The Securities and Exchange Commission (SEC) fined Guggenheim Securities LCC at least $208,000 after discovering that the New York-based firm’s compliance manual contained language that restricted potential whistleblowers from speaking with regulators.
The Securities and Exchange Commission (SEC) has awarded over $50 million to joint whistleblowers.
The U.S. Securities and Exchange Commission (“SEC”) announced that it awarded more than $28 million to a whistleblower as part of the SEC’s Whistleblower program.
A whistleblower who submitted a tip to the U.S. Securities and Exchange Commission (“SEC”) received a record $114 million award.
The U.S. Securities and Exchange Commission (“SEC”) issued an $800,000 whistleblower award. As reported by Law360, what is unusual about this award is that it comes after the SEC initially denied the award claim and then subsequently reversed course.
A whistleblower who submitted a tip to the U.S. Securities and Exchange Commission (“SEC”) received a nearly $50 million award. This award is the largest award ever given to a single individual under the SEC whistleblower program, surpassing the previous record of $39 million awarded in 2018. The SEC also noted that it had now awarded more than $500 million through its whistleblower program.
A whistleblower who submitted a tip to the U.S. Securities and Exchange Commission (“SEC”) received an $18 million award. The SEC listed several factors on which the award total was based. The SEC highlighted the fact that the whistleblower reported the problem internally multiple times and suffered hardship as a result of that reporting. The SEC also said that the whistleblower assisted SEC staff throughout the SEC’s examination, and the examination resulted in millions of dollars being returned to harmed investors.
A rise in whistleblower claims is expected as the fallout from the COVID-19 pandemic continues. A similar swell of whistleblower claims occurred following other major events, including the terrorist attack on September 11, 2001, and the recession in 2008. The expected rise in whistleblower claims is not expected to be limited to COVID-19 related claims, but will also include an increase in whistleblower claims unrelated to the pandemic.
The U.S. Securities and Exchange Commission (“SEC”) announced that it had awarded $450,000 to a whistleblower. Unlike most individuals who receive a whistleblower award from the SEC, the recipient of this award had compliance-related responsibilities at their firm. Under the compliance officer exclusion, Individuals whose primary duties include compliance or internal audits are usually not eligible for SEC whistleblower awards. However, those individuals can be eligible for an SEC whistleblower award if 120 days have passed since that individual reported the issue internally. Per SEC Protocol, neither the whistleblower nor the enforcement action was identified.
The U.S. Commodity Futures Trading Commission ("CFTC") is actively calling for whistleblowers who may know about misconduct as it extends enforcement to areas usually controlled by the U.S. Department of Justice (“DOJ”) and the Financial Crimes Enforcement Network.
I am grateful to have found an outstanding law firm that specializes in securities matters. My lawyers were extremely knowledgeable, diligent, and are skilled litigators. No stone was left upturned. As a result of their experience and tenacity, the arbitration proceeding was dismissed in my favor.
The Securities and Exchange Commission (SEC) is ramping up its enforcement efforts targeting off-channel communications, particularly text messages, among investment advisory firms.
B. Riley Financial Inc. has encountered a setback in filing its audited results within an extended timeframe, adding to existing pressure amid concerns raised by short sellers regarding its association with a former business partner.
A former advisor with Wells Fargo Advisors Financial Network (FiNet) in Chicago, Jayson R. Pocius, has agreed to accept an industry bar rather than cooperate with a
Financial Industry Regulatory Authority (FINRA) investigation into allegations of misusing client funds.
