Top five op risk loss events in April 2009


1. Loss amount: $125.7 million

Firm: Fortress Investment Group

BIS event type: Theft and fraud

BIS business line: Asset management

Fortress Investment Group lost $125.7 million as a result of fraud by Marc Dreier. From 2004 to 2008, Dreier and his New York City-based law firm sold approximately $700 million in fake property development and pension plan notes to hedge funds and other investors. A large portion of the promissory notes were purportedly issued by Solow Realty, a client of Dreier LLP

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Investment banks: the future of risk control

This survey report explores the current state of risk controls in investment banks, the challenges of effective engagement across the three lines of defence, and the opportunity to develop a more dynamic approach to first-line risk control

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