Archive for the ‘SEC’ Category

Securities and Exchange Commission (“SEC”) whistleblower director Sean McKessy shares the desire of SEC whistleblowers and their counsel to increase the size and frequency of whistleblower awards, according to a recent Law360 interview.  He stressed, however, that he was constrained by the confines of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 [...]

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Securities and Exchange Commission (“SEC”) whistleblowers may be able to breathe a little easier in the wake of recent statements made by the head of the SEC whistleblower program, Sean McKessy.  McKessy made clear in a recent interview with Law360 that protecting the anonymity of whistleblowers was among his office’s highest priorities.  ““If people feel [...]

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Securities and Exchange Commission (“SEC”) Chair Mary Jo White spoke at a conference in Toronto on Thursday, October 16, 2014, at which she extolled the virtues of the SEC Whistleblower Program, which was established by the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”) in 2010.  The Dodd-Frank whistleblower reward program created a system [...]

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The Financial Industry Regulatory Authority (“FINRA”) issued a Regulatory Notice on Friday, October 10, 2014, that was welcome news to financial industry whistleblowers, stating that companies must refrain from entering arbitration settlements with confidentiality provisions which fail to expressly authorize individuals to contact FINRA or other regulatory agencies to report wrongdoing, according to a Law360 [...]

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The United States Supreme Court this week declined to review a decision concerning the Foreign Corrupt Practices Act of 1977 (“FCPA”), which makes it illegal for American citizens to bribe foreign officials to assist in obtaining or retaining business.  The petition for certiorari challenged a decision by the U.S. Court of Appeals for the Eleventh [...]

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The Securities and Exchange Commission (“SEC”) announced earlier this week that it expected to issue an award of over $30 million to a single anonymous whistleblower for original information the whistleblower provided that led to an SEC enforcement action.  The award represents the SEC’s largest whistleblower award since the SEC whistleblower program started four years [...]

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A three-judge panel from the U.S. Court of Appeals for the Ninth Circuit recently upheld a the U.S. District Court for the Central District of California’s order granting summary judgment in favor of the Securities and Exchange Commission (“SEC”) and levying $10 million in penalties against Brookstreet Securities Corp.’s former CEO, Stanley Brooks.  The penalties [...]

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On July 31, 2014, the U.S. Securities and Exchange Commission (SEC) announced in a press release that an anonymous whistleblower would be awarded over $400,000 after reporting fraud to the SEC.  The whistleblower first encouraged the company to address the issue internally.  Once it became clear that the company would not be addressing the claims [...]

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On July 23, 2014, the U.S. Securities and Exchange Commission (SEC) released an order denying a whistleblower’s claim for awards.  In order to qualify for awards from the SEC’s Whistleblower Program, whistleblowers must submit award applications to the Office of the Whistleblower within 90 days of the date of the respective notices of covered action.  [...]

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On July 29, 2014, the Wall Street Journal (WSJ) released a detailed news report concerning the Securities and Exchange Commission (SEC) Whistleblower Program.  The WSJ obtained demographic information about the 6,500 people who have submitted whistleblower claims to the SEC since the start of its whistleblower program in mid-2011.  To file a complaint with the [...]

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