Archive

The One that Got Away: The Need for Whistleblowers to Help Defrauded Investors

By the C|C Whistleblower Lawyer Team On Friday March 3rd the SEC announced a settlement with Mexican homebuilding company Desarrolladora Homex S.A.B. de C.V. (“Homex”) on charges of reporting fake sales of more than 10,000 homes during a three-year period. Homex inflated the number of homes it sold by 317% and overstated its revenue by 355%, totaling approximately $3.3 billion. Homex declared bankruptcy in...

Critics: Trump's Conflicts Could Undercut Global Efforts to Fight Corruption

By the C|C Whistleblower Lawyer Team Many in the global fight against government corruption worry early signals sent by the Trump administration could undercut that effort. Trump’s signing of a law repealing disclosure requirements for oil and gas companies operating abroad, his numerous conflicts of interest, and his steadfast refusal to release his federal tax returns are seen as signs the US federal government...

Mining, Oil and Gas Whistleblowers More Essential Than Ever After SEC Rule Repeal

American companies are no strangers to the extractive industries in Africa. Exxon has operated on the continent for more than 100 years. Exxon is also well acquainted with rumors and scandal regarding corruption in the African oil industry, having been accused of paying bribes to the ruling family of Equatorial Guinea. Now, with the repeal of an SEC disclosure rule, whistleblowers are more necessary than ever to...

Sen. Warren Accuses Dept. of Labor of Taking Down Wells Fargo Complaint Website

By the C|C Whistleblower Lawyer Team A special website created as a resource for current and former Wells Fargo employees on workplace issues, including whistleblower retaliation complaints, has been removed by the Dept. of Labor, according to Sen. Elizabeth Warren. The website was set up by former Labor Secretary Tom Perez last September after Wells Fargo was ordered to pay $190 million to settle regulators’...

GOP moves to gut SEC anti-graft rule

By the C|C Whistleblower Lawyer Team Congressional Republicans are planning to repeal an SEC rule, established under the Dodd-Frank Act, which requires oil, gas, and mining companies to disclose all payments to foreign governments for things like licenses and permits. Experts say such payments are often used to conceal bribes. The rule is currently set to go into effect in 2018. The enactment of previous version of...

Three Whistleblowers Split $7 Million SEC Award

By the C|C Whistleblower Lawyer Team On January 23rd, the SEC Office of the Whistleblower announced an award in excess of $7 million to be split between three whistleblowers. The whistleblowers provided information to the SEC that allowed it to conclude an enforcement action related to an investment scheme. The involvement of the three whistleblowers was split. The first whistleblower provided information that...

Financial Company HomeStreet Charged With Improper Accounting and Impeding Whistleblowers

By the C|C Whistleblower Lawyer Team The SEC announced that Seattle-based financial services company HomeStreet Inc. has agreed to pay a $500,000 penalty to settle charges that it conducted improper hedge accounting and later took steps to prevent potential whistleblowers in violation of SEC Rule 21F-17, which prohibits taking actions to impede communication with the SEC. According to the SEC’s order,...

DOJ Catch of The Week -- Deutsche Bank And Credit Suisse

By the C|C Whistleblower Lawyer Team This week's Department of Justice "Catch of the Week" is shared between Deutsche Bank and Credit Suisse.  On Tuesday, the two European-based banking giants agreed to pay more than $12 billion between them to resolve charges they misled investors in the packaging, securitization, marketing, sale and issuance of residential mortgage-backed securities (RMBS) in the years leading...

Top-10 DOJ Mortgage Fraud Recoveries For 2016

By the C|C Whistleblower Lawyer Team Here is our look-back at the top-10 Department of Justice mortgage fraud recoveries for 2016.

10. United Shore Financial Services -- The company agreed to pay $48 million to resolve allegations it violated the False Claims Act by knowingly originating and underwriting mortgage loans insured by the U.S. Department of Housing and Urban Development’s (HUD) Federal Housing...

Top-5 Foreign Corrupt Practices Act (FCPA) Settlements for 2016

By the C|C Whistleblower Lawyer Team Here is our look-back at the top-5 Foreign Corrupt Practices Act (FCPA) settlements for 2016. 5. Och-Ziff Capital Management Group LLC -- The New York-based alternative investment and hedge fund manager, and its wholly-owned subsidiary OZ Africa Management GP LLC, agreed to pay a criminal penalty of more than $213 million to settle charges of violating the Foreign Corrupt...