports stadium, Bob provided construction monitoring and fraud prevention services. In the first instance, more than $15 million in demonstrable savings was produced, and in the latter, investigators uncovered a bribery scheme instituted to divert contracts to firms using non-union labor.
Corporate Investigations: When the pharmaceutical industry’s sales practices were suspect, Bob conducted investigations that confirmed certain pharmaceutical companies were making payments to doctors for prescribing medications.
Due Diligence: Bob has directed custom investigations for numerous hedge funds seeking alternative research in support of their investment decision-making. He has developed intelligence that informed clients as to the likely impact of litigation, regulations, and government investigations. In addition, he assessed the progress of merger integrations and the status of intellectual property.
Note: This list includes engagements completed prior to joining K2 Intelligence.
