Recent SEC Award Demonstrates Whistleblowers Don’t Have to be Insiders

In January, the SEC provided a $700,000 whistleblower award to an individual who was not an employee or contractor of the company sanctioned by the SEC but who “conducted a detailed analysis that led to a successful SEC enforcement action.” Andrew Ceresney, SEC Enforcement Division Director, said, “The voluntary submission of high-quality analysis by industry … Continued

Compliance Date for Final SEC Rule Requiring Companies to Disclose Relationship Between Executive Pay and Financial Performance is 1/1/17

The compliance date for the final SEC rule that requires publicly held companies to report on the relationship between executive pay and company financial performance is January 1, 2017 for companies whose fiscal years begin on January 1. The new rule implements Section 953(a) of the Dodd-Frank Act to provide greater transparency and better inform … Continued

SEC to Proceed with Case Against SAC Capital Advisors Founder

In 2014, SAC Capital Advisors portfolio manager Mathew Martoma was convicted of insider trading and sentenced to nine years in prison.  Martoma was found guilty of seeking out confidential information about a clinical drug trial that enabled SAC Capital to realize profits of $275 million. Another SAC Capital manager, Michael Steinberg, was sentenced to 3 … Continued

First Circuit Vacates SEC Sanctions Against Two Bank Execs

The U.S. Court of Appeals for the First Circuit has vacated a Securities and Exchange Commission (SEC) order that imposed sanctions against two State Street Bank and Trust Co. executives, saying that the SEC had abused its discretion in assessing liability to the two bankers. In Flannery v. SEC, the SEC brought charges against State … Continued

Dallas Broker Sentenced in Securities Fraud Case

A Dallas, Texas, securities broker has been sentenced to three years in federal prison and ordered to pay more than $1.5 million in restitution after pleading guilty to one count of securities fraud. Wade Lawrence, 43, worked as a broker in the Dallas office of Oppenheimer & Co., Inc., from June 2008 until July 2011.  … Continued

SEC Releases 2015 Whistleblower Report

On November 16, 2015, the Securities and Exchange Commission (“SEC”) released its 2015 Dodd-Frank Whistleblower Program Annual Report with noted activity in four key areas: Whistleblower Activity Up — In the fiscal year ended September 30, 2015, the SEC reported an eight percent increase in whistleblower tips — to 3,923 in 2015 vs. 3,620 in … Continued

SEC Charges Texan with Running $114M Ponzi Scheme

A Houston-area businessman has been charged with running a $114 million Ponzi scheme by the U.S. Securities and Exchange Commission (“SEC”) that involved seeking investments for research into technology that would prevent drowsy driving accidents. Frederick Alan Voight, 58, of Richmond, Texas, and his company, DayStar Funding LP, are accused of raising more than $114 … Continued

SEC Announces 2015 Enforcement Results

The Securities and Exchange Commission has announced results for its enforcement actions in fiscal year 2015, ended September 30, 2015, saying that these results include a number of high impact and first-ever actions for securities law violations. During 2015, the SEC filed 807 enforcement actions and obtained approximately $4.2 billion in disgorgement and penalties.  Of … Continued

About the Crime of Securities Fraud

When someone commits fraud related to the sale, purchase or trade of a security — stocks, bonds, investments, etc. — this is known as securities fraud.  The federal government prosecutes securities fraud under two statutes — the Securities Act of 1933 and the Securities Exchange Act of 1934 — as well as a number of … Continued

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