The recent bankruptcy filing of Iowa-based Peregrine Financial amid the apparent disappearance of some $200 million of client money has brought a little attention to the services of Confirmation.com, the local venture that electronically verifies that money is where people say it is. The New York Post reports that the National Futures Association has been pushing its member firms to get onto Confirmation.com's platform for months and that pressure to do so may have led Peregrine founder Russ Wasendorf to try to take his life.
Which does make you wonder why the NFA and others didn't make this push sooner...
"How did the regulators miss this?" said Lauren Nelson, spokeswomen for Attain Capital Management, a broker whose clients used Peregrine's trading business, also known as PFGBest. "It's very frustrating to be on the outside looking in and wondering where the regulators have been when all of this has been going on."
Pieces from Bloomberg and The New York Times mention that Wasendorf resisted the NFA's push to begin using Confirmation.com for his firm's dealings. The Times writes: "He fought the directive for several days, the person said, until relenting on Sunday. The N.F.A. started getting confirmations through the system Monday morning."
Futures firms, anxious about the impact of the Peregrine collapse, are considering lining up for a voluntary audit to reassure clients, according to people familiar with the effort.
Audit confirmation provider Confirmation.com has hooked up with a Turkish vendor of hardware and software to market its goods to that country's financial services sector. Word of the companies' partnership comes a few days after an overhaul of Turkey's commercial code went into effect.
Local financial IT firm Confirmation.com is taking its online audit certification process to South Africa through a partnership with CQS Technology Holdings. The move is part of a broader overseas push Chairman and CEO Chris Schellhorn says global auditors are wanting.
In addition to the CQS partnership, the company recently added new bank responders in Canada, Europe, the Middle East and Africa. They also signed a reseller agreement with Task Technology, a leading provider of auditing and financial reporting software to the professional accounting and corporate market in Australia, New Zealand and Papua New Guinea.
The National Federation of Independent Businesses is warning members that they could be audited to determine if they've hired illegal immigrants.
WPLN reports that 30 Tennessee businesses were audited by U.S. Immigration and Customs Enforcement last year, most of them government contractors. But a spokeswoman for the NFIB in Tennessee said the scope and timing of the investigations this year are unknown. Click here for the full story.
“We look forward to continuing our partnership with the Bureau of TennCare, where we have demonstrated our understanding of the unique features associated with TennCare and the managed care environment in which it operates” said Maria Perrin, HMS Executive Vice President for Government Services. “We are especially pleased to assist the State in complying with the mandate of the Affordable Care Act for expansion of the Recovery Audit Contractor (RAC) program to Medicaid.”HMS has recovered more than $180 million for Tennessee, and generated more than $1 billion in cost savings.