By Steve Kardell | Published September 17, 2020 | Posted in Fraud | Tagged Tags: covid-19, fraud allegations, SEC |
SEC Sees Significant Increase in COVID-19 Related Tips and Complaints
The U.S. Securities and Exchange Commission (SEC) noted it has seen a “spike” in tips, complaints and referrals related to COVID-19, prompting brand new investigations for the commission. The agency is specifically focused on fraud relating to the pandemic. According to the SEC, it has issued more than 30 trading suspensions since early February based Read More
Read MoreLatest SEC Whistleblower Award: $3.8 Million
The most recent SEC whistleblower award was a $3.8 million bounty to a whistleblower who offered information to the agency that resulted in a successful enforcement action. As always, the information provided by the SEC about the whistleblower award was vague so as to protect the identity of the whistleblower. The SEC said the whistleblower Read More
Read MoreSEC Awards $27 Million to Whistleblower
April 2020 was a busy month for the SEC’s Office of the Whistleblower and its whistleblower award program. The headline award of the month was a $27 million award to a single whistleblower, which ranks among the larger awards given out by the SEC since the inception of its program. The award also helped the Read More
Read MoreSEC Issues Charges to Several Defendants for Unregistered Securities Sales
The U.S. Securities and Exchange Commission (SEC) charged Crystal World Holdings, Inc., The New Sports Economy Institute and Christopher Paul Rabalais for misleading its investors in an unregistered offer and sale of Crystal World Holdings securities to domestic and international investors. Case background According to the SEC complaint, Rabalais and his two companies listed as Read More
Read MoreWhistleblower Challenges SEC After Lengthy Delays on Award Decision
A whistleblower who produced information leading to a corruption case against Teva Pharmaceutical Industries Ltd. is asking a federal court to intervene in the matter, arguing the U.S. Securities and Exchange Commission (SEC) is taking too long to determine whether the individual will receive an award. The anonymous whistleblower filed the petition in late April. Read More
Read MoreSEC Accused of Mishandling Whistleblower Claim Regarding Financial Misconduct at Deutsche Bank
The economy has come a long way since the financial crisis of the late 2000s. However, the fallout for the big banks and discussions of how the federal government should regulate them continues. One whistleblower accused a senior Securities and Exchange Commission (SEC) official during the financial crisis of mishandling a tip he sent in Read More
Read MoreSEC Expected to Get Tougher on Cyber Fraud
A report from the U.S. Securities and Exchange Commission last fall warned that publicly held companies with insufficient internal accounting controls are more likely to cause cyber fraud and could be in violation of federal law and subject to future fines from the SEC. This indicates the agency is looking to crack down even further Read More
Read MoreThe SEC’s Groundbreaking Settlement with Yahoo
On April 24, the Securities and Exchange Commission (SEC) announced a settlement with the Altaba, Inc., formerly known as Yahoo! Inc., worth $35 million. The figure settled charges that the company deliberately misled investors by waiting a full two years to release information about a data breach that resulted in hackers gaining access to personal Read More
Read MoreWall Street, Pay Attention: Whistleblowers Will Reap $45 Million in CFTC Awards in 2018
In 2010, the Dodd-Frank Act created whistleblower programs under the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). For the most part, it’s been the SEC’s program that has garnered headlines in these first eight years. However, experts believe the CFTC program is about to begin making headlines of its own. Read More
Read MoreRecent Whistleblower Case Shows Potential for Reduction in Monetary Awards
On February 28, the U.S. Securities and Exchange Commission (SEC) awarded a whistleblower 20 percent of the sanctions paid in association with an enforcement action brought forth as a result of unique information provided by that whistleblower. In this case, the SEC clarified that the whistleblower’s own culpability in some of the securities violations at Read More
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