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...
By the C|C Whistleblower Lawyer Team
Cartels are being busted. More and more every year. But they are not going away. For every conspiracy the government cracks down on, we can be sure there are several more that carry on unnoticed and unscathed. A broad-based whistleblower program could be the most promising solution to fill this antitrust enforcement gap. But it has to include financial incentives to compensate...
By the C|C Whistleblower Lawyer Team
Sushovan Hussain, the former CFO of the British software firm Autonomy, has been convicted of wire and securities fraud in connection with Hewlett Packard’s (HP) 2011 acquisition of the firm. Hussain stood accused of artificially inflating Autonomy’s valuation, leading HP to buy the company for $10.3 billion. Soon after the acquisition, HP discovered serious accounting...
California-based Panasonic Avionics Corporation (PAC), a subsidiary of Japan-based electronics giant Panasonic Corporation, agreed to pay a $137.4 million criminal penalty to settle claims it violated the 
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...
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...
By the C|C Whistleblower Lawyer Team
On Tuesday, attorneys delivered opening arguments in the trial of Benjamin Chow, a Chinese immigrant who has been charged with securities fraud in connection with Canyon Bridge Capital Partners’ failed $1.3 billion acquisition of Lattice Semiconductor Corp. Last year, the Trump Administration blocked the Chinese-backed private equity firm from buying the U.S.-based chipmaker,...
By the C|C Whistleblower Lawyer Team
Two founders of Centra Tech, a cryptocurrency firm that was endorsed by Floyd Mayweather, have been charged with carrying out a fraudulent $32 million initial coin (“ICO”) offering by the SEC. The co-founders of Centra, Sohrab Sharma and Robert Farkas, claimed to offer a debit card backed by Visa and Mastercard that allow people to convert cryptocurrency to U.S. dollars to...
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...
By the C|C Whistleblower Lawyer Team
Canadian gold mining company Kinross Gold Corporation agreed to pay $950,000 to settle SEC charges of violating the Foreign Corrupt Practices Act (FCPA) arising from the company’s repeated failure to implement adequate accounting controls of two African subsidiaries the company acquired in 2010. See