investigative lessons learned from the financial crisis inquiry … · 2011-06-13 · tom borgers...

© 2011 Mesirow Financial Holdings, Inc. All rights reserved.

22nd Annual ACFE Anti-Fraud Conference:

Investigative Lessons Learned from the Financial

Crisis Inquiry Commission

Thomas Borgers

Managing Director

June 13 & 14, 2011

The Copyrighted Material, or any portion thereof, may not be reproduced, retransmitted, or posted on any Web site aside

from www.mesirowfinancial.com without the express written consent of Mesirow Financial.

© 2011 Mesirow Financial Holdings, Inc. All rights reserved. 2

Two Parts of our Presentation

Tom Borgers — Setting the stage and a CFE/Banker’s view of lessons

learned

Brad Bondi, Esq. — Lessons learned by the Assistant Executive Director

and Deputy General Counsel of the FCIC




What happened on June 13?




Events of June 13

1927 — Charles Lindbergh honored in New York City for his transatlantic

flight — 750,000 pounds of ticker-tape shower down.

1944 — Nazi Germany begins V-1 (Fieseler Fi-103) buzz-bomb attacks

against Britain

1966 — Supreme Court hands down Miranda v. Arizona decision.

Declares a suspect must be informed of rights.

1967 — Thurgood Marshall nominated as first black Supreme Court

justice.




What happened on May 20, 2009?




May 20, 2009

President Barack Obama signed into law the Fraud Enforcement and

Recovery Act of 2009 (FERA). The Act passed with impressive bipartisan

support: the House approved it by a vote of 367 to 59, and the Senate

vote was 92 to 4.




Financial Crisis Inquiry Commission

The first part of the FERA provides funding and tools to help law

enforcement and prosecutors bring to justice the perpetrators of the many

frauds that caused the latest mortgage and financial crisis. The last part

of the FERA addresses the establishment of the bipartisan Financial

Crisis Inquiry Commission — FCIC.





According to the act, the FCIC, housed in the legislative branch, will

“examine the causes, domestic and global, of the current financial and

economic crisis in the United States.”





“The FCIC leaders will need a tremendous

–amount of purpose,

–integrity,

–talent,

–skill,

–expertise,

–administration,

–and people skills to manage the investigative and legal activities.”




Dedicated and Talented Investigative Team

Brad Bondi, Esq.

Vic Cunicelli, Postal Inspector & CFE

Tom Krebs, Esq.

Donna Norman, Esq., CFE

Bob Hinkley, Esq.

Bruce McWilliams

Troy Burns, IRS Special Agent

Jon Armstrong

George Wahl, Special Agent – U.S. Secret Service




Numbers

GSE

Agency and Non Agency

One Lender

Mortgage Fraud

Affordable Housing Goals




Complex and Massive

Surround yourself with brilliant people

Make it simple

Industry Leaders

Domestic and Overseas

Whistleblowers and Other Hidden Experts

All Others




Budget $8 Million

Creative

Detailees

Research

Travel

Transcripts

Systems

Computers

Space




Power

The FCIC had far-reaching powers

–Subpoena rights: Virtually everything in the private and public perform

its functions.

–People wanted to help

–Limited number of people




Challenge

Professional

Unknown

Testing Abilities

Stress

Many others




For Country




And now I present…

Brad Bondi, Esq. -

Mesirow Financial refers to Mesirow Financial Holdings, Inc. and its divisions, subsidiaries and affiliates. The Mesirow Financial name and logo are

registered service marks of Mesirow Financial Holdings, Inc., © 2011, Mesirow Financial Holdings, Inc. All rights reserved. Some information contained

herein has been obtained from sources believed to be reliable, but is not necessarily complete and its accuracy cannot be guaranteed. Any opinions

expressed are subject to change without notice. Any performance information shown represents historical market information only and does not infer or

represent any past performance of any Mesirow Financial affiliate. It should not be assumed that any historical market performance information

discussed herein will equal such future performance. It should be assumed that client returns will be reduced by commissions or any other such fees and

other expenses that may be incurred in the management of the account. Fees Performance information provided also contemplates reinvestment of

dividends. Advisory Fees are described in Mesirow Financial Investment Management Inc.’s Part II of the Form ADV. Mesirow Financial does not

provide legal or tax advice. Advisory services offered through Mesirow Financial Investment Management, Inc. an SEC-registered investment advisor,

Securities offered by Mesirow Financial, Inc. member NYSE and SIPC.

Investment Management Global Markets Insurance Services Consulting

mesirowfinancial.com

investigative lessons learned from the financial crisis inquiry … · 2011-06-13 · tom borgers...

Documents