This Sat., February, 11th at Mercedes-Benz Of Massapequa, Iron Cove Partners and our affiliate The Titan Group will be proud sponsors of a Superbowl XLVI celebration. Come and get an autograph and meet the players. See below photo for details.
Thanks!
Email me @ louisd@ironcoveins if you can make it!
New York Giant Celebration at Mercedes Benz of Massapequa
Are you covered???
A recent Wall Street Journal Article (below) highlighted the importance of selecting a trustworthy and knowledgeable Independent Agent to make sure your personal insurance needs are being addressed appropriately.
Some of the salient points from the article:
With over 6,000 affluent clients nationally, our team provides top-tier brokerage and claims services. We also provide complimentary coverage reviews and analysis of personal insurance portfolios to make sure that you:
If you are interested in a complimentary review of your personal insurance program, please don’t hesitate to contact us. This is a non-invasive process and all we usually require to get started are copies of the policies and some basic information. For more information on the firm or to get started with your review, please contact Lou D’Agostino, SVP directly at louisd@ironcoveins.com/(516) 267-6179.
Dodging a Home-Insurance Trap - Wall Street Journal Article
SCENARIO: During a recent meeting with a large commercial client, a few business executives approached me with a real concern regarding the dissemination of their personal and confidential data to a variety of vendors they were doing business with. This particular client was in the midst of re-financing real estate holdings and securing cash to fund other strategic business units. In the course of dealing with governmental agencies and a slew of lending institutions, a few of the higher-level executives were asked to provide some very personal and confidential information; i.e. Birth Dates, Drivers License #’s, Social Security #’s, etc. There concern was the misappropriation of such information which could subsequently result in substantial financial loss.
While the organization had procured Identity Theft Insurance Protection on its own behalf, it would not have responded in this particular scenario given that it was a 1st party loss. Organizational Cyber & Data Security Insurance protection usually only responds in the event of a client, customer or vendor’s (3rd party) loss.
POTENTIAL SOLUTIONS: (1) Request that the respective banking institutions and governmental agencies provide full indemnity visa-vi a contract in the event of such misappropriation or mis-use of confidential client records. It is highly-unlikely that these institutions would provide such indemnity but even in the instance where they did, litigating with them to prove that the loss was a result of their negligence would become extremely costly.
(2) See that your personal insurance policy provides Identity Theft Protection. This form of coverage is usually automatically included to some degree on the higher-end policies crafted for the high-net worth community. Carriers like ACE, Chartis, Chubb, Firemen’s Fund, Travelers, etc. offer this coverage automatically as an added benefit. Such coverage would include:
Identity fraud expenses:
(a) Costs for notarizing affidavits or similar documents for law enforcement agencies, financial institutions, credit grantors, credit agencies, credit bureaus or similar organizations;
(b) Costs for certified mail to law enforcement agencies, financial institutions, credit grantors, credit agencies, credit bureaus or similar organizations;
(c) Costs for telephone calls to merchants, businesses, law enforcement agencies, financial institutions, credit grantors, credit agencies, credit bureaus or similar organizations;
(d) Loan application fees for reapplying for a loan or loans when the original loan application was rejected because the lender obtained incorrect credit information;
(e) Lost income of an insured person resulting from time taken off work to complete fraud affidavits, meet with or talk to law enforcement agencies, credit agencies and/or legal counsel; and
(f) Reasonable attorney fees incurred by an insured person as a result of identity fraud for the following, but only with prior notice and approval given by us:
i. Defend lawsuits brought against an insured person by merchants, financial institutions or their collection agencies;
ii. Remove any criminal or civil judgments wrongly entered against an insured person; and
iii. Challenge the accuracy or completeness of any information in a consumer credit report.
Some insurance companies will pay up to $100,000 for identity fraud expenses that are reasonably and necessarily incurred by an insured person as the direct result of identity fraud and $10,000 as a result of unauthorized credit card use, Electronic Fund Transfers, forgery, etc.
SUMMATION: Whether in your day to day business dealings or everyday life, Identity Theft and Data Security is a real risk that we are all faced with and shouldn’t be ignored. Call us today and allow us to review your personal policies in order to determine if you are covered appropriately. We have had quite a bit of success saving our clients money as well as making dramatic improvements to their personal insurance portfolio.
This post is written by Louis D’Agostino, a Senior Vice President of Iron Cove Partners, LLC a Whitmore Group, Ltd. Company (“ICWG”). ICWG is a market leader in providing risk management and insurance solutions to high-net worth individuals. Should you have any questions or comments, please do not hesitate to contact Mr. D’Agostino @ 516-267-6179 or via email @ louisd@ironcoveins.com. To follow Iron Cove Partners, LLC on Twitter CLICK HERE.
2011 Iron Cove Partners/Whitmore Group Gala Journal Ad
We were proud to support Joe Plumeri, CEO of Willis Group Holdings and Grand Marshal of this year’s Columbus Day Parade as well as the various business honorees at this year’s Columbus Day Gala at the Waldorf Astoria. This is the Columbus Citizens Foundation’s signature event and their largest fundraiser of the year. Iron Cove Partners and The Whitmore Group were glad to be a part of the 67th Annual Celebration.
By way of background, the Columbus Citizens Foundation is a non-profit organization in New York City committed to fostering an appreciation of Italian-American heritage and achievement. The Foundation, through a broad range of philanthropic and cultural activities, provides opportunities for advancement to deserving Italian-American students through various scholarship and grant programs. The Foundation organizes New York City’s annual Columbus Celebration and Columbus Day Parade, which has celebrated Italian-American heritage on New York’s Fifth Avenue since 1929.
CLICK HERE for Article
May 20, 2011,
Written By Greg Sibilio, Esq., Vice President of FINsure Team
Iron Cove Partners, LLC
On Wednesday, May 11th, 2011, Galleon Group founder, Raj Rajaratnam was found guilty on all 14 counts of insider trading. This victory for the Federal Government sets precedent for future insider trading cases, ringing in a new era of how the alternative investment industry will be prosecuted. Since 2009, the SEC has cracked down on insider trading and intensified its approach by opening numerous inquiries and formal orders of investigation. More specifically, the SEC eyed Hedge Funds and their use of Expert Networks.
With new aggressive tactics, such as the use of wiretaps and the collection of telephone records from cooperating witnesses by the SEC’s newly created Office of Market Intelligence, the SEC now has the weapons and the government backing to aggressively pursue both Hedge Funds and Expert Networks. The Government wanted to put Wall Street on notice and make an example and there is no doubt that the victory by the government in the Galleon case encourages prosecutors to pursue more of these types of cases.
In the past 18 months, the Federal Government has charged 47 Hedge Fund Managers with insider trading. Simultaneous to the announcement of the Galleon verdict was news that Manosha Karunatillaka, an account manager at Taiwan Semiconductor Manufacturing Co., plead guilty to improper sharing of non-public information, an insider trading charge tied to Expert Networks. Now that the Government has had its taste of victory, more arrests are imminent.
Hedge Funds must be careful on how they deal with Expert Networks and be sure to implement appropriate controls around the information obtained from such networks. And although a Hedge Fund may have already been proactive in their concern for regulatory compliance and may have invested in risk management techniques, there are still substantial costs associated with cooperating with an SEC or Governmental investigation.
The climate on Wall Street remains in a state of unrest, from dealing with the financial crisis, to the Bernie Madoff scandal, to Dodd-Frank Act legislation, and now the Galleon Verdict. As such, Hedge Fund GP’s and Directors should review their Management and Professional Liability Insurance Program’s to make sure that they cover the costs associated with an informal and/or formal SEC investigation. These types of investigations are an unquantifiable risk for companies that make a living taking calculated risk!! Make sure you are protected!! Call us!!!
Source: This article is written by Gregory C. Sibilio, Esq. a Vice President in the Financial Services Division of Iron Cove Partners, LLC a Division of the Whitmore Group, Ltd. (“ICWG”). ICWG is a leading provider of risk management and insurance solutions to companies engaged in the arena of financial services. With over 22 years of experience, ICWG has over 80 dedicated insurance professionals committed to our mission. Click here for our Financial Services Overview. For additional questions or comments, please do not hesitate to contact Mr. Sibilio @ 516-267-6177 or via email @ gregs@ironcoveins.com. To follow Iron Cove Partners, LLC on Twitter CLICK HERE. Visit our website: http://www.ironcoveins.com
The materials posted here are for informational purposes only and not for the purpose of providing legal advice. You should contact your attorney to obtain advice with respect to any particular issue or problem. Use of and access to this Web site does not create an attorney-client relationship between.
May 16, 2011, The Dodd-Frank Whistleblower Provision has been in the news recently for two separate reasons. The first is that the first major federal court opinion on the provision was ordered on May 4, 2011. The second is that on May 11, House Republicans introduced new legislation to the Dodd-Frank Act at a House Committee on Financial Services subcommittee hearing. This legislation attempts to limit the Whistleblower Provision’s impact by requiring employees to report fraud to their superiors before going to the SEC. The Court ruling and the legislation are similar in the sense that they both involve going through the internal chain of command before going to the SEC. They will be discussed below.
The Whistleblower Provision (Section 922 of the Dodd Frank Act) specifies that a person who provides to the SEC, original information of securities fraud within the company that leads to an enforcement penalty of $1 million or more may be entitled to collect between 10 and 30 percent of the penalties of $1 million or more. The Act prohibits employer retaliation against whistleblowers by employers and would provide for the whistleblower’s immediate reinstatement, as well as double back pay, attorneys’ fees, and other reasonable costs.
In the recent case, Egan v. TradingScreen Inc., the Southern District of New York ruled that the Plaintiff, Patrick Egan, was not protected under Dodd-Frank’s Whistleblower provision where he reported a potential securities fraud violation to his company President, who then informed the directors to conduct an investigation. Egan was subsequently fired, and the court ruled that he could not seek protection under the Dodd-Frank Act because he did not go directly to the SEC. The Court did grant Egan the ability to amend his complaint and potentially argue that his cooperation with the law firm investigating the action was tantamount to providing truthful information to a law enforcement officer, but the precedent has been set insofar as the whistleblower needs to go directly to the SEC to be granted protection.
This leads to the piece of legislation that Republicans introduced on May 11th. The legislation would call for a whistleblower to report the law internally before going to the SEC, just as Patrick Egan did. The argument for this law would be to first put the Employer on notice of a potential violation. This would allow the Employer to investigate and remedy the problem on its own without having to go through the cost and potential public embarrassment of a formal SEC investigation. The rule is meant to protect investors. Incurring the unnecessary costs of an SEC investigation would be contrary to the initial intent of the provision.
According to the Dodd-Frank Act as currently written, an employee looking to report a potential violation of securities laws must go directly to the SEC. Below is the potential chain of events which could take place and the related implications to your Management Liability Insurance Program should a whistleblower go directly to the SEC.
As previously stated, House Republicans introduced new legislation at a House Committee on Financial Services subcommittee hearing which attempts to limit the Whistleblower Provision’s impact by requiring employees to report fraud to their superiors before going to the SEC. Below is the potential chain of events which could take place and the related implications to your Management Liability (inclusive of Employment Practices Liability Coverage) Insurance Program should a whistleblower go directly to their respective superiors.
If the Whistleblower Provision is not amended and is strictly interpreted, it is safe to say that there will be increased litigation from whistleblowers. It is imperative to review your current management liability insurance policies to make sure they provide the appropriate coverage.
This article is written by Gregory C. Sibilio, Esq. a Vice President in the Financial Services Division of Iron Cove Partners, LLC a Division of the Whitmore Group, Ltd. (“ICWG”). ICWG is a market leader in providing risk management and insurance solutions to companies engaged in the financial services arena. Should you have any questions or comments, please do not hesitate to contact Mr. Sibilio @ 516-267-6177 or via email @ gregs@ironcoveins.com. To follow Iron Cove Partners, LLC on Twitter CLICK HERE.
The materials posted here are for informational purposes only and not for the purpose of providing legal advice. You should contact your attorney to obtain advice with respect to any particular issue or problem. Use of and access to this Web site does not create an attorney-client relationship between.
April 12, 2011
Iron Cove Partners & The Whitmore Group, Ltd. were proud sponsors of this year’s Cooley’s Anemia Cigar Smoker, which took place this past Friday, April 8th at the Grand Havana Room on 666 Fifth Avenue in NYC. The Cooley’s Anemia Foundation is dedicated to raising money to fund research for Thalassemia patients. For more information on the deadly disease please go to http://thalassemia.org.
We would like to give a special thanks to all of the guests, host committee members and supporters of this year’s event. It was another great night for a truly great cause.
The event raised well over $200,000 (net) all which will go to research in order to help find a cure for Thalassemia. None of this would have been possible without the help of our honoree, Michael Pouchie, our sponsors & generous guests.
Thanks again for allowing us to be part of a great event!!
Sincerely,
Louis D’Agostino
April 10th, 2011
Thank you to our friends at Cipperman & Company, LLC for the below report.
Lou D'Agostino, Partner, SVP
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