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Whistleblower Group

This archive page contains posts by the Whistleblower Practice Group.  For all Whistleblower pages, please see: 

Page 719 of 944

April 8, 2014

The SEC charged CVS Caremark Corp. with misleading investors about significant financial setbacks and using improper accounting that artificially boosted its financial performance.  CVS  agreed to pay $20M to settle the charges.  SEC

Tagged in: Accounting Fraud, Securities Fraud,

April 3, 2014

The SEC charged the St. Petersburg, Florida-based financial services firm, Transamerica Financial Advisors, with improperly calculating advisory fees and overcharging clients. SEC

Tagged in: Regulatory Violations, Securities Fraud,

March 28, 2014

The SEC announced charges and asset freezes against three entities operating under the business names WCM and WCM777 for allegedly running a worldwide pyramid scheme targeting Asian and Latino communities in the U.S. and abroad.  According to the SEC’s complaint, WCM and WCM777 have raised more than $65M since March 2013 by, among other things, falsely promising tens of thousands of investors a return on investment of 100 percent or more in 100 days. SEC

Tagged in: Misrepresentations, Ponzi Schemes, Securities Fraud,

March 19, 2014

The SEC charged Vladimir Eydelman, a stock broker, and Steven Metro, a managing clerk at the New York law firm Simpson Thacher & Bartlett, with insider trading around more than a dozen mergers or other corporate transactions for illicit profits of $5.6M during a four-year period.  Metro allegedly obtained inside information from the firm’s corporate clients involved in pending deals by accessing confidential documents in the law firm’s computer system.  SEC

Tagged in: Insider Trading, Securities Fraud,

March 13, 2014

The SEC charged Ronald Dennis, a former analyst at an affiliate of hedge fund advisory firm S.A.C. Capital Advisors, with insider trading.  Dennis allegedly received from two fellow hedge fund analysts confidential details about impending announcements at Dell Inc. and Foundry Networks which he used to make illegal trades in Dell and Foundry stock, enabling hedge funds managed by S.A.C. Capital and affiliate CR Intrinsic Investors generate illegal profits and avoid significant losses.  SEC 

Tagged in: Insider Trading,

March 12, 2014

The SEC charged global investment bank and brokerage firm Jefferies LLC with failing to supervise employees on its mortgage-backed securities desk who were lying to customers about pricing during the financial crisis.  Jefferies agreed to pay $25M to settle the SEC’s charges as well as a parallel action by the US Attorney’s Office for the District of Connecticut.  SEC

Tagged in: Misrepresentations, Regulatory Violations, Securities Fraud,

March 5, 2014

Long Island-based proprietary trading firm, Worldwide Capital, and its owner Jeffrey Lynn, agreed to pay $7.2M to settle charges they violated Rule 105 short-selling restrictions, the largest-ever monetary sanction for Rule 105 short selling violations.  SEC

Tagged in: Market Manipulation and Trading Violations, Securities Fraud,

February 21, 2014

The SEC charged Zurich-based Credit Suisse Group AG for violating the federal securities laws by providing cross-border brokerage and investment advisory services to U.S. clients without first registering with the SEC.  Credit Suisse agreed to pay $196M and admit wrongdoing to settle the SEC’s charges.  SEC

Tagged in: Regulatory Violations, Securities Fraud,

January 29, 2014

The SEC charged St. Louis-based Scottrade with failing to provide the agency with complete and accurate information about trades done by the firm and its customers, which is commonly called “blue sheet” data.  The company agreed to settle the charges by paying a $2.5M penalty and admitting it violated the recordkeeping provisions of the federal securities laws.  SEC

Tagged in: Regulatory Violations, Securities Fraud,

January 27, 2014

The SEC sanctioned California-based investment adviser Western Asset Management Company, a subsidiary of Legg Mason,  for concealing investor losses that resulted from a coding error and engaging in cross trading that favored some clients over others.  The company agreed to pay more than $21M to settle the SEC’s charges as well as a related matter by the DOJ. SEC

Tagged in: Regulatory Violations, Securities Fraud,

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