SEC
SEC Whistleblower Awarded $900,000 for Reporting Overseas Misconduct
On November 19, the U.S. Securities and Exchange Commission (SEC) announced a $900,000 whistleblower award issued to an individual who provided significant and timely information on securities law violations occurring overseas. In the Final Order for the award, the SEC...
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SEC Chairman Jay Clayton to Step Down at End of Year
On November 16, Jay Clayton, Chairman of the U.S. Securities and Exchange Commission (SEC), confirmed he will end his tenure as Chairman at the end of the year. Clayton will leave the SEC as one of its longest-serving chairs. ...
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SEC Whistleblower Program’s Annual Report to Congress Details Record-Setting 2020
On November 16, the U.S. Securities and Exchange Commission (SEC) Whistleblower Program released its 2020 Annual Report to Congress. The 2020 fiscal year (FY 2020) was a record-setting year for the program in a number of ways, including the number...
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eSports Platform Operator Agrees to Pay $6.1 Million Penalty to SEC for Unregistred ICO
On September 15, the U.S. Securities and Exchange Commission (SEC) announced settled charges against Unikrn Inc., an operator of an online eSports gaming and gambling platform. The SEC charged Unikrn for conducting an unregistered initial coin offering (ICO) of digital...
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SEC Whistleblower Awarded Over $1.1 Million for Independent Analysis
On November 13, the U.S. Securities and Exchange Commission (SEC) announced a whistleblower award of over $1.1 million. The awarded whistleblower provided independent analysis of publicly available material which led the SEC to look at new conduct during an investigation. ...
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SEC Whistleblowers Allege Financial Intermediaries Are Cheating 401ks and Pensions Out of Billions of Dollars
Three separate whistleblowers have filed disclosures with the U.S. Securities and Exchange Commission (SEC), alleging that financial intermediaries of 401ks and pensions are short-changing their retirement plan clients by pocketing billions of dollars that rightfully belong to retirement plans. According...
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Fiat Chrysler to Pay SEC $9.5 Million Penalty for Disclosure Violations
On September 28, the U.S. Securities and Exchange Commission (SEC) announced settled charges against Fiat Chrysler Automobiles N.V., a London-based public company that sells vehicles through its Michigan-based subsidiary. The SEC charged Fiat with making misleading disclosures about an internal...
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BMW Settles SEC Charges That It Misled Investors About Retail Sales Numbers
On September 24, the U.S. Securities and Exchange Commission (SEC) announced settled charges against German auto-manufacturer BMW and two of its U.S. subsidiaries. The SEC charged BMW with disclosing inaccurate and misleading information about retail sales volume in the U.S. ...
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SEC Office of the Whistleblower Posts Nineteen New Notices of Covered Actions
On October 30, the U.S. Securities and Exchange Commission (SEC) Office of the Whistleblower posted nineteen new Notices of Covered Actions (NCAs). Each NCA relates to a specific SEC enforcement action and signals that individuals may now submit whistleblower award...
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SEC Publishes Rule Changes to Whistleblower Program; New Deadlines Impact Current Cases
On November 5, the Federal Register published the Whistleblower Program Rule changes for the U.S. Securities and Exchange Commission (SEC) Whistleblower Program. The SEC approved the changes on September 23 in a 3-2 vote by the SEC Commissioners. While the...
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