Independent Firm To Provide Anti-Money Laundering, Compliance and Fraud Risk Management Services To Meet Growing Demand for Oversight
Daylight Receives Backing from FTVentures
New York, NY – Ellen Zimiles, a global expert on anti-money laundering (AML), and Joseph Spinelli, a leading authority on white-collar crime, today announced the formation of Daylight Forensic & Advisory LLC (www.daylightforensic.com), an independent fraud risk management firm conducting forensic investigations and advising on regulatory compliance to corporations and the public sector worldwide. The company was founded to meet the increasing global demand for forensic and advisory services unencumbered by independence issues. Headquartered in New York City with offices in Washington, D.C., the company is backed by FTVentures, a private equity firm focused on business services and software companies that benefit the financial services industry.
Combining legal and law enforcement backgrounds and “Big Four” experience, Zimiles, CEO, and Spinelli, COO, have more than 50 years cumulative experience in leading global forensic investigations and AML compliance reviews.
“The civil and criminal penalties for non-compliance are serious, and recent U.S. civil cases have included tens of millions of dollars in fines, asset forfeiture, cease-and-desist actions, and prison terms for officers, not to mention the inestimable damage to an organization’s reputation and brand,” said Zimiles. “It is vital that companies safeguard their assets and global image, and our efforts are directed towards ensuring that our clients achieve those goals.”
Zimiles is a former Big Four principal and was the financial services industry practice leader in its forensic group. She has 23 years litigation and investigative experience, serving ten years as an Assistant U.S. Attorney in the United States Attorney’s Office for the Southern District of New York. In recognition for her contributions as a federal prosecutor, she received the United States Department of Justice John Marshall Award for Outstanding Service.
A former FBI agent specializing in white-collar crime, Spinelli was appointed New York State’s first ever Inspector General and served an eight-year tenure under the Cuomo administration. In 1994, he joined a Big Four firm as a principal and founded its forensic practice.
“Acts of corporate malfeasance -money laundering, financial reporting fraud, corporate espionage, embezzlement, or the misappropriation of corporate assets – all exploit weaknesses in an organization’s accounting, financial reporting and oversight systems,” said Spinelli. “An estimated six percent in revenues are lost each year to victims of corporate fraud, or in multimillion dollar penalties for non-compliance. The more clarity and light you bring to financial dealings and reporting, the greater the company’s level of accountability and protection.”
“Daylight Forensic & Advisory is well positioned to meet the needs of its clients with its top-notch management, stellar capabilities and the strength of its financial backing,” said Mario Cuomo, former New York State Governor, and member of its board of directors. “Ellen and Joe both are industry leaders who bring tremendous integrity and expertise to their investigative, compliance and monitoring work.”
Louis Freeh, former director of the FBI, commenting on the company’s formation said, “I am delighted that Joe Spinelli and Ellen Zimiles have established Daylight Forensic & Advisory, LLC, a practice which will bring their combined expertise and fine reputations to the investigation of important corporate matters and risk management. Joe and I started as FBI Special Agents in the NY Office and I have always admired his tremendous skill and investigative ability in complex situations. Ellen and I worked together at the U.S. Attorney’s Office in Manhattan and she is a superb attorney with in-depth experience in providing solutions to individual and corporate clients dealing with challenging legal environments. Their combined practice will add great value to the clients they serve and I wish them every success in this venture.”
Global Experience
Daylight Forensic & Advisory offers independent investigative services in the areas of anti-money laundering, general fraud and misconduct and regulatory compliance. It will perform monitoring services for firms in regulated industries, such as financial services, healthcare, defense, and public services. It will conduct vulnerability assessments and customized preventative programs, as well as government corruption and corporate intelligence inquiries. In addition, Daylight provides dispute advisory services such as litigation support, forensic technology, customized software solutions, and educational workshops on compliance, AML and fraud prevention.
Daylight Forensic & Advisory opens with a full-time staff of experienced forensic service professionals that includes fraud and forensic investigators, former federal law enforcement officials, former regulators and industry specialists, certified public accountants (CPAs), certified fraud examiners (CFEs) and forensic technology specialists who have conducted investigations around the world for both public and private companies.
“Joe and Ellen’s reputations are unmatched in the industry and they have built an impressive team,” said Mark Lotke, FTVentures Partner and Daylight board member. “Our Limited Partners, who are leading global financial institutions, are seeking the services of a company that can guide clients through the labyrinth of U.S. and international laws and regulations, and help their organizations understand their unique set of risks, legal responsibilities, and areas of vulnerability. With unparalleled legal, law enforcement and financial services expertise, Daylight will help clients successfully confront the increasingly complex challenges posed by anti-money laundering, compliance and fraud risk management.”
About FTVentures
Founded in 1998, FTVentures was the first venture capital firm in the U.S. to focus on technologies that benefit the global financial services industry. FTVentures now has over $623 million in total capital under management and is a leading investor in information technologies. FTVentures invests primarily in companies developing products and services in software and business services, with a particular emphasis on companies that enable financial institutions worldwide to expand and to operate more efficiently. FTVentures’ investors are 38 of the world’s largest financial institutions, and are leaders in the innovative deployment of technology and operational solutions. For more information, please visit www.ftventures.com.
About Daylight Forensic & Advisory
Daylight Forensic & Advisory (www.daylightforensic.com) is an independent fraud risk management firm conducting forensic investigations and advising on regulatory compliance to corporations and the public sector worldwide. The company was co-founded by investigative experts Ellen Zimiles and Joseph Spinelli. Headquartered in New York City with offices in Washington, D.C., the Company is backed by FTVentures, a private equity firm.
Contacts
Kate Larkin
DAYLIGHT, COHN & WOLFE
212-798-9826 / 917-488-7852
kate_larkin@cohnwolfe.com
Laura Hynes Keller
DAYLIGHT RUBENSTEIN ASSOCIATES
212-843-8095 / 917-655-8752
lhynes@rubenstein.com