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Barclays CEO fined over whistleblower retaliation; Constantine Cannon partner weighs in

Posted  05/14/18
Jes Staley, the CEO of the world’s 15th largest bank, has been fined over £640k by Britain’s financial regulators for trying to uncover the identity of an anonymous whistleblower. The fine represents under 15% of Staley’s 2016 compensation. The bank also retroactively decreased Staley’s 2016 bonus by £500k. The total £1.14M represents about a quarter of Staley’s 2016 compensation. Additionally, regulators...

Constantine Cannon Partner Mary Inman Discusses UK Enforcement Action Against Barclays CEO Jes Staley

Posted  04/20/18
By the C|C Whistleblower Lawyer Team Two UK regulators, the Financial Conduct Authority (FCA) and the Prudential Regulation Authority, have concluded their investigation into Barclays CEO Jes Staley's actions and have told him to pay a "financial penalty" as punishment.  Staley reportedly tried to hunt down an internal whistleblower that raised concerns about the recruitment of Tim Main as head of the bank’s...

CTFC Brings Charges Over Fraud Involving Binary Options and “ATM Coin”

Posted  04/18/18
By the C|C Whistleblower Lawyer Team Today, the Commodity Futures Trading Commission (CFTC) announced charges against two individuals and four entities for engaging in a fraudulent scheme involving binary options and a virtual currency called “ATM Coin.” The CFTC also alleges that the defendants improperly accepted customer funds without first registering with the CFTC. Earlier this week, the United States...

Barclays Agrees to Pay $2 Billion in Civil Penalties

Posted  03/30/18
By <the C|C Whistleblower Lawyer Team Barclays will pay the United States two billion dollars to settle a civil action filed in December 2016 in which the United States sought civil penalties for alleged conduct related to Barclays’ underwriting and issuance of residential mortgage-backed securities (RMBS) between 2005 and 2007. Agreement has also been reached with two former Barclays executives who were named as...

The Former Khmer Rouge Slave Who Became a Whistleblower Against Wells Fargo

Posted  03/26/18
By the C|C Whistleblower Lawyer Team The New York Times reports on former Wells Fargo employee Duke Tran who blew the whistle on the company for allegedly being ordered to lie to customers who were facing foreclosure in 2014. Mr. Tran was fired from his job at Wells Fargo and since then has been locked in a four-year legal battle with the company alleging he was fired as retaliation for blowing the whistle on the...

SEC Fines New York Stock Exchange $14 Million for Regulatory Failures

Posted  03/7/18
By the C|C Whistleblower Lawyer Team In a landmark settlement, the Securities and Exchange Commission (SEC) announced yesterday that it has charged New York Stock Exchange LLC (NYSE) and two affiliated exchanges in connection with five separate investigations into several regulatory failings, including the first ever charge based on a violation on Regulation Systems Compliance and Integrity (Reg SCI)...

Fraudster of the Week -- BitFunder Founder Jon E. Montroll

Posted  02/23/18
By the C|C Whistleblower Lawyer Team On Wednesday, the Securities and Exchange Commission filed a lawsuit against Jon E. Montroll and his former company, BitFunder, alleging violations of the anti-fraud and registration provisions of the federal securities laws. In parallel criminal proceedings, the U.S. Attorney’s Office for the Southern District of New York charged Montroll with perjury and obstruction of...

HSBC Holdings Agrees to Pay More Than $100 Million to Resolve Fraud Charges

Posted  01/19/18
By the C|C Whistleblower Lawyer Team/em United Kingdom-based global financial services company HSBC Holdings plc entered into a deferred prosecution agreement and agreed to pay a $63.1 million criminal penalty and $38.4 million in disgorgement and restitution to resolve charges that it engaged in a scheme to defraud two bank clients through a multi-million dollar scheme commonly referred to as “front-running.”...

Judge Determines that PricewaterhouseCoopers was Negligent in Colonial Bank Auditing Case

Posted  01/3/18
By the C|C Whistleblower Lawyer Team Late last week, a federal judge determined that accounting giant PricewaterhouseCoopers (PwC) was negligent in its auditing of Colonial Bank, the Alabama institution that failed in 2009 in the midst of the financial crisis. Colonial failed as a result of a $2 billion fraud orchestrated by Florida-based mortgage lender Taylor Bean & Whitaker, a major Colonial customer, which was...

New York Hits Credit Suisse with $135M Fine for Forex Violations

Posted  11/14/17
By the C|C Whistleblower Lawyer Team Credit Suisse AG agreed to pay a $135 million fine to settle charges by the New York State Department of Financial Services (DFS) that the bank violated New York banking law through a variety of illegal activities that disadvantaged customers. Specifically, the government found that from at least 2008 to 2015, Credit Suisse "consistently engaged in unlawful, unsafe and unsound...

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