CIRI: Heaps tweets market fraud session

Darell Heaps from Q4 Web Systems attended the CIRI session Capital Market Fraud Investigations – White Collar Crime. During the session, Darrell used Twitter to live blog. Twitter is a microblogging tool that allows you to send messages from the web or your phone in 140 character sets. Twitter is used by over 40 million people around the world.

I spoke with Darrell and he allowed me to grab all of his tweets, so I thought I would try something new and repost all of his tweets as a blog entry. Here is Darrell’s coverage of the session in microblog format via Twitter (note the hash-tag at the start of each tweet allows search engines to index the content of the tweet):

#CIRI08 in the capital market fraud session – Neil Stewart , IR Magazine is giving an intro about 1 hour ago from web
#CIRI08 Enron and Worldcom IROs were NIRI members during the fraud about 1 hour ago from web
#CIRI08 Lawrence Ritchie Vice Chair from OSC speaking about 1 hour ago from web

#CIRI08 Canada has 13 separate regulators that all perform the same function which means there is a potential overlap of activity. about 1 hour ago from web
#CIRI08 CSA tries to harmonize legislation and coordinate activities. (is this why XBRL is such a no-show in Canada?) about 1 hour ago from web
#CIRI08 CSA tries to harmonize legislation and coordinate activities. (is this why XBRL is such a no-show in Canada?) about 1 hour ago from web
#CIRI08 OSC’s mandate is to protect investors from fraudulent and to foster fair and efficient capital market and confidence about 1 hour ago from web
#CIRI08 Tom Newkirk speaking now – What issues is the SEC focusing on? about 1 hour ago from web
#CIRI08 SEC Evergreen priorities – Ensure accurate info, Comparability, Allocate capital appropriately, Provide access to the market 41 minutes ago from web
#CIRI08 New priority is hedge funds, a lot of concern that hedge funds are getting information before others — SEC trying to figure it out 39 minutes ago from web
#CIRI08 New priority is hedge funds, a lot of concern that hedge funds are getting information before others 39 minutes ago from web
#CIRI08 Market timing regarding recent mutual fund issue — SEC uncovered hedge funds had leading information 38 minutes ago from web
#CIRI08 Norman Inkster speaking now “Canada is lacking in enforcement – Conrad Black would love to move back here and get his $$$$” 37 minutes ago from web
#CIRI08 47% of Fraud is discovered through Internal controls, 45% by investigation by mgmt, 37% employees 33 minutes ago from web
#CIRI08 SOX 302 (certification of financials) doesn’t stop fraud – but does make it easy to know who to blame 31 minutes ago from web
#CIRI08 although whistleblowers are a key aspect of discovering fraud most caused them to end their career or life in some cases 29 minutes ago from web
#CIRI08 Key message is that OSC and other regulators should be focused on prevention and internal controls — rather than enforcement 25 minutes ago from web
#CIRI08 “Is SOX causing companies to not go to the states?” Tom Newkirk thinks very unlikely 23 minutes ago from web
#CIRI08 Q&A happening now 22 minutes ago from web
#CIRI08 mention Danier Leather & IMAX – Bill198 – aggressive forecasts and market expectations are risky and create significant liability 19 minutes ago from web
#CIRI08 Vulnerable companies traits – weak or unmonitored controls, company dominated by 1 or 2 mgrs 17 minutes ago from web
#CIRI08 (continued) mgmt comp strongly tied to earnings, employees poorly paid, mgmt focus on short term results 16 minutes ago from web
#CIRI08 OSC and Ontario are the only ones on CSA that support a single regulator (L.Ritchie from OSC speaking) 14 minutes ago from web
#CIRI08 Tom Newkirk making some funny comments about Spitzer lol 10 minutes ago from web
#CIRI08 if your company comes under investigation how can you protect shareholder value-typically declines as soon as investigation starts 9 minutes ago from web
#CIRI08 virtually no answer to this… 3 minutes ago from web
#CIRI08 session wrapping up – time for lunch — yummy half a minute ago from web