Heightened government scrutiny. New anti-corruption risks. Unexpected whistleblower allegations. The need to collect and manipulate ever-growing volumes of data. The financial services industry, in a post-crisis world, requires trusted advisers who are financial services experts with deep industry knowledge and experience now more than ever.

StoneTurn’s Financial Services team averages more than 25 years of experience working across every sector of the industry and includes alumni from more than 25 of the largest financial services institutions, U.K. and U.S. regulatory and prosecutorial agencies, and Big Four audit firms. Our assignments have taken us to more than 75 countries and territories around the globe.

Our professionals provide compliance and monitoring, data analytics, and forensic accounting and audit expertise to banks, broker-dealers, asset managers and insurance companies. We help financial services clients manage risks, respond to regulatory inquiries, and investigate alleged fraud and misconduct. We have supervised and conducted thousands of matters across the legal and compliance spectrum, including antitrust, asset misappropriation, corruption, insider trading, market manipulation, money laundering, mortgage servicing and sanctions. We are experts in compliance and risk assessments, controls design, testing and remediation, damage analysis, data analytics, forensic accounting, internal investigations, look-backs, post-incident remediation, regulatory exams and inquiries, and transaction monitoring.

Who We Are:

  • Former National Forensics Practice Leaders from two of the top four large public accounting firms;
  • Former in-house legal, compliance and audit executives from five of the largest global banks, three of the largest global insurance companies, the world’s largest insurance broker, and the second largest ratings agency;
  • Former Chief Accountant, SEC Division of Enforcement;
  • Former Executive Assistant U.S. Attorney & Chief of Frauds Section, EDNY;
  • Former Chief of the Frauds Bureau, Manhattan District Attorney’s Office; and
  • The government-appointed monitors and forensic advisers to the monitors of two top global investment banks, one of the largest U.S. non-bank mortgage servicers and a top global investment manager.

Who We Help:

  • Investment Banks
  • Consumer and Community Banks
  • Broker-Dealers
  • Asset Managers
  • Insurance Companies
  • Law Firms
  • Federal, State and Local Government Agencies

Why Turn to Us?

A Shared Perspective

Our professionals have stood in your shoes. We served in senior business management compliance, controls, legal, internal audit and risk management roles at the world’s largest financial services firms. StoneTurn brings deep expertise in corporate decision making and the interrelationship between various in-house functions to help you navigate internal dynamics that inevitably arise in high-stakes legal and compliance matters.

Credibility

The StoneTurn team has also stood in the shoes of regulators, prosecutors and SROs. Our professionals began their careers with the DOJ, SEC, Manhattan DA’s Office, EDNY, U.K. FCA, U.K. SFO and ICE Exchange alumni. We have interacted frequently with government officials worldwide. Federal and state government agencies have appointed StoneTurn as compliance monitors and independent consultants and retain us to serve as their consulting and testifying experts.

Our Clients

StoneTurn’s financial services clients range from small-to-medium size firms to the world’s largest banks and insurance companies. When a multi-disciplinary approach is required, we partner with law firms ranging from boutiques to top Am Law 100 firms. Federal, state and local government agencies frequently rely on our assistance.

 

How We Help

Identify & Assess


Compliance & Risk Assessments

StoneTurn assists companies and counsel to identify and mitigate risks related to customers, employees, and third parties; test compliance controls; and prevent recurrence of misconduct by identifying root causes and implementing corrective measures.

Case Example:

A large mutual fund company engaged StoneTurn to determine if traders misused certain cash accounts. We interviewed multiple employees, reviewed accounting records, and performed data analytics to identify potential anomalies in the timing, amounts and nature of cash transactions. Our work allowed the company to correct the accounting issue, as well as to implement internal controls and compliance procedures to prevent future issues.

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Data Analytics

StoneTurn’s experts evaluate, format and structure large amounts of information from multiple structured and unstructured data sources to help our clients understand relationships, trends and outliers.

Case Example:

A large broker-dealer engaged StoneTurn to review customer accounts for excess trades aimed at increasing fees and commissions for an adviser. Our team conducted data analytics on multiple years of detailed trading records and used data visualization techniques to identify problematic trading patterns.

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Valuation Services

StoneTurn and its experts can assess pricing methodologies for reasonableness and consistency, analyze pricing for variability, outliers, and other indicators of risk, as well as review operational processes, internal controls and training governing pricing procedures.

Case Example:

The DOJ engaged StoneTurn to review and assess three separate third-party valuation reports provided in support of a prior transaction involving certain investments facilitated by the Small Business Administration. The assessment included an analysis of the conclusion of value, supporting analyses, underlying assumptions, and application of generally accepted business valuation standards.

Investigate & Evaluate


Anti-Corruption Investigations

StoneTurn’s experienced professionals have helped companies around the world to access the complex issues surrounding anti-corruption risk management, internal controls, compliance and training. In addition, along with our experienced forensic accountants, we conduct robust investigations of allegations of bribery and other corrupt practices.

Case Example:

A multinational commodities broker looked to StoneTurn to investigate whistleblower allegations of bribery of foreign officials by its foreign employees. We reviewed company records to determine whether employees made payments to expedite shipments of commodities into foreign countries.

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Internal Investigations

Our professionals have experience in conducting internal investigations at financial services companies, including allegations raised by whistleblowers and concerns raised by regulators. We have conducted hundreds of internal reviews covering a wide range of topics, including money laundering, market abuse, whistle blower allegations and third-party misconduct.

Case Example:

StoneTurn assisted counsel to a large financial services corporation with an investigation of alleged asset misappropriation and breach of fiduciary duty claims involving the management of assets under a corporate benefit plan. We traced the flow of funds between the plan sponsor, related employee benefit plans, individuals and multiple shell corporations set up as part of the scheme. We analyzed banking, insurance and brokerage records, reviewed company and benefit plan financials, and performed data modeling for related entities. We also assisted the company in identifying the improper conduct and recommend remedial action.

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Government Inquiries & Regulatory Exams

We are experienced in helping companies and counsel prepare for and navigate government inquiries, regulatory exams and responses.

Case Example:

Counsel to a hedge fund engaged StoneTurn to assist in an SEC investigation of “spoofing,” (a high volume of “bid / pull” trades to intended to inflate prices). We designed and developed procedures to review all buy, sell and offer transactions over a 30-month period, including hundreds of thousands of transactions. StoneTurn prepared models to identify potential spoofing cycles and determined the impact on the fund. In addition, our experts conducted analyses on allegations of artificial inflation of fund assets at quarter-end that boosted fund values as reported to investors.

Remediate & Monitor


StoneTurn’s Compliance & Monitoring team has worked with organizations to remediate compliance programs after misconduct is discovered and to establish effective internal controls to ensure wrongdoing does not recur. We also serve as a court- or government-appointed monitor to oversee and assess remediation efforts.

Case Example:

StoneTurn serves as the DOJ-appointed Independent Compliance and Business Ethics Monitor to a top European investment bank. Our team of banking, compliance and risks and controls experts is assessing design and testing the operating effectiveness of the bank’s ethics program and controls to prevent and detect fraud and antitrust violations.

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