Renaissance conducts investigations for a wide variety of premier clients. We recognize the increasingly difficult issues facing our clients in such areas as corporate fraud, disputes, criminal matters, and civil litigation. Our approach combines investigators, forensic accountants and digital forensic professionals into a comprehensive platform capable of confronting any challenge.
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SERVICES
INVESTIGATIONS
Successful investigations require meticulous planning, execution and perseverance by skilled and experienced investigators. Corporate investigations, preparation for regulatory or government inquires, dispute resolution and litigation support are highly complex and go well beyond routine fact finding and evidence gathering. Renaissance Associates offers its clients unparalleled investigative leadership to achieve success and add value in even the most complex matters.
CRIMINAL, CIVIL & CORPORATE INVESTIGATIONS
Renaissance Associates has gained the trust of corporate America and leading law firms through the flawless delivery of highly competent investigations. Renaissance Associates effectively responds to client matters where interviews, analysis and document review are required for successful outcomes. Renaissance Associates works seamlessly with attorneys, applying decades of experience as Federal law enforcement agents. With an understanding of legal implications, regulatory issues and the ability to anticipate governmental actions, Renaissance Associates is able to provide valuable strategies and tactics to our clients. Renaissance Associates applies its worldwide investigative abilities and proven methodology to create thorough reports with all information necessary to make informed and proper business or litigation decisions.
Representative Matters
- Renaissance Associates was retained by the National Football League to assist in reviewing electronic and video information in the Deflategate matter.
- Renaissance Associates was retained to provide services to the court-appointed trustee under SIPA and his counsel in the liquidation of Bernard L. Madoff Investment Securities LLC.
- Renaissance Associates provided investigative services to a multi-national law firm representing a multi-billion dollar hedge fund in a large insider trading matter. After formulating an investigative strategy and conducting highly sensitive interviews, reviewing documents and conducting surveillance, sufficient evidence was obtained to deter a federal prosecution.
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TECHNICAL SURVEILLANCE COUNTERMEASURES
Despite the laws designed to protect businesses and consumers from invasions of privacy, bugs and wiretaps have been used to spy on people involved in litigation and discreet business dealing. Using state of the art technology, Renaissance employs professionals trained and experienced in conducting sweeps to detect and eliminate electronic eavesdropping and surveillance devices in offices, telephones and computers.
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BACKGROUND INVESTIGATIONS
Investigative research has grown in complexity and scope, given the shift toward a highly mobile society and the advent of a vast universe of internet references and social media sites. Applying investigative proficiency and a highly targeted, systematic review of digital media, internet data, social media, financial records, surveillance and physical evidence, Renaissance Associates conducts far-reaching background examinations in support of litigations and corporate investigations. Renaissance Associates’ highly specialized analysts use Internet search techniques and comprehensive third party database queries of unparalleled scope and detail for each subject. This methodology is applied in background examinations of individuals, corporate due diligence, asset location and verification and pre-employment background screenings.
Representative Matters
- Renaissance Associates conducted extensive background/due diligence investigations on acquisition targets in the United States, the Isle of Man, the United Kingdom and China at the request of a multi-national corporation.
- Renaissance Associates was hired by an institutional client facing an allegation of employee sexual misconduct. An extensive background investigation revealed that the victim made similar and unsubstantiated allegations against a prior employer, as well as other examples of questionable credibility, leading to the plaintiff’s withdrawal of the litigation.
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SURVEILLANCE
Physical surveillance requires highly skilled and experienced individuals with specialized knowledge of the tools and techniques used to discreetly monitor, obtain and analyze useful information. Renaissance Associates works with clients to develop an effective surveillance strategy based on an in-depth assessment of the issue, the legal implications and the client’s goals. Renaissance Associates employs experienced surveillance teams equipped with advanced technology. Our teams are comprised of former law enforcement agents who have vast experience in conducting successful operations.
Representative Matters
- Renaissance Associates was retained to conduct surveillance on the president of an international holding company suspected of engaging in questionable business practices and disloyalty to his employer. Several days of surveillance yielded still photograph and video evidence that was helpful to the client in establishing a cause of action.
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CONSTRUCTION PROJECT FRAUD REVIEW & MITIGATION
Fraud, waste, and abuse in the construction industry run into billions of dollars. Construction, unlike other industries, presents unique challenges because of the nature of erecting or renovating buildings. No two are alike; the planning, procurement, and actual construction rarely follow exact patterns; and it generally involves multiple parties, sophisticated cost estimates and tens, if not hundreds of millions of dollars. Tracking the money, the services, and the quality, from the earliest stages of the concept through to completion of the structure, requires expertise and knowledgeable attention to the planning, execution, and payment for the project.
Due to the complexities of managing the design and building phases, keeping a watchful eye for fraud or theft in the hectic pace of a construction project, where delays can cost thousands, if not millions of dollars is not the primary responsibility of construction managers. Many times, construction fraud comes to light only after large losses and when costly litigation is the only recourse. Moreover, the risk of complacency, when quality and safety standards have been compromised by bribery or strong-arm tactics creating the consequence of tragedy with the possible loss of life in a completed building, presumed safe.
Owners face an array of instances where they could be overcharged or shortchanged on the project to include, bid rigging, bribery, material substitution, change order padding, minority, women-owned and disadvantaged business enterprises (M/W/BDE), and payroll fraud to name a few. Just a small amount of fraud on a large job can run into the millions of dollars. For instance, a 1% variance in a $200 million project can cost the owner $2 million. Careful oversight of a project from inception to completion can not only save substantial money, but it can ensure that you take receipt of the project that you sought, rather than an inferior building that will cause you problems for years to come. Renaissance Associates have the real-world skills to anticipate known deceptions and criminal behavior throughout the entire construction project lifecycle so businesses and non-profits can get it “right from the start.” Experienced Renaissance Associates professionals review the most likely areas where fraud can occur from the early stages of choosing the construction method of the project through final delivery. The assessments, findings, and recommendations from the Renaissance Associates team are comprehensive and prioritized to identify the most egregious frauds, especially those involving safety and quality commitments and monetary impacts. The Renaissance team will alert the businesses and their Counsel to specific incidents, correlated with documentation and evidence, to uncover construction project fraud claims immediately so that corrective actions, including consulting law enforcement in the case of criminal behavior, can be taken to ensure a project that is on-time and on-budget.
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Financial Transaction Reconstruction
Representative Matters
- In connection with a FCPA investigation, our accountants organized and reviewed corporate trial balances and general ledger detail for questioned accounts, and reviewed related bank account statements and supporting documents for a period of approximately three years. We reconstructed sales, expense, and related commission activities for select transactions, and created a cross-referenced database to map activity between general ledger and bank account information. We identified suspicious transactions based on the results of our analysis.
- We were retained by counsel to a government contractor to investigate allegations under the False Claims Act of overcharges billed to agencies of the U.S. government. Our efforts included performing a forensic reconstruction of purchase and sales transactions, and calculations of profitability related to numerous government contracts.
- Our accountants prepared a court appointed accounting for ten years of transaction activity on behalf of the Defendant in a dispute over alleged breach of contract and fraud in connection with a family owned real estate holding company. Our procedures included the reconstruction of financial activity from manual ledgers and electronic files, the preparation of unaudited financial statements and the testing of select transactions to determine the true business purpose and nature of such transactions.
- On behalf of the minority shareholder in a national network of retail malls, our professionals reconstructed seven years of approximately $1 billion of real estate financing and sales activity and calculated the associated breach of contract damages.
- We calculated damages in a breach of contract matter between a major bank and a real estate conglomerate, requiring the reconstruction of financial activity over a multi-year period to quantify revenues from a portfolio of vacation properties.
- Our professionals assisted counsel to an international fertilizer broker in a longstanding multimillion-dollar dispute with the IRS. Our efforts included a forensic reconstruction of a series of complex barter transactions over multiple years and the preparation of recast financial statements. We presented findings to the IRS Agent in charge of the case.
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Damage Analysis Quantification
Representative Matters
- Our professionals prepared a complex prejudgment interest calculation for a national retail clothing chain involved in litigation with their insurance carrier. The matter involved a dispute over the reimbursement of over $1 million in legal fees related to the defense of a securities class action lawsuit.
- On behalf of a major international financial institution named as Defendant in a suit involving their role in an alleged tax shelter, our accountants analyzed the damages claim (in excess of $1 Billion), and provided rebuttal points by components of the claim. The work included a review of the IRS Closing Agreement and the related tax treatment of transactions in question.
- Our accountants prepared an expert report and related calculation of financial losses suffered by an insurance agency as a result of alleged fraudulent activities of several independent brokers and agents, specializing in surety bonds.
- We prepared a rebuttal expert report on behalf of counsel to a Fortune 100 international manufacturing conglomerate, in defense of a multi-faceted allegation of damages from product liability and related construction delay claims.
- On behalf of an established cable television operator facing allegations from a smaller operator of anti-trust violations, we assessed potential damages and prepared a lost profit analysis under multiple scenarios to aid in settlement negotiations.
- Our professionals prepared a calculation of lost profits, under several scenarios, in defense of a copyright infringement and misappropriation of trade secrets claim, brought by a software developer against a leading information services and technology company. The litigation involved the alleged inappropriate use of software under a series of licensing agreements.
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CASH FLOW TRACING & ANALYSIS
Representative Matters
- In connection with a FCPA investigation, our accountants inventoried, organized and reviewed bank account statements and supporting documents for eight different corporate and individual accounts encompassing an approximate six-year period. We created a database of all account activity and prepared a flow of funds analysis summarizing the sources and uses of all funds for the accounts in question. Our analysis enabled the user to readily see the relationship of activity between accounts and drill down into the detail for all transactions.
- In a family dispute between shareholders in a real estate management company, we performed a reconstruction of bank account activity, identifying sources and uses of funds. This ultimately resulted in the identification of several million dollars in misappropriated funds by a family member.
- Our professionals performed an investigation into the embezzlement of more than $70 million from an international bank by a private banker responsible for the accounts of high net-worth individuals. We conducted a review of over 20 customer accounts, which resulted in the identification of several bank accounts to which the funds were diverted. A reconstruction of activity for these bank accounts was performed, identifying the sources and uses of the embezzled funds. Additionally, we also conducted a substantial independent account confirmation exercise.
- Our accountants were retained by counsel to assist in the defense of a real estate investor accused of operating a multimillion-dollar Ponzi scheme. Our procedures included a review and reconstruction of bank account activity for numerous bank accounts over a period of approximately five years. We also constructed a database encompassing all bank account activity which allowed for a complete picture of the flow of funds over the time period in which the fraud was alleged to have taken place.
- Pursuant to the Securities Investor Protection Act, our professionals performed two investigations on behalf of the court-appointed Trustee looking into the misappropriation of client funds from registered broker-dealers as a part of the liquidation process. Significant forensic procedures were performed, including securing the electronic environment and reviewing electronic records, reconstructing customer account activity and cash flow and calculation of the loss amount, by customer, by year, and under several scenarios as directed by counsel.
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Contractual Compliance
Representative Matters
- Our team is retained on an ongoing basis by the Players Association for two major professional sports leagues to assess compliance by various parties with the financial terms of the Collective Bargaining Agreements.
- On behalf of the franchisor of several fast-casual restaurant brands, we performed a system fee audit of several franchisees to ensure appropriate royalty amounts were paid, pursuant to the franchise agreement.
- On behalf of a major international bank, our professionals performed procedures to verify the appropriate contractual interpretation and related monthly calculations in connection with the bank’s role as Trustee and Administrator to several investment funds consisting of pools of mortgage backed securities.
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FORENSIC ACCOUNTING
Renaissance’s forensic accountants and financial analysts have years of project delivery experience, honed at the largest international accounting firms. We bring this experience to bear for the benefit of our clients in a personalized and cost efficient manner.
Our specialized expertise includes working on matters involving the investigation of financial misconduct; reconstruction of financial transactions; verification of compliance with contractual requirements; quantification of damage amounts and financial analysis. Our team is accustomed to organizing, reviewing, and interpreting large amounts of disparate financial and related information into actionable intelligence.
We leverage our professionals’ multidisciplinary and complementary backgrounds in accounting, finance, and law, and take pride in our surgical approach to solving problems and bringing order to chaotic situations. We remain focused on the performance of timely, well-conceived and executed analyses, and appreciate the importance of clearly communicating our findings, related observations, and potential implications of such analyses.
DIGITAL FORENSICS
Renaissance’s digital forensics examiners have years of experience conducting forensic examinations both as law enforcement agents and in private practice. Our forensic examiners are highly trained and possess industry-standard certifications. We offer a full range of forensic services and guide our clients through every phase of an investigation, from the identification of assets that may contain relevant data to providing expert testimony, if required.
FORENSIC ANALYSIS
Renaissance examiners utilize state of the art forensic tools to conduct forensic examinations. We insure that we understand your goals, and provide a deliverable that will meet your needs.
Representative Matters
- Renaissance was retained by a law firm contemplating litigation on behalf of a client. The law firm declined the engagement after Renaissance’s examination of electronic documents put forth by the potential client revealed that the dates on which the documents purported to have been written were falsified.
- Renaissance was retained by the parents of a missing teen. Our forensic examination provided critical insight into the teen’s online activity during the days prior to the disappearance.
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DATA PRESERVATION
Renaissance utilizes industry standard and judicially recognized tools and procedures to capture and preserve data for further examination. We implement a chain-of-custody protocol to insure that the data we acquire will be admissible in legal proceedings. Renaissance has collected data in a wide range of matters with data sizes varying from a single thumb drive through scores of hard drives and servers.
Representative Matters
- Renaissance has been retained in connection with a number of high profile political matters in which data was collected and preserved pending future litigation.
- Renaissance was retained in connection with a matter in which spoliation had been alleged. Renaissance provided expert testimony in support of the spoliation defense.
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PORTABLE DEVICES
Computer forensic examinations often go far beyond simply examining computers. Renaissance can collect and examine data from portable devices such as cell phones, digital cameras, tablet computers, GPS receivers and the like. Despite the protections implemented by the manufacturers of these devices, we continue to be successful in the recovery of deleted data.
Representative Matters
- Renaissance was retained by a major sports league and conducted in-depth examinations of portable devices in support of allegations that arose during a championship game.
- Renaissance discovered critical evidence on a cell phone in connection with a human resources matter. We were able to recover deleted text messages which a litigant claimed had not been sent.
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ELECTRONIC DISCOVERY
The typical amount of data that needs to be reviewed in connection with a litigation or pursuant to a government subpoena has steadily increased over time. One solution that drastically reduces the time spent reviewing the data is to host the data on an electronic discovery platform. This allows for review of the data by multiple reviewers simultaneously, and allows the reviewers to search, tag and redact. Renaissance can host the data on our own servers, or prepare data for loading into your platform. After the data has been reviewed, Renaissance will produce a responsive data set, in a variety of formats, including native files, load files, TIFFing and PDF.
Representative Matters
- The firm assisted a client in a criminal matter who was served with an electronic discovery request by the Department of Justice. Through working closely with the client’s counsel, we devised a protocol that was universally accepted, assisted counsel in a privilege review and facilitated production to the government.
- The firm was retained by a New Jersey law firm to process, host, and produce over 100 gigabytes of electronic data in support of a commercial litigation. Renaissance’s eDiscovery production system automatically de-duplicated the data sets and filtered out extraneous files to reduce the quantity of reviewable data amounting to significant savings for the law firm, and the law firm’s client.
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NETWORK ASSESSMENTS
Network assessments involve detailed testing and analysis of the client’s network and the systems on that network. The goal of the testing and analysis is to identify weak spots and vulnerabilities that require updating or implementation. Renaissance’s network security experts utilize a suite of cutting edge tools and techniques designed to ferret out these vulnerabilities to insure networks and systems are protected from threats to the maximum extent possible.
Renaissance conducts both internal and external testing, sometimes call penetration testing. Both are important to insure a network’s security. External testing focuses upon attacks “from the outside” by testing a network’s Internet-facing assets. Internal testing focuses upon testing the overall security posture from within an organization’s network. Internal testing is just as important as external testing. Attacks from within cannot be discounted. While threats to networks and data are often perceived to originate from outside of an organization’s network, studies have demonstrated that such threats are just as likely to come from the inside.
Representative Matters
- Renaissance assisted a client in regaining a large consulting contract after the client had been suspended as a result of the loss of personally identifiable information (PII) entrusted to it by it’s client. Renaissance used a blended approach to identify the offender and harden the client’s network.
- A computer forensics analysis resulted in the identification of the client’s employee responsible for the compromise of the data. A referral for prosecution was made to law enforcement. A network security analysis identified weak spots in the client’s network and Renaissance assisted the client in hardening it. A physical security audit revealed weaknesses as well, and Renaissance assisted in upgrading the client’s physical security through alarm upgrades and video security implementation. Renaissance met with the client’s client and explained the investigation conducted and the network and physical security upgrades put in place. As a result, the client was unsuspended and received continues to work under the contract.
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ARCHITECTURE REVIEW
An architecture review focuses upon the design of a client’s network. The review evaluates how the network as been implemented and the security devices and controls in place. The goal is to identify misconfigurations or missing pieces that may pose a threat to the overall security of the network.
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POLICY REVIEW
A strong, well written network security and incident response policy is paramount in insuring the security of a network. Renaissance can assist by reviewing an existing policies and suggesting corrections or additions, or by writing a new set of policies. Additionally, policies can be reviewed or analyzed via Q & A, effectively testing employees’ knowledge of and compliance with the existing policies.
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APPLICATION SECURITY TESTING
Application security testing focuses upon the security of computer programs running on a client’s network. The goal of the testing is to evaluate whether or not the controls put in place to limit users’ access to data are effective and proper, and to insure that the applications have been secured against external threats. Application security was once an afterthought in the application development process. However, applications become more and more accessible over internal and external networks, protection from vulnerabilities has become increasingly important.
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NETWORK SECURITY
With the ever increasing incidents of network breaches and data thefts comes the necessity to remain vigilant in protecting your digital assets. Renaissance’s team of network security experts can assist by performing audits and testing to identify areas of concern that require updating or implementation.
Network administrators often wear many hats and may not necessarily have the necessary expertise or time to insure that assets are fully protected. Additionally, there are many advantages to having audits and testing performed by a third party. While such audits and testing are not inexpensive, the cost to perform them will pale in comparison to the costs associated with mitigating a breach which involves the loss of sensitive data.
WORKPLACE & SCHOOL VIOLENCE PREVENTION
An unfortunate reality of today’s workplace and school environments is that violence is always a concern. Because of the destructive nature of these actions to the workforce and our children, preventative actions and ever-updated safety measures that deter continually evolving threats are necessary in order to create the safest educational and workplace environment possible.
Renaissance Associates possesses the qualifications and experience, gained from years as Federal Prosecutors, Homeland Security liaisons, law enforcement agents, armed forces enlistments and as incident responders, to assess environments for safety and security issues and render recommendations to mitigate the threat and vulnerability of physical attack and other violent acts that could be perpetrated in the school or workplace environments.
ACTIVE SHOOTER VULNERABILITY ASSESSMENT & PREVENTION
The most insidious of school or workplace threats is an incident involving gun violence and the report of an active shooter. The challenge to create an open and inviting environment that promotes the core mission of the business or school is considerable when that same environment and its population needs to be secured from a random act of violence and the potential use of firearms. Renaissance Associates is adept at assessing and providing recommendations to guard against this growing threat to the safety and well-being of our children and loved ones as they go about their daily lives at school and work.
The holistic approach used by Renaissance Associates to assess and protect environments is based on the proven practices used by Homeland Security and armed forces when guarding against terrorist-level threats. Active shooter preparedness begins with situational awareness and an understanding of obvious security vulnerabilities in the physical surroundings, buildings, authorized use, and people-flow of these facilities. Educational institutions and some corporate campuses provide additional vulnerabilities as they tend to have open or common areas used by a larger community for social, political, entertainment or sporting events and require special considerations. Renaissance Associates empowers insights beyond obvious safety and security issues by applying years of experience with firearms defense and use training as former Homeland Security incident team members, law enforcement, military, and other first responder to explore plausible “what-if” scenarios for unique or coordinated threats and action plans based on social media and covert surveillance monitoring. The comprehensive vulnerability assessment performed by Renaissance Associates include:
- Physical environment, architectural assessment and facility vulnerability mapping
- Traffic flow threats and risk of employees, users and vendors
- Assessment, performance and code compliance of existing of security, safety, surveillance, communication, and public address systems
- Entry points and room-by-room assessment – shelter-in-place and emergency egress considerations
- Active Shooter action plan, first responder alert, team coordination and communications mass notification alert systems, fortification, lockdown hardware and procedures
- Personnel training, drills and first responder involvement
- Social media monitoring and threat alerts
- Crisis management effectiveness including on-going incident press and media management
Renaissance provides intelligent and actionable guidance highlighting the most vulnerable areas for immediate corrective actions as well as comprehensive reports detailing full facility and campus vulnerabilities and recommendations for remediation. In the chaotic moments of an active shooter everyone has an immediate and effective role to play to ensure their safety and that of their colleagues and co-workers. Renaissance first applies its expertise in background investigations to ensure an exhaustive search that uncovers previously unknown personnel attributes that may contribute to risk factors. The Renaissance report and plan is comprehensive, detailing all required physical upgrades including live video surveillance systems, entry and exits detection and alerts, on-site safety and defense measures, first responder engagement, communication action plans as well as detailed awareness, training and practice drills for all personnel, students and teachers involved. Renaissance Associates is capable to provide the most detailed report of safety issues, threats and vulnerabilities to schools and workplaces so that parents and administrators, student and co-workers have assurances that their safety and well-being are paramount, so they can go about their lives working and learning in secured environments.
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CORPORATE & EXECUTIVE THREAT ASSESSMENT & RISK PREVENTION
Highly visible corporate executives and business leaders who are frequently covered in the media or outspoken can be targets of fanatical fans, stalkers, social or political activists who may cause inadvertent harm to these individuals. The need for social media posts for business and entertainment professionals can make them more vulnerable to a myriad of threats by persons intent on theft and criminal actions or other disrupting mischief.
Applying deep experience as former Federal agents and prosecutors, government and political analysts, law enforcement officers and incident responders, Renaissance Associates provides rare expertise to assess the multiple threats, personal risks and liabilities facing executives, high net worth individuals, entertainers, and media personalities. Moreover, when combined with Renaissance’s digital and cyber security acumen provide security assessment that provides corporate and personal security teams with the intelligence to affect an encompassing ring of security for the safety and protection of high-valued individuals and their families.
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CATASTROPHIC EVENT & BUSINESS CONTINUITY PLANNING
A catastrophic event can be any incident – physical, cyber and combined – that disrupts a business, its people and systems from fulfilling daily routines, tasks, and goals. These disasters are no longer the 100-year events, and we are now experiencing more intense and longer lasting, weather-related storms that create power outages for days, or with little warning, the sudden occurrence of a natural disaster or terrorist incident and almost on a daily basis cyber-attacks are becoming more frequent and pervasive. Anyone of these catastrophic events alone can put businesses offline for days, even weeks.
Catastrophic events and Business Continuity Planning (BCP) are integral parts of business planning however according to the Federal Emergency Management Agency (FEMA) estimates that more than 40% of businesses never reopen after a disaster, and businesses that lose data for more than nine days typically file for bankruptcy. Businesses that don’t plan for the eventuality of these events are – planning to fail.
In our role as a vital member of clients’ incident response teams, Renaissance Associates has gained vast experience from the front lines of responding directly to all manner of corporate crisis. We’ve gained unique insights into large-scale incident management and response as the liaison to FEMA leading the State of New Jersey’s preparedness and the highly-regarded, post-hurricane restoration efforts. We stand shoulder-to-shoulder with our client’s internal and external Counsel, and management, establishing best-practice that provide the business with agility in the face of disaster; proven methods to quickly respond and maintain continuity and the most rapid approach to return to business-as-usual. – the foremost of which is planning.
Planning is the keystone of the Renaissance Associates methodology. This distinctive Renaissance Associates approach considers the business, its people, processes and partners (vendors) as a holistic structure and helps us to better demonstrate the critical impacts that exist in their business ecosystems and how to minimize damages, avoid catastrophic failures and transition to pre-planned, cost-effective redundant or even tertiary means to maintain operations.
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MONITORSHIPS & SPECIAL MASTERS
In complex corporate investigations where fraud, misconduct, or regulatory violations are uncovered, prosecutors and the organization, with court approval can agree to mitigate, suspend or defer further government actions or penalties, based on the business fulfilling the terms of the agreement which generally include strict oversight by a monitor.
Renaissance Associates has been called upon to act as a court-appointed monitor in numerous, high profile and complex matters based on the Firm’s reputation, ethical standing and multi-disciplinary approach combining experienced investigators, forensic accountants, and compliance professionals. This important mix of talent permits exhaustive fact-finding, actionable intelligence, and understanding of legal implications which are required to fulfill the demanding role of a court-appointed Monitor. As a matter of public record, Renaissance Associates was one of the four court-appointed monitors in the largest hedge fund fraud, to date – the $65 billion Ponzi scheme involving Bernard L. Madoff Investment Securities.
The Court, at its discretion, based on the particular circumstances of the matter and parties involved, can appoint several types of monitorships that serve different functions:
- Traditional Court-Ordered Monitorship: An agreement that results from a court order appoints a monitor, as an agent of the court, responsible for confirming the business complies with the terms of the court order.
- Enforcement Monitorship: Upon a negotiated settlement (typically one that defers prosecution) between a prosecutor or enforcement agency and the business that has engaged in alleged misconduct where a monitor is agreed upon to assess and validate the organization’s specific performance with the settlement terms, typically within a stipulated timeframe
- Corporate Compliance Monitorship: A corporate compliance monitor is appointed to conduct a thorough, root-cause investigation to determine the reason why the misconduct occurred at the organization in order to ensure such conduct is not replicated.
A Special Master serves as an officer of the court in a quasi-judicial role, in complex civil matters where the existence of “exceptional conditions” require an individual with specialized knowledge. The professionals of Renaissance Associates are prepared to apply their specialized and varied knowledge and experience to assist the Courts and the commercial sector to resolve matters in the most effective means necessary.
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MONITORSHIP & SPECIAL MASTERS
INVESTIGATIONS
Successful investigations require meticulous planning, execution and perseverance by skilled and experienced investigators. Corporate investigations, preparation for regulatory or government inquires, dispute resolution and litigation support are highly complex and go well beyond routine fact finding and evidence gathering. Renaissance Associates offers its clients unparalleled investigative leadership to achieve success and add value in even the most complex matters.
CRIMINAL, CIVIL & CORPORATE INVESTIGATIONS
Renaissance Associates has gained the trust of corporate America and leading law firms through the flawless delivery of highly competent investigations. Renaissance Associates effectively responds to client matters where interviews, analysis and document review are required for successful outcomes. Renaissance Associates works seamlessly with attorneys, applying decades of experience as Federal law enforcement agents. With an understanding of legal implications, regulatory issues and the ability to anticipate governmental actions, Renaissance Associates is able to provide valuable strategies and tactics to our clients. Renaissance Associates applies its worldwide investigative abilities and proven methodology to create thorough reports with all information necessary to make informed and proper business or litigation decisions.
Representative Matters
- Renaissance Associates was retained by the National Football League to assist in reviewing electronic and video information in the Deflategate matter.
- Renaissance Associates was retained to provide services to the court-appointed trustee under SIPA and his counsel in the liquidation of Bernard L. Madoff Investment Securities LLC.
- Renaissance Associates provided investigative services to a multi-national law firm representing a multi-billion dollar hedge fund in a large insider trading matter. After formulating an investigative strategy and conducting highly sensitive interviews, reviewing documents and conducting surveillance, sufficient evidence was obtained to deter a federal prosecution.
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TECHNICAL SURVEILLANCE COUNTERMEASURES
Despite the laws designed to protect businesses and consumers from invasions of privacy, bugs and wiretaps have been used to spy on people involved in litigation and discreet business dealing. Using state of the art technology, Renaissance employs professionals trained and experienced in conducting sweeps to detect and eliminate electronic eavesdropping and surveillance devices in offices, telephones and computers.
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BACKGROUND INVESTIGATIONS
Investigative research has grown in complexity and scope, given the shift toward a highly mobile society and the advent of a vast universe of internet references and social media sites. Applying investigative proficiency and a highly targeted, systematic review of digital media, internet data, social media, financial records, surveillance and physical evidence, Renaissance Associates conducts far-reaching background examinations in support of litigations and corporate investigations. Renaissance Associates’ highly specialized analysts use Internet search techniques and comprehensive third party database queries of unparalleled scope and detail for each subject. This methodology is applied in background examinations of individuals, corporate due diligence, asset location and verification and pre-employment background screenings.
Representative Matters
- Renaissance Associates conducted extensive background/due diligence investigations on acquisition targets in the United States, the Isle of Man, the United Kingdom and China at the request of a multi-national corporation.
- Renaissance Associates was hired by an institutional client facing an allegation of employee sexual misconduct. An extensive background investigation revealed that the victim made similar and unsubstantiated allegations against a prior employer, as well as other examples of questionable credibility, leading to the plaintiff’s withdrawal of the litigation.
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SURVEILLANCE
Physical surveillance requires highly skilled and experienced individuals with specialized knowledge of the tools and techniques used to discreetly monitor, obtain and analyze useful information. Renaissance Associates works with clients to develop an effective surveillance strategy based on an in-depth assessment of the issue, the legal implications and the client’s goals. Renaissance Associates employs experienced surveillance teams equipped with advanced technology. Our teams are comprised of former law enforcement agents who have vast experience in conducting successful operations.
Representative Matters
- Renaissance Associates was retained to conduct surveillance on the president of an international holding company suspected of engaging in questionable business practices and disloyalty to his employer. Several days of surveillance yielded still photograph and video evidence that was helpful to the client in establishing a cause of action.
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CONSTRUCTION PROJECT FRAUD REVIEW & MITIGATION
Fraud, waste, and abuse in the construction industry run into billions of dollars. Construction, unlike other industries, presents unique challenges because of the nature of erecting or renovating buildings. No two are alike; the planning, procurement, and actual construction rarely follow exact patterns; and it generally involves multiple parties, sophisticated cost estimates and tens, if not hundreds of millions of dollars. Tracking the money, the services, and the quality, from the earliest stages of the concept through to completion of the structure, requires expertise and knowledgeable attention to the planning, execution, and payment for the project.
Due to the complexities of managing the design and building phases, keeping a watchful eye for fraud or theft in the hectic pace of a construction project, where delays can cost thousands, if not millions of dollars is not the primary responsibility of construction managers. Many times, construction fraud comes to light only after large losses and when costly litigation is the only recourse. Moreover, the risk of complacency, when quality and safety standards have been compromised by bribery or strong-arm tactics creating the consequence of tragedy with the possible loss of life in a completed building, presumed safe.
Owners face an array of instances where they could be overcharged or shortchanged on the project to include, bid rigging, bribery, material substitution, change order padding, minority, women-owned and disadvantaged business enterprises (M/W/BDE), and payroll fraud to name a few. Just a small amount of fraud on a large job can run into the millions of dollars. For instance, a 1% variance in a $200 million project can cost the owner $2 million. Careful oversight of a project from inception to completion can not only save substantial money, but it can ensure that you take receipt of the project that you sought, rather than an inferior building that will cause you problems for years to come. Renaissance Associates have the real-world skills to anticipate known deceptions and criminal behavior throughout the entire construction project lifecycle so businesses and non-profits can get it “right from the start.” Experienced Renaissance Associates professionals review the most likely areas where fraud can occur from the early stages of choosing the construction method of the project through final delivery. The assessments, findings, and recommendations from the Renaissance Associates team are comprehensive and prioritized to identify the most egregious frauds, especially those involving safety and quality commitments and monetary impacts. The Renaissance team will alert the businesses and their Counsel to specific incidents, correlated with documentation and evidence, to uncover construction project fraud claims immediately so that corrective actions, including consulting law enforcement in the case of criminal behavior, can be taken to ensure a project that is on-time and on-budget.
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FORENSIC ACCOUNTING
Renaissance’s forensic accountants and financial analysts have years of project delivery experience, honed at the largest international accounting firms. We bring this experience to bear for the benefit of our clients in a personalized and cost efficient manner.
Our specialized expertise includes working on matters involving the investigation of financial misconduct; reconstruction of financial transactions; verification of compliance with contractual requirements; quantification of damage amounts and financial analysis. Our team is accustomed to organizing, reviewing, and interpreting large amounts of disparate financial and related information into actionable intelligence.
We leverage our professionals’ multidisciplinary and complementary backgrounds in accounting, finance, and law, and take pride in our surgical approach to solving problems and bringing order to chaotic situations. We remain focused on the performance of timely, well-conceived and executed analyses, and appreciate the importance of clearly communicating our findings, related observations, and potential implications of such analyses.
Financial Transaction Reconstruction
Representative Matters
- In connection with a FCPA investigation, our accountants organized and reviewed corporate trial balances and general ledger detail for questioned accounts, and reviewed related bank account statements and supporting documents for a period of approximately three years. We reconstructed sales, expense, and related commission activities for select transactions, and created a cross-referenced database to map activity between general ledger and bank account information. We identified suspicious transactions based on the results of our analysis.
- We were retained by counsel to a government contractor to investigate allegations under the False Claims Act of overcharges billed to agencies of the U.S. government. Our efforts included performing a forensic reconstruction of purchase and sales transactions, and calculations of profitability related to numerous government contracts.
- Our accountants prepared a court appointed accounting for ten years of transaction activity on behalf of the Defendant in a dispute over alleged breach of contract and fraud in connection with a family owned real estate holding company. Our procedures included the reconstruction of financial activity from manual ledgers and electronic files, the preparation of unaudited financial statements and the testing of select transactions to determine the true business purpose and nature of such transactions.
- On behalf of the minority shareholder in a national network of retail malls, our professionals reconstructed seven years of approximately $1 billion of real estate financing and sales activity and calculated the associated breach of contract damages.
- We calculated damages in a breach of contract matter between a major bank and a real estate conglomerate, requiring the reconstruction of financial activity over a multi-year period to quantify revenues from a portfolio of vacation properties.
- Our professionals assisted counsel to an international fertilizer broker in a longstanding multimillion-dollar dispute with the IRS. Our efforts included a forensic reconstruction of a series of complex barter transactions over multiple years and the preparation of recast financial statements. We presented findings to the IRS Agent in charge of the case.
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Damage Analysis Quantification
Representative Matters
- Our professionals prepared a complex prejudgment interest calculation for a national retail clothing chain involved in litigation with their insurance carrier. The matter involved a dispute over the reimbursement of over $1 million in legal fees related to the defense of a securities class action lawsuit.
- On behalf of a major international financial institution named as Defendant in a suit involving their role in an alleged tax shelter, our accountants analyzed the damages claim (in excess of $1 Billion), and provided rebuttal points by components of the claim. The work included a review of the IRS Closing Agreement and the related tax treatment of transactions in question.
- Our accountants prepared an expert report and related calculation of financial losses suffered by an insurance agency as a result of alleged fraudulent activities of several independent brokers and agents, specializing in surety bonds.
- We prepared a rebuttal expert report on behalf of counsel to a Fortune 100 international manufacturing conglomerate, in defense of a multi-faceted allegation of damages from product liability and related construction delay claims.
- On behalf of an established cable television operator facing allegations from a smaller operator of anti-trust violations, we assessed potential damages and prepared a lost profit analysis under multiple scenarios to aid in settlement negotiations.
- Our professionals prepared a calculation of lost profits, under several scenarios, in defense of a copyright infringement and misappropriation of trade secrets claim, brought by a software developer against a leading information services and technology company. The litigation involved the alleged inappropriate use of software under a series of licensing agreements.
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CASH FLOW TRACING & ANALYSIS
Representative Matters
- In connection with a FCPA investigation, our accountants inventoried, organized and reviewed bank account statements and supporting documents for eight different corporate and individual accounts encompassing an approximate six-year period. We created a database of all account activity and prepared a flow of funds analysis summarizing the sources and uses of all funds for the accounts in question. Our analysis enabled the user to readily see the relationship of activity between accounts and drill down into the detail for all transactions.
- In a family dispute between shareholders in a real estate management company, we performed a reconstruction of bank account activity, identifying sources and uses of funds. This ultimately resulted in the identification of several million dollars in misappropriated funds by a family member.
- Our professionals performed an investigation into the embezzlement of more than $70 million from an international bank by a private banker responsible for the accounts of high net-worth individuals. We conducted a review of over 20 customer accounts, which resulted in the identification of several bank accounts to which the funds were diverted. A reconstruction of activity for these bank accounts was performed, identifying the sources and uses of the embezzled funds. Additionally, we also conducted a substantial independent account confirmation exercise.
- Our accountants were retained by counsel to assist in the defense of a real estate investor accused of operating a multimillion-dollar Ponzi scheme. Our procedures included a review and reconstruction of bank account activity for numerous bank accounts over a period of approximately five years. We also constructed a database encompassing all bank account activity which allowed for a complete picture of the flow of funds over the time period in which the fraud was alleged to have taken place.
- Pursuant to the Securities Investor Protection Act, our professionals performed two investigations on behalf of the court-appointed Trustee looking into the misappropriation of client funds from registered broker-dealers as a part of the liquidation process. Significant forensic procedures were performed, including securing the electronic environment and reviewing electronic records, reconstructing customer account activity and cash flow and calculation of the loss amount, by customer, by year, and under several scenarios as directed by counsel.
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CONTRACTUAL COMPLIANCE
Representative Matters
- Our team is retained on an ongoing basis by the Players Association for two major professional sports leagues to assess compliance by various parties with the financial terms of the Collective Bargaining Agreements.
- On behalf of the franchisor of several fast-casual restaurant brands, we performed a system fee audit of several franchisees to ensure appropriate royalty amounts were paid, pursuant to the franchise agreement.
- On behalf of a major international bank, our professionals performed procedures to verify the appropriate contractual interpretation and related monthly calculations in connection with the bank’s role as Trustee and Administrator to several investment funds consisting of pools of mortgage backed securities.
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COMPUTER FORENSICS
Renaissance’s digital forensics examiners have years of experience conducting forensic examinations both as law enforcement agents and in private practice. Our forensic examiners are highly trained and possess industry-standard certifications. We offer a full range of forensic services and guide our clients through every phase of an investigation, from the identification of assets that may contain relevant data to providing expert testimony, if required.
FORENSIC ANALYSIS
Renaissance examiners utilize state of the art forensic tools to conduct forensic examinations. We insure that we understand your goals, and provide a deliverable that will meet your needs.
Representative Matters
- Renaissance was retained by a law firm contemplating litigation on behalf of a client. The law firm declined the engagement after Renaissance’s examination of electronic documents put forth by the potential client revealed that the dates on which the documents purported to have been written were falsified.
- Renaissance was retained by the parents of a missing teen. Our forensic examination provided critical insight into the teen’s online activity during the days prior to the disappearance.
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DATA PRESERVATION
Renaissance utilizes industry standard and judicially recognized tools and procedures to capture and preserve data for further examination. We implement a chain-of-custody protocol to insure that the data we acquire will be admissible in legal proceedings. Renaissance has collected data in a wide range of matters with data sizes varying from a single thumb drive through scores of hard drives and servers.
Representative Matters
- Renaissance has been retained in connection with a number of high profile political matters in which data was collected and preserved pending future litigation.
- Renaissance was retained in connection with a matter in which spoliation had been alleged. Renaissance provided expert testimony in support of the spoliation defense.
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PORTABLE DEVICES
Computer forensic examinations often go far beyond simply examining computers. Renaissance can collect and examine data from portable devices such as cell phones, digital cameras, tablet computers, GPS receivers and the like. Despite the protections implemented by the manufacturers of these devices, we continue to be successful in the recovery of deleted data.
Representative Matters
- Renaissance was retained by a major sports league and conducted in-depth examinations of portable devices in support of allegations that arose during a championship game.
- Renaissance discovered critical evidence on a cell phone in connection with a human resources matter. We were able to recover deleted text messages which a litigant claimed had not been sent.
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ELECTRONIC DISCOVERY
The typical amount of data that needs to be reviewed in connection with a litigation or pursuant to a government subpoena has steadily increased over time. One solution that drastically reduces the time spent reviewing the data is to host the data on an electronic discovery platform. This allows for review of the data by multiple reviewers simultaneously, and allows the reviewers to search, tag and redact. Renaissance can host the data on our own servers, or prepare data for loading into your platform. After the data has been reviewed, Renaissance will produce a responsive data set, in a variety of formats, including native files, load files, TIFFing and PDF.
Representative Matters
- The firm assisted a client in a criminal matter who was served with an electronic discovery request by the Department of Justice. Through working closely with the client’s counsel, we devised a protocol that was universally accepted, assisted counsel in a privilege review and facilitated production to the government.
- The firm was retained by a New Jersey law firm to process, host, and produce over 100 gigabytes of electronic data in support of a commercial litigation. Renaissance’s eDiscovery production system automatically de-duplicated the data sets and filtered out extraneous files to reduce the quantity of reviewable data amounting to significant savings for the law firm, and the law firm’s client.
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NETWORK SECURITY
With the ever increasing incidents of network breaches and data thefts comes the necessity to remain vigilant in protecting your digital assets. Renaissance’s team of network security experts can assist by performing audits and testing to identify areas of concern that require updating or implementation.
Network administrators often wear many hats and may not necessarily have the necessary expertise or time to insure that assets are fully protected. Additionally, there are many advantages to having audits and testing performed by a third party. While such audits and testing are not inexpensive, the cost to perform them will pale in comparison to the costs associated with mitigating a breach which involves the loss of sensitive data.
NETWORK ASSESSMENTS
Network assessments involve detailed testing and analysis of the client’s network and the systems on that network. The goal of the testing and analysis is to identify weak spots and vulnerabilities that require updating or implementation. Renaissance’s network security experts utilize a suite of cutting edge tools and techniques designed to ferret out these vulnerabilities to insure networks and systems are protected from threats to the maximum extent possible.
Renaissance conducts both internal and external testing, sometimes call penetration testing. Both are important to insure a network’s security. External testing focuses upon attacks “from the outside” by testing a network’s Internet-facing assets. Internal testing focuses upon testing the overall security posture from within an organization’s network. Internal testing is just as important as external testing. Attacks from within cannot be discounted. While threats to networks and data are often perceived to originate from outside of an organization’s network, studies have demonstrated that such threats are just as likely to come from the inside.
Representative Matters
- Renaissance assisted a client in regaining a large consulting contract after the client had been suspended as a result of the loss of personally identifiable information (PII) entrusted to it by it’s client. Renaissance used a blended approach to identify the offender and harden the client’s network.
- A computer forensics analysis resulted in the identification of the client’s employee responsible for the compromise of the data. A referral for prosecution was made to law enforcement. A network security analysis identified weak spots in the client’s network and Renaissance assisted the client in hardening it. A physical security audit revealed weaknesses as well, and Renaissance assisted in upgrading the client’s physical security through alarm upgrades and video security implementation. Renaissance met with the client’s client and explained the investigation conducted and the network and physical security upgrades put in place. As a result, the client was unsuspended and received continues to work under the contract.
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ARCHITECTURE REVIEW
An architecture review focuses upon the design of a client’s network. The review evaluates how the network as been implemented and the security devices and controls in place. The goal is to identify misconfigurations or missing pieces that may pose a threat to the overall security of the network.
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POLICY REVIEW
A strong, well written network security and incident response policy is paramount in insuring the security of a network. Renaissance can assist by reviewing an existing policies and suggesting corrections or additions, or by writing a new set of policies. Additionally, policies can be reviewed or analyzed via Q & A, effectively testing employees’ knowledge of and compliance with the existing policies.
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APPLICATION SECURITY TESTING
Application security testing focuses upon the security of computer programs running on a client’s network. The goal of the testing is to evaluate whether or not the controls put in place to limit users’ access to data are effective and proper, and to insure that the applications have been secured against external threats. Application security was once an afterthought in the application development process. However, applications become more and more accessible over internal and external networks, protection from vulnerabilities has become increasingly important.
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WORKPLACE & SCHOOL VIOLENCE PREVENTION
An unfortunate reality of today’s workplace and school environments is that violence is always a concern. Because of the destructive nature of these actions to the workforce and our children, preventative actions and ever-updated safety measures that deter continually evolving threats are necessary in order to create the safest educational and workplace environment possible.
Renaissance Associates possesses the qualifications and experience, gained from years as Federal Prosecutors, Homeland Security liaisons, law enforcement agents, armed forces enlistments and as incident responders, to assess environments for safety and security issues and render recommendations to mitigate the threat and vulnerability of physical attack and other violent acts that could be perpetrated in the school or workplace environments.
ACTIVE SHOOTER VULNERABILITY ASSESSMENT & PREVENTION
The most insidious of school or workplace threats is an incident involving gun violence and the report of an active shooter. The challenge to create an open and inviting environment that promotes the core mission of the business or school is considerable when that same environment and its population needs to be secured from a random act of violence and the potential use of firearms. Renaissance Associates is adept at assessing and providing recommendations to guard against this growing threat to the safety and well-being of our children and loved ones as they go about their daily lives at school and work.
The holistic approach used by Renaissance Associates to assess and protect environments is based on the proven practices used by Homeland Security and armed forces when guarding against terrorist-level threats. Active shooter preparedness begins with situational awareness and an understanding of obvious security vulnerabilities in the physical surroundings, buildings, authorized use, and people-flow of these facilities. Educational institutions and some corporate campuses provide additional vulnerabilities as they tend to have open or common areas used by a larger community for social, political, entertainment or sporting events and require special considerations. Renaissance Associates empowers insights beyond obvious safety and security issues by applying years of experience with firearms defense and use training as former Homeland Security incident team members, law enforcement, military, and other first responder to explore plausible “what-if” scenarios for unique or coordinated threats and action plans based on social media and covert surveillance monitoring. The comprehensive vulnerability assessment performed by Renaissance Associates include:
- Physical environment, architectural assessment and facility vulnerability mapping
- Traffic flow threats and risk of employees, users and vendors
- Assessment, performance and code compliance of existing of security, safety, surveillance, communication, and public address systems
- Entry points and room-by-room assessment – shelter-in-place and emergency egress considerations
- Active Shooter action plan, first responder alert, team coordination and communications mass notification alert systems, fortification, lockdown hardware and procedures
- Personnel training, drills and first responder involvement
- Social media monitoring and threat alerts
- Crisis management effectiveness including on-going incident press and media management
Renaissance provides intelligent and actionable guidance highlighting the most vulnerable areas for immediate corrective actions as well as comprehensive reports detailing full facility and campus vulnerabilities and recommendations for remediation. In the chaotic moments of an active shooter everyone has an immediate and effective role to play to ensure their safety and that of their colleagues and co-workers. Renaissance first applies its expertise in background investigations to ensure an exhaustive search that uncovers previously unknown personnel attributes that may contribute to risk factors. The Renaissance report and plan is comprehensive, detailing all required physical upgrades including live video surveillance systems, entry and exits detection and alerts, on-site safety and defense measures, first responder engagement, communication action plans as well as detailed awareness, training and practice drills for all personnel, students and teachers involved. Renaissance Associates is capable to provide the most detailed report of safety issues, threats and vulnerabilities to schools and workplaces so that parents and administrators, student and co-workers have assurances that their safety and well-being are paramount, so they can go about their lives working and learning in secured environments.
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CORPORATE & EXECUTIVE THREAT ASSESSMENT & RISK PREVENTION
Highly visible corporate executives and business leaders who are frequently covered in the media or outspoken can be targets of fanatical fans, stalkers, social or political activists who may cause inadvertent harm to these individuals. The need for social media posts for business and entertainment professionals can make them more vulnerable to a myriad of threats by persons intent on theft and criminal actions or other disrupting mischief.
Applying deep experience as former Federal agents and prosecutors, government and political analysts, law enforcement officers and incident responders, Renaissance Associates provides rare expertise to assess the multiple threats, personal risks and liabilities facing executives, high net worth individuals, entertainers, and media personalities. Moreover, when combined with Renaissance’s digital and cyber security acumen provide security assessment that provides corporate and personal security teams with the intelligence to affect an encompassing ring of security for the safety and protection of high-valued individuals and their families.
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CATASTROPHIC EVENT & BUSINESS CONTINUITY PLANNING
A catastrophic event can be any incident – physical, cyber and combined – that disrupts a business, its people and systems from fulfilling daily routines, tasks, and goals. These disasters are no longer the 100-year events, and we are now experiencing more intense and longer lasting, weather-related storms that create power outages for days, or with little warning, the sudden occurrence of a natural disaster or terrorist incident and almost on a daily basis cyber-attacks are becoming more frequent and pervasive. Anyone of these catastrophic events alone can put businesses offline for days, even weeks.
Catastrophic events and Business Continuity Planning (BCP) are integral parts of business planning however according to the Federal Emergency Management Agency (FEMA) estimates that more than 40% of businesses never reopen after a disaster, and businesses that lose data for more than nine days typically file for bankruptcy. Businesses that don’t plan for the eventuality of these events are – planning to fail.
In our role as a vital member of clients’ incident response teams, Renaissance Associates has gained vast experience from the front lines of responding directly to all manner of corporate crisis. We’ve gained unique insights into large-scale incident management and response as the liaison to FEMA leading the State of New Jersey’s preparedness and the highly-regarded, post-hurricane restoration efforts. We stand shoulder-to-shoulder with our client’s internal and external Counsel, and management, establishing best-practice that provide the business with agility in the face of disaster; proven methods to quickly respond and maintain continuity and the most rapid approach to return to business-as-usual. – the foremost of which is planning.
Planning is the keystone of the Renaissance Associates methodology. This distinctive Renaissance Associates approach considers the business, its people, processes and partners (vendors) as a holistic structure and helps us to better demonstrate the critical impacts that exist in their business ecosystems and how to minimize damages, avoid catastrophic failures and transition to pre-planned, cost-effective redundant or even tertiary means to maintain operations.
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MONITORSHIPS & SPECIAL MASTERS
MONITORSHIPS & SPECIAL MASTERS
In complex corporate investigations where fraud, misconduct, or regulatory violations are uncovered, prosecutors and the organization, with court approval can agree to mitigate, suspend or defer further government actions or penalties, based on the business fulfilling the terms of the agreement which generally include strict oversight by a monitor.
Renaissance Associates has been called upon to act as a court-appointed monitor in numerous, high profile and complex matters based on the Firm’s reputation, ethical standing and multi-disciplinary approach combining experienced investigators, forensic accountants, and compliance professionals. This important mix of talent permits exhaustive fact-finding, actionable intelligence, and understanding of legal implications which are required to fulfill the demanding role of a court-appointed Monitor. As a matter of public record, Renaissance Associates was one of the four court-appointed monitors in the largest hedge fund fraud, to date – the $65 billion Ponzi scheme involving Bernard L. Madoff Investment Securities.
The Court, at its discretion, based on the particular circumstances of the matter and parties involved, can appoint several types of monitorships that serve different functions:
- Traditional Court-Ordered Monitorship: An agreement that results from a court order appoints a monitor, as an agent of the court, responsible for confirming the business complies with the terms of the court order.
- Enforcement Monitorship: Upon a negotiated settlement (typically one that defers prosecution) between a prosecutor or enforcement agency and the business that has engaged in alleged misconduct where a monitor is agreed upon to assess and validate the organization’s specific performance with the settlement terms, typically within a stipulated timeframe
- Corporate Compliance Monitorship: A corporate compliance monitor is appointed to conduct a thorough, root-cause investigation to determine the reason why the misconduct occurred at the organization in order to ensure such conduct is not replicated.
A Special Master serves as an officer of the court in a quasi-judicial role, in complex civil matters where the existence of “exceptional conditions” require an individual with specialized knowledge. The professionals of Renaissance Associates are prepared to apply their specialized and varied knowledge and experience to assist the Courts and the commercial sector to resolve matters in the most effective means necessary.
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Renaissance Associates Ltd.
“Transforming Intelligence into Knowledge”
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