Former New York City Mayor Rudy Giuliani's firm has joined forces with New York registered investment advisor Nine Thirty Capital to combat investment fraud. The joint venture is a departure for Giuliani Safety & Security, the security consulting firm formed by the former mayor--and prosecutor--after he left public office.
"Considering the current state of our economy and the numerous financial frauds uncovered in the past year, it's no wonder that investors are extremely wary about where they should invest their money and are asking 'who can we trust?'" Giuliani said in the venture announcement. "More than ever before, investors need to be sure that the people and funds they entrust with their assets aren't just saying all the right things, but are actually doing what has been promised."
The two firms have developed a proprietary process they've dubbed "Investigative Due Diligence" to help "protect" the ultra-high-net-worth clients of Nine Thirty Capital from Ponzi schemes and other types of investment fraud. "The new joint venture will be primarily focused on the financial and operational soundness and credibility of the underlying hedge fund or other investment partners to whom assets are committed," according to the Sept 16 announcement.
Comments? Please send them to firstname.lastname@example.org. Kate McBride is editor in chief of Wealth Manager and a member of The Committee for the Fiduciary Standard.