In Practice March 2, 2011

linkedFA and McGraw-Hill Produce Social Media Webinars

linkedFA and McGraw-Hill Professional will be presenting a series of Webinars to educate financial professionals on how they can use social media compliantly.

Reported by

Nicole Bliman

linkedFA, a social networking Web site for financial professionals, is launching a program in conjunction with McGraw-Hill Professional and McGraw-Hill Financial Communications to help educate the financial community about social media.

The six Webinars in the “Grow Your Business Using Social Media” series will examine tools such as real-time marketing, peer-to-peer communities, and social media analytics.

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The preliminary schedule of events begins March 16 with the authors of “The Power of Real-Time Social Media Marketing,” and continues each month.

Financial professionals can register at http://webinars.linkedfa.com.

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Compliance March 2, 2011

Madoff Trustee Goes After Tremont for $2.1B

Tremont Group Holdings faces a $2.1-billion lawsuit for allegedly missing warning signs about Bernard Madoff's Ponzi scheme.

Reported by

Fred Schneyer

Reuters is reporting that trustee Irving Picard accused Tremont of missing “red flags” and “blindly relying on Madoff to drive their funds’ returns” for nearly 15 years, according to an amended complaint filed in the federal bankruptcy court in Manhattan.

The allegations were revealed after a group of funds affiliated with Tremont, which is part of Massachusetts Mutual Life Insurance Co., reached a $100 million settlement in separate litigation with former Madoff investors, according to the news report.

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Tremont and its now defunct Rye Investment Management unit lost more than $3 billion of client money funneled to Madoff and his firm Bernard L. Madoff Investment Securities LLC. Picard alleged Tremont earned as much as $240 million in fees tied to Madoff, including more than $180 million in the six years before the fraud was uncovered in December 2008. The $2.1 billion includes alleged fraudulent transfers, fictitious profits and other sums, the amended complaint said.

“Our position is unchanged, which is that we acted capably and appropriately,” Tremont spokesman Montieth Illingworth told Reuters.