The U.S. Securities and Exchange Commission has warned investment advisers and broker-dealers to comply with the Dodd-Frank whistleblower-protection rule.
The SEC’s office of compliance inspections and examinations said in a risk alert (pdf) it will look for illegal restrictions on individuals communicating with the SEC about potential securities law offenses.… Continue Reading
David J. Marshall: SEC breaks new ground, bans employer-imposed waiver of right to whistleblower award
The Securities and Exchange Commission sent a strong message to employers nationwide last week when it issued a cease-and-desist order against a company that required departing employees, as a condition of receiving severance, to sign an agreement waiving their right to any award from the SEC Whistleblower Program for reporting securities law violations.… Continue Reading
The UK Financial Conduct Authority on Wednesday fined Merrill Lynch International £13,285,900 ($19.8 million) for incorrectly reporting 35,034,810 transactions and failing to report another 121,387 transactions between November 2007 and November 2014.… Continue Reading
Two recent blockbuster DOJ settlements have two things in common: 1) record-setting financial penalties, and 2) a portion of those penalties being set aside to fund programs to benefit the communities harmed by the crime.… Continue Reading
Bank of America is paying $16.65 billion to settle fraud claims by federal and state enforcement agencies and regulators that relate back to the financial crisis of 2008. It’s “the largest civil settlement with a single entity in American history,” the DOJ said Thursday.… Continue Reading
U.S. regulators are investigating Charles Schwab and Bank of America’s Merrill Lynch brokerage over whether they are doing enough to verify their clients’ identities as part of their anti-money laundering programs. … Continue Reading