Mount Union to Host Gordon Heffern Lecture
October 25, 2012
ALLIANCE, Ohio — The University of Mount Union will host the Gordon Heffern Business Ethics Lecture at 7:30 p.m. on Thursday, November 8 in Presser Recital Hall.
The speaker for the event is financial expert Frank Casey, who will present “Lessons from the Madoff Fraud.” According to The American Program Bureau — Speaking to the World, Casey is a frequent speaker in the financial industry and university ethics centers on how the Madoff fraud unveiled financial industry due-diligence failures and regulatory incompetence. During his talk, he will discuss the need to set a higher benchmark of ethical standards in business. A book signing will follow the lecture.
Upon leaving the U.S. Army as an airborne-ranger qualified infantry captain in 1974, Casey joined Merrill Lynch to serve as a risk manager specializing in equity, oil and metals derivatives hedging until 1982. He then joined Prudential Securities to innovate bank risk management in the nascent mortgage origination/MBS-pipeline arena.
Casey also formed his own investment management firm and then served with Smith Barney before joining Rampart Investments, an equity options specialist manager. While at RI, Casey met portfolio managers Harry Markopolos and Neil Chelo and learned of a competitor manager, Bernard Madoff, who was providing 12% net returns with almost no volatility. Casey deemed this a fraud and along with Markopolos and Chelo, began blowing the whistle to the U.S. Securities and Exchange Commission for nine years, to no avail. In late 2000, Casey recruited a fourth team member, investigative financial reporter Mike Ocrant.
Casey left Rampart in 2001 to help build a hedge fund but continued to be instrumental to the nine-year Madoff investigation. In March 2008, he joined Fortune Group as president-USA. He is a board member at the International Center for Financial and Corporate Ethics and Responsibility.
The Gordon Heffern Business Ethics Lecture was established by Mount Union Trustee Gordon Heffern to encourage dialogue about the practical ways in which spirituality can transform the workplace. Heffern, a graduate of the University of Virginia, served as chairman of the board of Society Corporation before retiring in 1987.