Monthly Archives: July 2017

FINRA Promotes Susan Schroeder to Head of Enforcement; Announces Plan to Consolidate Existing Enforcement Functions | FINRA.org

The Financial Industry Regulatory Authority (FINRA) announced today that it has promoted Susan Schroeder to Executive Vice President and Head of Enforcement. In addition, FINRA plans to consolidate its existing enforcement functions into a new, unified enforcement group led by Schroeder. This consolidation is a result of FINRA360, the organization’s ongoing comprehensive self-evaluation and improvement initiative. The new unit ultimately…

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DOJ, SEC Drop Probe Into IBM-But Without Public Explanation | Corporate Counsel

IBM said Thursday that both the U.S. Securities and Exchange Commission and the U.S. Department of Justice have closed their five-year investigations into foreign bribery allegations without taking any enforcement action against the company, and without a public announcement. Such “silent” declinations have critics asking why the DOJ sometimes releases details about some decisions to decline prosecution, but refuses to…

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Las Vegas gambler linked to golfer Phil Mickelson gets five years in prison for insider trading | SPIN.ph

A Las Vegas gambler linked to golfer Phil Mickelson was sentenced Thursday (Friday, Manila time) to five years in prison by a judge who said the businessman collected tens of millions of dollars illegally in the stock market to seem like “a winner” to himself and others. U.S. District Judge P. Kevin Castel rejected the recommendation of probation officials and…

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SEC Issues Whistleblower Award to Federal Agency Employee for First Time | National Law Journal

The Securities and Exchange Commission on Tuesday awarded nearly $2.5 million to a government worker who helped regulators launch an investigation and eventually crack down on a company’s misconduct, the first such whistleblower bounty issued to an employee of a government agency. As is typical in these cases, the SEC offered no identifying details about the employee, the government agency, or the…

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Ex-SEC Regulators Sean McKessy, Linda Thomsen Spar on Whistleblowing | National Law Journal

Central to the question is Dodd-Franks definition of a whistleblower as someone who brings information “to the commission.” The SEC has taken a broad view of whistleblower protections, interpreting the law to extend also to employees who only report internally. But companies, fighting to shut down the retaliation claims of fired employees, have argued the protections dont extend to those…

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SEC Staff Endorses $61 Mln Award for Two JPMorgan Whistleblowers – AdvisorHub

Two whistleblowers whose outing of JPMorgan Chase’s bias toward selling wealth customers in-house funds led to the bank’s $267 million settlement with the government will receive payments equal to 23% of the award, according to a “preliminary determination” letter by SEC claim-review staffers. via SEC Staff Endorses $61 Mln Award for Two JPMorgan Whistleblowers – AdvisorHub

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