William McCloskey worked for Ameriquest from November 2004 till March 2005. William was fired after he reported illegal activity behind the walls of his Ameriquest branch, which virtually mirrored all of the widespread reports about the company (to local detectives, the PA Attorney General, the S.E.C. and the F.B.I).
William sued Ameriquest Mortgage Company under the whistleblower provision of the Sarbanes Oxley Act of 2002. The act pertained to publicly traded companies and issuers of securities under Section 15(d) and 12h-3 of the Securities and Exchange Act of 1934.
Who’s afraid of the Public Company Accounting Oversight Board? Banks and other financial institutions should be, even though the PCAOB regulates their auditors and not them.
American Banker-
Unlike banks, which have had federal and state regulators looking over their shoulders for more than a century, the Big Four accounting firms are still not used to having a truly disinterested party auditing their audits. Before the Sarbanes-Oxley Act, the audit industry was largely self-regulated through peer reviews coordinated by the AICPA, a trade group.
Bank of America Corp. (BAC), JPMorgan Chase & Co. (JPM) and other banks may pay more to resolve claims over their alleged roles in the collapse of a $2.3 trillion mortgage- backed securities market if sophisticated investors are allowed to sue as a group along with less savvy ones.
Class-action status allows investors to pool financial and legal resources, giving them greater leverage to win larger settlements or verdicts. The banks, however, have a court ruling on their side that may help fend off such blockbuster cases. It says class status is barred because some investors are too sophisticated — in fact, because some of them are other banks, including JPMorgan.
MERSCORP, Inc. announced today that Bryan Kanefield has joined the company’s executive leadership team in the newly created role of Senior Vice President and Chief Risk Officer. He will be responsible for implementing and administering a new corporate risk management framework, developing and reporting on key risk indicators, and overseeing the Risk Management Committee.
Kanefield joins MERSCORP from Fannie Mae, where he was most recently a member of the senior leadership team responsible for building and managing key operational units of the Making Home Affordable Program. Prior to serving in this role, he was a director in Fannie Mae’s Divisional Risk Office, where he developed and implemented corporate-wide risk control self assessment framework standards, implemented the company’s initial Sarbanes-Oxley compliance program, served on the leadership team responsible for developing the corporate compliance and governance program covering records management, delegations of authority, policy and procedures, and directed divisional business recovery planning efforts. Kanefield first joined Fannie Mae in 1992, and his earlier roles were in eBusiness Marketing and Development, the Office of the Vice Chair, and Corporate Strategy and Development.
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