Remington Capital Chairman: Fraud 'Exploding' in Financial Services Industry; Reaffirms Strong Deterrent Action

Oct 19, 2010, 03:00 ET from Remington Capital

SCOTTSDALE, Ariz., Oct. 19 /PRNewswire/ -- "Every economic downturn brings a rise in fraud," according to Andy Bogdanoff, Board Chairman of Remington Capital. "In the financial services industry, fraud has risen into an explosive problem."

"Fraud is now up to $30 billion a year in an industry where it is difficult to detect and prevent," Bogdanoff explained. "Difficult or not, the financial services industry must become pro-active against even the hint of fraud to regain the public trust that has been shattered by scandal after scandal." Toward that objective, Bogdanoff called on leadership in the financial services industry to employ stricter fraud and scam policies and rectify deficiencies.

"Bad economic times have allowed the standards and ethics most of us grew up with to come under assault," Bogdanoff said. "But not at Remington, where we have always been vigilant against the possibilities of fraud. It's part of our corporate culture"

Reaffirming the company's strong stance against fraud, Remington Capital earlier this year adopted what is believed to be the most comprehensive and stringent fraud policy in the industry. "Included are strict monitoring controls and rigorous due diligence procedures designed to protect the integrity of the company and the interests of every person and entity involved in Remington activities."

"Our policy is to be super-vigilant against any and all inappropriate activity by any employee, customer or lender," Bogdanoff said. "Fraud or any inappropriate behavior will not be tolerated at Remington Capital – period. Any violation of this policy will be met with swift and appropriate disciplinary or legal action."

Remington Capital is an international capital services company, providing commercial real estate and corporate finance clients with expert counseling and access to a global network of public and private sources of capital. Since 1993, Remington has helped finance, refinance and recapitalize more than $5 billion in commercial projects.

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SOURCE Remington Capital