James Kroeker, 44, will be a vice chairman of the U.S. Financial Accounting Standards Board, the board's parent organization, the Financial Accounting Foundation said in a statement on Wednesday. Kroeker is known for handling difficult policy decisions during the 2008-2009 financial crisis and will face projects that have been slowed by disagreements between board members and resistance from the business community. A former deputy managing partner at accounting giant Deloitte, Kroeker was a central figure at the SEC in weighing whether the United States should move to international accounting standards. As chief accountant from 2009 to 2012, he led the regulator's efforts to study that issue, which has yet to be resolved. [Reuters]
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SEC Chief Accountant Paul Munter was interviewed by WSJ‘s Mark Maurer the other day and […]
SEC Officially Falls Victim to PwC’s Competitive Poaching Strategy
~ Tell Kayla I’m sorry for butchering her last name for over two hours. It’s fixed now.
PwC has announced the appointment of Kayla Gillan, formerly SEC Chair Mary Schapiro’s Deputy Chief of Staff, as the firm’s head of the newly created Regulatory Relations Group. This confirms a report by Bloomberg from last week.
Ms Gillan is no lightweight as she is a founding member of the PCAOB, served as general counsel for CalPERS and Chief Administrative Officer for Risk Metrics. The ecstatic Bob Moritz: “[PwC is] extremely fortunate to gain the experience, insights and future contributions of such a highly accomplished professional, one whose career has been dedicated to serving investors and other market participants,” BoMo said, adding, “Kayla Gillan is an example of making the investment to drive this transformation.”
It’s been a busy spring for PwC landing and announcing new appointments of partners and principals starting back in February and continuing through the spring.
[via PwC]
IRS, SEC Put a Stop to the Latest Money Manager Ripping Off the Most Important People in the World
What the hell is gonna to take for a celebrity to get an honest money manager around these parts?
IRS agents arrested Kenneth Starr (not this guy) today who has managed money for celebrities including Martin Scorsese, Uma Thurman and financial shitshows Annie Leibovitz and Wesley Snipes.
The SEC has frozen his assets alleging that Starr “made unauthorized transfers of money in client accounts that ultimately wound up in Starr’s personal accounts.” But it was for a good reason – the man needs roof over his head, according to the complaint “Starr and his companies transferred $7 million from the accounts of three clients between April 13 and April 16, 2010, without any authorization. The transferred funds were ultimately used to purchase a $7.6 million apartment on the Upper East Side in Manhattan on April 16.”
Former New York City Council President Andrew Stein was also named in the complaint, and “is charged with lying to the IRS and federal agents about his involvement with Wind River.” Wind River being a company that Starr allegedly syphoned money to, that Stein used for personal expenses. However we’re mostly shocked to learn that Stein briefly dated Ann Coulter – shudder.
Financial whiz busted for duping celebs clients Wesley Snipes, Martin Scorsese in $30M Ponzi scheme [NYDN]
Celebrity Investment Adviser Charged With Ponzi Scheme [Gawker]
SEC Files Emergency Charges Against New York-Based Financial Advisor for Defrauding Clients [SEC Press Release]