Close-up Photo of Codes representing the cyber unit as well as hackers and insider trading

Barclays and Credit Suisse Pay Millions to Settle Dark Pool Misconduct Allegations

The U.S Securities and Exchange Commission and the New York State Attorney General have resolved investigations into wrongdoing by Barclays and Credit Suisse in the operation of their dark pools. Credit Suisse agreed to pay $84.3 million to the U.S. and New York concerning. Barclays agreed to pay $70 million to end the investigations. Barclays...

Bank buildings, representing Citigroup Accused of Spoofing

Voluntary Swiss Bank Tax Evasion Disclosure Program Reaches Final Total of $1.3 Billion

The Department of Justice has reached the last non-prosecution agreement with a Swiss Bank as part of its voluntary disclosure program which ended in 2013. In total, the U.S. received more than $1.3 billion in penalties from the 80 banks which came forward and settled. The U.S. has received another $8 billion from 54,000 taxpayers...

Overview of SEC Issues with Financial Disclosures and Auditors

In a speech this week, SEC Enforcement Chief Andrew Ceresney discussed the types of wrongdoing the SEC has seen over the past few years in financial disclosures and auditing. As the securities regulator has been winding down its prosecution of the financial crimes from the Great Recession, or lack thereof according to some, the SEC...

A person with hands folded in front of computer, representing high speed trading

CFTC Launches New Whistleblower Website

The CFTC has launched a new, separate website for its Dodd-Frank whistleblower program. Previously, individuals searching for information looked to the CFTC website which contained all of the information for reporting commodities fraud, including the rules, forms, notices of covered actions and award announcements. The new website hasn’t received major media attention yet. It was...

Close-up Photo of Monitor, representing Ontario Securities

Insider Trading: Personal Benefit Standard Under Supreme Court Review

Last year, we speculated about the likelihood that the Supreme Court would accept a significant insider trading case at the urging of the Justice Department. Although the Supreme Court denied cert in United States v. Newman from the Second Circuit, the subject of the DOJ request a few months ago, it will now review an insider trading...

Close up of Court, representing Expanded Whistleblower Program

Supreme Court Protects Class Actions as DOL Fights Wage Theft

It has been a good week for consumers and employees as the Supreme Court protected the right to proceed with a class action and the Labor Department opened up new options for victims of wage theft. The Supreme Court struck a blow to large corporations hoping to avoid class action lawsuits by rejecting the...

100 Dollar Bills representing settlement and False Claims Act

Industry Expert Receives $700,000 SEC Reward Amidst 4 Whistleblowers

The SEC rewarded an industry expert with more than $700,000 after evaluating four whistleblower requests for a reward. In the press release concerning the award, the SEC encouraged other outsiders who do not work for the company but suspect violations of the federal securities laws to report them. Andrew Ceresney, Director of the SEC’s Enforcement...

Close-up of person inserting bank card into ATM

Goldman Sachs to Settle Mortgage Fraud Issues for $5.1 Billion

Goldman Sachs announced a tentative agreement yesterday with the Department of Justice, two state governments and a few other entities concerning federal and state investigations into the investment bank’s mortgage-backed securities practices prior to the financial crisis. Goldman is going to pay a $2.4 billion civil monetary penalty as well as provide consumer relieve including...

Judge signing papers with a gavel in the foreground, representing the False Claims Act and class actions and Fresenius Whistleblower retaliations

Employment Class Action Settlements Set Record in 2015 Amidst Tidal Wave of FLSA Lawsuits

Class Action Litigation Report Settlements in all types of workplace class actions in 2015 reached an all-time high of $2.48 billion according to the 12th Annual Workplace Class Action Litigation Report published by Seyfarth Shaw, a law firm representing employers in the defense of workplace lawsuits. The report identifies and analyzes key trends and settlements...

Cryptocurrency and a graph, representing cybersecurity

ETFS and Variable Annuities Added to SEC Exam Priorities in 2016

Exchange Traded Funds and Variable Annuities Expect the Securities and Exchange Commission to take a harder look at whistleblower tips related to Exchange Traded Funds and Variable Annuities after adding these two categories to its examination priorities for 2016 at the Office of Compliance Inspections and Examinations. The OCIE administers examinations of broker-dealers, investment advisers,...

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