As a result of Friedman Kaplan’s reputation for excellent work in investigations and white collar criminal defense, the firm and its partners have been appointed to monitorships for a variety of significant matters across a range of industries. In these roles, our responsibilities include, among other items, the review and monitoring of control and compliance mechanisms of the applicable parties.
In 2010, partners Eric Corngold and Mary Mulligan were retained by a trading firm to serve as the firm’s Independent Consultant, as described in Securities and Exchange Commission v. Galleon Management, LP, et al., and Securities and Exchange Commission v. Cutillo, et al. actions brought in the Southern District of New York. As Independent Consultant, Mr. Corngold and Ms. Mulligan conducted a thorough review of the effectiveness of the company’s controls and compliance mechanisms, as well as related materials designed to prevent the misuse of inside information. As part of the review, they conducted a series of interviews and meetings with senior management of the firm and also attended compliance meetings. At the conclusion of their review, a report drafted by them was submitted to the Securities and Exchange Commission and to the firm describing the scope, recommendations, and result of the monitorship.
Additionally, in 2013, Ms. Mulligan and Ricardo Solano Jr. were appointed as outside reviewers by the Department of Investigation of the City of New York to monitor a national construction company and its compliance programs. This review is currently ongoing. The firm’s responsibilities with respect to the project include a review of travel and entertainment expenses as they relate to the company’s contracts with New York City, compliance with minority, women-owned, and disadvantaged businesses enterprise programs, policies regarding compensation on "time and materials" contracts, and training on the company’s Code of Conduct. As part of the monitorship, Ms. Mulligan and Mr. Solano reviewed the company’s expense and reimbursement practices, and assisted in drafting the company’s Code of Conduct as well as reviewed and attended training on the Code.