Archive for the ‘SEC’ Category

Foreign bribery whistleblowers will be encouraged by news that a company providing aircraft engine maintenance services has admitted to violating U.S. foreign bribery law and agreed to pay a $14 million fine.  According to a statement issued by the U.S. Department of Justice on Wednesday, December 10, 2014, the company, Dallas Airmotive Inc., admitted to […]

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Whistleblowers seeking protection from the anti-retaliation provisions of the Dodd-Frank Act suffered a setback on December 8, 2014, when the U.S. Court of Appeals for the Third Circuit ruled that the Dodd-Frank Act’s anti-arbitration provision did not apply to whistleblower retaliation claims brought under the Dodd-Frank Act.  In the case, Khazin v. TD Ameritrade Holding […]

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Whistleblowers in the commodity futures industry received encouraging news last month when the Commodity Futures Trading Commission (“CFTC” or “Commission”) issued its Annual Report.  The CFTC was created in 1974 to oversee U.S. derivatives markets, such as commodity futures, options, and swaps.  In its Annual Report, the CFTC reported that it had “filed 67 enforcement […]

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When the government takes action against companies based on whistleblower tips, those Companies are subjected to penalties that, on average, are 63 percent larger than companies the government pursues independent of whistleblower involvement, according to a study Rachel Louise Ensign recently wrote about in the Wall Street Journal.   The study, entitled The Impact of Whistleblowers […]

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Eight Democratic members of the House Committees on Financial Services and Oversight and Government Reform recently sent a letter to Securities and Exchange Commission (“SEC”) Chairwoman Mary Jo White setting forth their concerns regarding “corporate practices [that] may deter whistleblowers from reporting violations of the securities laws, thereby threatening the effectiveness of the SEC’s Whistleblower […]

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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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