Galleon case frightened advisers into examining internal controls
In the wake of the alleged insider-trading ring involving hedge fund manager Galleon Group, compliance departments at asset management firms and broker-dealers are stepping up their vigilance.
As regulators increase their scrutiny of insider trading, firms are actively reviewing their compliance policies, making sure that em-ployees understand them and conducting more audits of their trading patterns to make certain that nothing is potentially amiss.
“This is the hottest topic right now,” said Rick Nummi, executive consultant at Accounting and Compliance International. “At least once a week, we are getting calls from clients to come in and do a presentation on insider trading.”
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