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Everything you need to know about the Exciting and Stimulating new Tax plan but too Scared to ask
April 27, 2017
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Maria is the Editor of CompliancEX. She loves to hear from our avid readers and would love to receive some feedback. She can be reached at  MKesaris@compliancesearch.com

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President Trump along with his former Goldman Sachs guys gang, Director of the National Economic Council Gary Cohn and  Treasury Secretary Steve Mnuchin, announced plans for a dramatic new tax plan.

Since most everyone reading our newsletter has a job or wants a job, has some money or hopes to have money, it makes sense to understand what the tax plan hoopla is all about.



Who better to tell you then a recruiter-business owner-lousy writer who can't balance a checkbook?


To Read the full article click     here.

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Wall Street financier busted for $800K fake loan scheme
              
A Wall Street financier hatched an elaborate scheme to steal $800,000 from three clients, including a church, officials said

Anthony Nyame, CEO of General Capital Corporation, was arrested Wednesday for falsely telling his marks that he could arrange millions of dollars in loans for them if they fronted thousands in collateral, authorities allege.

Read the article         here .
This Hedge Fund May Be Poised to Create the Most Billionaires
              
Henry Laufer was teaching math at Stony Brook University on Long Island in the late 1980s when he got a call from Jim Simons. A former colleague, Simons had left academia to start Renaissance Technologies a mile down the road, and his hedge fund was struggling. Would Laufer help him find a better way to predict commodity prices?

Three decades later Laufer is a billionaire four times over, and Simons is even richer. 

Read the article         here .
Compliance costs to more than double by 2022
              
Financial institutions' regulatory costs could more than double over the next five years, according to a survey of 183 senior staff at asset managers, brokers and banks by professional services firm Duff & Phelps.

The survey found that firms typically spend 4% of their total revenue on compliance, but that could rise to 10% by 2022, with around nine out of ten of those polled stating that regulatory reforms were increasing their compliance costs.

Read the article         here .
Ex-Jefferies trader Jesse Litvak gets 2 years in prison - again
              
There will be no stay in "Broker Raton" for this crooked Wall Streeter.

After four years and two trials, Jesse Litvak, a former Jefferies bond trader, was sentenced by a federal judge on Wednesday to two years in prison for ripping off clients by lying about the price of bonds.

Read the article         here .
Could this CEO be a millennial Bernie Madoff?
              
Ever wonder what a modern-day millennial version of Bernie Madoff might look like?

Could it turn out to be Elizabeth Holmes, the 33-year-old Silicon Valley sweetheart who is the chief executive of blood-testing firm Theranos?

Read the article         here .
JPMorgan zooming in on Warsaw for new global back office centre
              
U.S. bank JPMorgan Chase ( JPM.N) is zooming in on Warsaw as a destination for its new back office operations centre which could eventually employ several thousand people supporting the bank's European and Asian business, sources said.

As Britain prepares to leave the European Union, and banks and other financial firms look to shift jobs from London's financial centre, Poland has set its sights on mid-tier work where salaries may not be astronomical but jobs are numerous.

Read the article         here .
Compliance firm Exiger buys Canadian regtech startup OutsideIQ
              
Exiger, a firm that helps businesses monitor compliances such as money laundering regulations, has agreed to buy OutsideIQ, a Canadian startup that specializes in technology that helps businesses assess and manage risk.

The deal, reported earlier by Reuters, is for C$30 million ($22.2 million), according to a person familiar with the agreement, and is one of the top 10 largest disclosed acquisitions of a venture-backed Canadian tech firm since 2014, according to Thomson Reuters data.

Read the article         here .
After swearing he was 'not going to Wall Street' to make a lot of money, Obama is reportedly going to make a lot of money off a speech for Wall Street
              
Former President Barack Obama is reportedly going to make a nice $400,000 this year off a speech at an annual health-care conference hosted by the Wall Street investment bank Cantor Fitzgerald. The speech is one of many that Obama will make as he embarks on a paid-speech circuit. He's lined up a gig at the John F. Kennedy Library and Foundation in Boston, a public conversation with German Chancellor Angela Merkel, and some speeches in Europe, The New York Times  reported.

Read the article         here .
Deutsche Bank considering moving up to 4,000 UK jobs after Brexit vote, compliance exec reveals
              
Deutsche Bank is considering whether to move up to 4,000 jobs away from London as a result of Brexit, according to a compliance executive for the German lender.

Chief regulatory officer Sylvie Matherat said today: "For front-office people if you want to deal with an EU client, you need to be based in the EU...

Read the article         here .
Deutsche Bank Profit More Than Doubles

Deutsche Bank AG on Thursday reported a solid rise in net profit in the first quarter, in its first results since its $8.5 billion capital increase.

The German lender reported net income of EUR575 million ($627 million) in the quarter, compared with EUR236 million for the same period last year and in line with expectations.

Read the article         here .
Artificial intelligence will replace half of all jobs, says widely-followed technologist

Robots are likely to replace 50 percent of all jobs, according to Kai-Fu Lee, founder of venture capital firm Sinovation Ventures and a top voice on tech in China.

Artificial intelligence (AI) is the wave of the future, the influential technologist told CNBC, calling it the "singular thing that will be larger than all of human tech revolutions added together, including electricity, [the] industrial revolution, internet, mobile internet - because AI is pervasive."

Read the article         here .
Trump presents sweeping tax reform plan that lowers rates, simplifies code

The White House announced the outlines of an ambitious tax reform plan Wednesday that envisions deep cuts in the rates paid by American families and businesses - and top aides warned naysayers against doubting President Trump's ability to get it done.

Mr. Trump's economics team said the blueprint would reduce most Americans' tax filing to a single page, make businesses more competitive in the international economy and entice trillions of dollars of investment back into the U.S.

Read the article         here .
Ocwen fights U.S. consumer watchdog over mortgage allegations
              
Ocwen Financial Corp (OCN.N) is digging in for a legal battle with the U.S. consumer financial watchdog over allegations its mortgage servicing harmed thousands of borrowers, and has asked the Justice Department to join its fight.

Ocwen, one of the United States' largest nonbank mortgage servicers, filed a challenge to the Consumer Financial Protection Bureau in the U.S. District Court in West Palm Beach on Tuesday saying the agency was not legal under the U.S. constitution.

Read the article         here .
Austria investigates Airbus CEO over suspected fraud
             
Airbus (was plunged deeper into legal wrangling over past business dealings on Wednesday when Vienna prosecutors announced a fraud investigation into its chief executive in connection with a $2 billion fighter order over a decade ago.

Airbus called the accusations against CEO Tom Enders "completely unsubstantiated" after Reuters exclusively revealed the investigation, which came to light in correspondence seen by the news agency and confirmed by Vienna prosecutors.

Read the article         here .
No-fee stock trading app Robinhood is now officially worth $1.3 billion
             
Robinhood, the app that lets you trade stocks without paying any fees, is now valued at a whopping $1.3 billion after taking on $110 million in fresh funding, cofounder Baiju Bhatt told Business Insider.

The Series C round was led by Yuri Milner's investment arm, DST Global, and included Josh Kushner's Thrive Capital. Robinhood's total funding is now $176 million.

Read the article         here .
'Fist bumps' at hedge funds over Trump's tax plan
             
U.S. hedge fund managers began warming to President Donald Trump soon after his surprise election ignited a powerful stock market rally. Now, his dramatic tax cut plans give them even more reasons to cheer.

Trump, looking to make good on pledges for sweeping tax reform, on Wednesday unveiled plans for a cut in the tax rate to 15 percent for so-called pass-through businesses. 
 
Read the article         here .
Companies cheer Trump tax cuts, but jobs are less certain to follow
             
U.S. businesses would reap a windfall if President Donald Trump's plan to cut corporate tax rates and slash taxes on cash parked overseas becomes law, but it was unclear whether they would stimulate a surge in investment and job creation in return.

Under Trump's proposals, American companies would move from being the most highly taxed among the Group of 20 countries to among the lowest. 

Read the article         here .
SEC Awards $4 Million to Whistleblower
             
The Securities and Exchange Commission has awarded nearly $4 million to a whistleblower who tipped the agency with about serious misconduct and provided additional assistance during the ensuing investigation, including industry-specific knowledge and expertise.

"Not only did this whistleblower step forward and report suspicious conduct, but continued to help after we opened our investigation," said Jane Norberg, chief of the SEC's Office of the Whistleblower.  

Read the article         here .
AIB Slapped With Fine for Compliance Failures as IPO Looms
             
Allied Irish Banks Plc, preparing for what could be one of the biggest share sales in London this year, was fined more than 2 million euros ($2.2 million) by the Irish central bank over compliance failures in relation to anti-money laundering and terrorist financing laws.

The central bank fined AIB about 2.3 million euros and reprimanded it for six breaches of the law, which the lender has admitted to, the regulator said in an emailed statement Tuesday. 

Read the article         here .
State regulators sue OCC over fintech charter plans
             
US state regulators have filed a lawsuit against the Office of the Comptroller of the Currency, upping the ante in an increasingly bitter dispute over the federal agency's plans to offer bank charter status to qualifying fintech firms.

The complaint, lodged by the Conference of State Bank Supervisors (CSBS) in the US district court of Columbia, alleges that the OCC is over-reaching its authority in granting charter status to non-banks.

Read the article         here .
JPMorgan beats Madoff customers' appeal
             
JPMorgan Chase & Co ( JPM.N) is not liable to a group of former customers of Bernard Madoff who blamed the bank for being actively involved in his Ponzi scheme and ignoring red flags of fraud, a federal appeals court ruled on Wednesday.

The 2nd U.S. Circuit Court of Appeals in Manhattan said the customers failed to show that JPMorgan had enough "control" over Madoff's fraud to justify liability under federal securities laws.

Read the article         here .