Monitorships

Monitoring and IPSIG (independent Private Sector Inspector General) engagements usually are instituted as part of a resolution with regulators or prosecutors. But more and more companies are realizing that voluntarily having a monitor in place, particularly in troubled industries, can be a competitive advantage and sends an important positive message to employees, customers, shareholders and others. Mr. Schwartz has been a leader in this field from its inception and has had many appointments in a wide range of industries. Similarly, Mr. Schwartz has substantial experience monitoring major construction projects for owners, tenants, regulators and construction companies.
 
Example: Engagements as varied as being Independent Monitor for a hedge fund (brought in by the Directors) to being an IPSIG for a concrete company in New York implicated in organized crime prosecutions (brought in by the United States Attorney’s Office and the Court) to monitoring an interior construction company (brought in by the District Attorney and the company).
 
Recent examples of monitorships:
 
General Motors:        
In October 2015, Mr. Schwartz was appointed independent monitor by the U.S. Department of Justice to oversee General Motor’s compliance with its deferred prosecution agreement from its recall of defective ignition switches..
 
BP:        
In October 2007, Mr. Schwartz was appointed, by the Federal Court in Chicago on the recommendation of the Commodities Futures Trading Commission and the United States Department of Justice, as the Independent Monitor of BP in accordance with BP’s Consent Order and Deferred Prosecution Agreement.
 
Hewlett-Packard:           
In 2006, Mr. Schwartz was retained to conduct a compliance review of all investigative procedures, guidelines and practices in the United States and worldwide.  He has been responsible for establishing and instituting “best practices” at HP.  As part of the settlement, the California Court accepted the Attorney General’s recommendation to name Mr. Schwartz as the “Qualified Authority” to report to the Court on HP’s compliance with the consent decree.
 
Deutsche Bank AG:      
 In December 2010, as part of a Non Prosecution Agreement relating to Deutsche Bank’s involvement in the implementation of fraudulent tax shelters, Mr. Schwartz was appointed as Independent Expert by the United States Attorney’s Office for the Southern District of New York.  In this capacity Mr. Schwartz will review and monitor Deutsche Bank’s compliance program and, in particular, measures undertaken to achieve compliance with the U.S. federal income tax laws and to prevent and detect misconduct relating to products and transactions susceptible to abuse on behalf of high net worth individuals.