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$2 Million SEC Whistleblower Award To Be Split Among Three Whistleblowers — But The First To The Commission Gets The Most

Posted  03/10/16
The SEC has announced that its most recent whistleblower award, of almost $2 million, will be split among three whistleblowers — but not evenly.  The first whistleblower, identified only as “Claimant 1,” will receive about $1.8 million.  The other two whistleblowers will share about $130,000. The SEC whistleblower program was inspired by, and roughly based on, The False Claims Act (FCA), oft-described...

State Enforcement Spotlight – Natixis Funding And Societe Generale

Posted  02/29/16
By the C|C Whistleblower Lawyer Team This State Enforcement Spotlight features Natixis Funding Corp. and Societe Generale. On Wednesday, Attorney General Eric Schneiderman announced a $56 million joint state-federal settlement for fraudulent and anticompetitive conduct in municipal bond derivative transactions with state and local government entities and nonprofits across the country. See NY AG Press...

DOJ Catch of the Week -- Morgan Stanley

Posted  02/12/16
By the C|C Whistleblower Lawyer Team This week's Department of Justice "Catch of the Week" goes to Morgan Stanley.  Yesterday, the company agreed to pay a $2.6 billion penalty "for misleading investors about the subprime mortgage loans underlying the securities it sold" in the period leading up to the financial crisis.  As part of the agreement, Morgan Stanley admitted that it failed to disclose critical...

Whistleblower hits big with SEC’s $80 million settlement over Monsanto’s “ultimate killing machine”

Posted  02/12/16
Only a day after the SEC announced that agro-giant Monsanto would pay an $80 million penalty to settle charges of accounting improprieties in connection with sales of its flagship product Roundup, attorney Stuart Meissner has said that he represents the whistleblower who brought the matter to the SEC’s attention.  If true, under the rules governing the SEC’s whistleblower program, Mr. Meissner’s client...

State Enforcement Spotlight – HSBC

Posted  02/8/16
By the C|C Whistleblower Lawyer Team This State Enforcement Spotlight features HSBC. On Friday, Attorney General Eric Schneiderman announced a $470 million joint state-federal settlement with mortgage lender and servicer HSBC to address mortgage origination, servicing, and foreclosure abuses. The terms will prevent past foreclosure abuses, such as robo-signing, improper documentation and lost paperwork. See NY AG...

SEC’s 23rd Whistleblower Award Goes to a “Company Outsider”

Posted  01/20/16
On Friday, January 15th, the SEC made an award of more than $700,000 to a whistleblower the agency described as a “company outsider who conducted a detailed analysis that led to a successful SEC enforcement action.” The SEC’s whistleblower program explicitly provides for financial rewards to company outsiders by allowing “independent analysis” — even when based on publicly available information — to...

Even the Mysterious Must Face the Taxman: Australian Authorities Raid Home of Suspected Founder of Bitcoin

Posted  12/10/15
By Tim McCormack On December 9, police in Australia raided the home of a man suspected of being the elusive and previously anonymous creator of digital currency Bitcoin.  Launched in 2009 by an anonymous programmer known by the pseudonym Satoshi Nakamoto, Bitcoin has since grown exponentially.  Indeed, “[a]s it’s been adopted for everything from international money transfers to online narcotrafficking, the...

SEC Enforcement Spotlight – Bob Marley-Linked Jammin’ Java Charged with Massive Pump and Dump Fraud Scheme

Posted  11/19/15
By Tim McCormack The Securities and Exchange Commission filed fraud charges yesterday against nine people in connection with a classic pump and dump market manipulation scheme involving the stock of Jammin’ Java, also known as Marley Coffee.   See SEC Press Release.  According to the SEC’s complaint, Jammin Java’s former CEO Shane Whittle orchestrated the fraud, which culminated in 2011 with the collapse...

In Their Own Words -- Ceresney

Posted  10/23/15

--  “The Division’s hard work, tremendous energy, and efficiency uncovered significant misconduct during the past fiscal year, and helped bring a significant number of high-impact, first-of-their-kind actions.”

Andrew J. Ceresney, Director of the SEC’s Enforcement Division, commenting on the SEC’s 2015 Enforcement Results.

In Their Own Words — Lamprey

Posted  10/2/15

—  “We are gratified to see the interests of participants in the CDS market – including public pension funds investing on behalf of retirees – vindicated, and competition in this important market fostered.”  

Wayne Lamprey, partner at Constantine Cannon, who, along with fellow partner Anne Hayes Hartman, assisted with the initial evaluation and filing of the claim in the credit-default swaps market case...
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