Dalmady has also raised concerns that SIB uses a little-known West Indian firm, CSA Hewlett, as auditor.
Shades of Madoff:
He said that investigating a Ponzi scheme is not difficult: The agency can simply demand proof that the investment adviser holds the amount of money he claims to hold. And he added that regulators also should have noticed that Madoff was audited by a tiny company with no reputation. He said there are only a few accounting firms with the sophistication to audit an investment adviser that, at the time of registration with the SEC, reported $17 billion on assets.
Regulators should have noticed instantly, he said, that Madoff's auditor was not on the list.
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