Securities

Recent Posts

Has the Whistleblower Moment Arrived? SEC Awards Whistleblower More Than $14 Million
Posted on 2 Oct 2013 by Kevin M. LaCroix

It is not the first whistleblower award under the Dodd Frank Act’s whistleblower bounty program but the “more than $14 million” award to an anonymous whistleblower that the SEC announced on October 1, 2013 is by far the largest so far... Read More

SEC’s Whistleblower Annual Report
Posted on 1 Dec 2011 by Doug Cornelius

Dodd-Frank added Exchange Act Section 21F(g)(5) and requires that SEC's Office of the Whistleblower to report to Congress annually on the whistleblower program. It's due each October 30. I'm sure the SEC wanted to be in compliance, so they... Read More

SEC Implements the “Bad Actor” Disqualification Provisions of Dodd-Frank
Posted on 30 Jul 2013 by Alexander Davie

Previously, I summarized the Securities and Exchange Commission’s implementing regulations of Title II of the JOBS Act , lifting the ban on general solicitation for offerings exempt under Rule 506 of Regulation D, which were finalized on July 10... Read More

Five Travel Expense Related FCPA Violations
Posted on 7 Dec 2010 by George Pressly

Here's a tip for potential Foreign Corrupt Practices Act whistleblowers: travel expenses clearly fall within FCPA guidelines. A FCPA whistleblower is often an employee or insider who often times assumes incorrectly that a bribe only constitutes... Read More

Whistleblower Report Follow-On Securities Suit: We'll Be Seeing More of These
Posted on 4 Nov 2013 by Kevin M. LaCroix

On October 30, 2013, the SEC announced another whistleblower bounty award under the Dodd-Frank whistleblower program. Although the size of this latest award ($150,000) is relatively modest compared to the recent $14 million award (about which refer here... Read More

SEC: Whistleblower Protections Extend to Those Who Report Internally
Posted on 18 Feb 2015 by Doug Esten

A critical component of the SEC’s whistleblower program is the anti-retaliatory provisions of Exchange Act Section 21F, added to the statute by the Dodd-Frank Act. To implement that provision the Commission promulgated two rules. The first, Exchange... Read More

SEC: Number of Whistleblower Reports Continues to Increase
Posted on 21 Nov 2014 by Kevin M. LaCroix

The number of whistleblower reports to the SEC increased again in the latest fiscal year, according to the annual report of the SEC whistleblower office. The report, which the SEC is required by the Dodd-Frank Act to provide to Congress annually, is entitled... Read More

SEC Whistleblowers can Help Uncover "Soft Dollar" Practices
Posted on 3 Jan 2011 by George Pressly

Hedge fund operators (politely called "Investment Managers" on Wall Street) can make the plaintiffs' bar look like expensively dressed social workers. The hedge fund industry is estimated to be a $2.5 trillion industry . Potential hedge... Read More

The ERC on Whistle Blowing Workplace Misconduct: Attitude Matters
Posted on 3 Feb 2011 by Thomas Fox

In December 2010, the Ethics Resource Center (ERC) released a White Paper entitled, " Blowing the Whistle on Workplace Misconduct ." This White Paper report detailed several findings that the ERC had determined through surveys, interviews... Read More

How Corporate Officials Can Get A Good Night’s Sleep Despite Current SEC Enforcement Trends - The Conclusion
Posted on 21 Aug 2012 by Thomas O. Gorman

This is the last three parts of an eight part series discussing new trends in SEC enforcement which impact corporate directors and officers and steps that can be taken to avoid future liability. While increasing corporate fines is a hallmark of the... Read More

The SEC’s New Whistleblower Action: Is It Counterproductive?
Posted on 8 Apr 2015 by Thomas O. Gorman

The SEC brought its first enforcement action centered on corporate restrictions which could impact employee whistleblowers, deterring them from reporting to the agency. Specifically, the Commission alleged that a policy at KBR, Inc. which precluded the... Read More

Morrison, Whistleblowers And Limits On Federal Authority
Posted on 11 Jul 2012 by Thomas O. Gorman

The fundamental question in National Federation of Independent Business v. Sebelius, Secretary of HHS, No. 11-393 (S.Ct. June 28, 2012), which addressed the constitutionality of the Affordable Care Act, was the scope of federal power within the United... Read More

SEC: Whistleblower Protections Extend to Those Who Report Internally
Posted on 18 Feb 2015 by Thomas O. Gorman

A critical component of the SEC’s whistleblower program is the anti-retaliatory provisions of Exchange Act Section 21F, added to the statute by the Dodd-Frank Act. To implement that provision the Commission promulgated two rules. The first, Exchange... Read More

Fulbright's 9th Annual Litigation Trends Survey: Litigation Bounces Back; Regulation Hits High
Posted on 26 Feb 2013 by Norton Rose Fulbright

Companies in the United States and United Kingdom dealt with more litigation while regulatory investigations reached a five-year high, according to Fulbright's 9 th Annual Litigation Trends Survey . After a one-year decline, litigation rose... Read More