Thirty million dollars—imagine the government just giving that to you. It’s the type of money that means you’ll never have to work another day in the rest of your life. It sounds like a fantasy, but for one whistleblower abroad, that’s the reality as the SEC tries to send a strong message on corporate malfeasance.
Federal District Court Rules It Does Not Have Jurisdiction to Hear Challenge to the SEC’s Pay-to-Play Law
In a ruling that did not get to the merits of the substantive arguments, a federal court has ruled that it lacks jurisdiction to consider whether the SEC contravened either the US Constitution or the Federal Election Commission’s exclusive turf when it adopted its pay-to-play rule governing investment advisors.
In an important decision, the US District Court for the District of Columbia yesterday dismissed a constitutional challenge to the SEC’s “pay to play” rule, which restricts contributions and fundraising by some individuals who are associated with hedge funds, private equity funds, and other registered investment advisers.
The Securities and Exchange Commission for the first time brought charges against a broker-dealer for failure to adequately protect against insider trading by its employees.
Last week, U.S. District Court Judge Shira Scheindlin of the Southern District of New York ordered disgorgement of $187.7 million in U.S. Securities and Exchange Commission v. Wyly et al, and further estimated that the amount will balloon to between $300 million to $400 million after the SEC recalculates pre-judgment interest.
On September 22, 2014, the Securities & Exchange Commission (SEC) announced that it would pay a Dodd-Frank Act (DFA) whistleblower award of $30 to $35 million to an anonymous foreign tipster.
On September 18th, Oxfam America, Inc. sued the federal Securities and Exchange Commission (SEC) for the second time in three years to compel the SEC to issue a final rule under the Dodd-Frank Wall Street Reform and Consumer Protection Act on oil and gas company disclosures of certain government payments.
The SEC announced an expected award of more than $30 million to a foreign whistleblower who provided “key original information” that led to a successful enforcement action by the agency. The award will be the largest made by the SEC’s whistleblower program and the fourth award to a whistleblower living abroad.
If you answered in the affirmative, then you need to be aware of a recent FINRA proposal submitted to the SEC. The proposal would require member firms to take a harder look when they vet new hires.
The SEC is now enforcing insider reporting obligations. Twenty-Eight insiders (directors, officers and major shareholders) as well as six public companies have recently been sanctioned for failing to timely file beneficial ownership reports under Section 16(a) and Schedules 13D and 13G.