Archive for June, 2009

Madoff gets 150 years for £40bn fraud

Tuesday, June 30th, 2009

Bernard Madoff has been given the maximum prison sentence of 150 years for his role in masterminding a massive fraud that robbed investors of $65bn (£40bn).

The sentence, which means Madoff will spend the rest of his life in jail, was greeted with cheers and applause in the packed courtroom.

US District Judge Denny Chin said he wanted to send a message that Madoff’s crimes were “extraordinarily evil”.

Madoff’s lawyer had sought a more lenient sentence of 12 years.

Judge Chin gave Madoff the maximum sentence on all 11 charges, which included securities fraud and money laundering.

CIMA elects Joachim as President

Tuesday, June 30th, 2009

The Chartered Institute of Management Accountants (CIMA) has elected its first Asian-born President.  Aubrey Joachim, FCMA, was elected President with global responsibilities at the 90th CIMA Annual General Meeting held at the Queen Elizabeth II Conference Centre, London, on 6 June.

Aubrey Joachim was born in Sri Lanka of Portuguese descent and is now an Australian citizen.  Having commenced his working career at Unilever Sri Lanka in 1973, Aubrey has enjoyed a successful international career in finance and accounting with leading employers across a range of sectors. In 2005 Aubrey founded his own boutique consultancy running strategic financial and management accounting workshops, courses and conferences across the world.

He is now a management coach, mentor and management training provider, contracted to leading global conference, seminar companies and professional bodies, to provide training programmes across Australia, New Zealand, South East Asia, South Asia, the Middle East and Southern Africa. He has been a prolific presenter and conference speaker for over 14 years and regularly authors articles on management topics for professional journals.

GM enters bankruptcy protection in US.

Monday, June 1st, 2009

Car giant General Motors (GM) has filed for bankruptcy protection, marking the biggest failure of an industrial company in US history.

The widely expected move comes after GM had seen its losses widen following a steep fall in sales in recent years.

The move into bankruptcy protection has been backed by the US government, which is now expected to take a 60% stake in the company.

The White House is also due to announce an extra $30bn (£18.5bn) of aid for GM.