Posts belonging to Category Financial Industry Whistleblowers
Posted by Page PerryonJuly 25, 2012
“[T]he question we face today is not whether insider trading is rampant but whether corrupt corporate culture is.” That is the assessment of the top prosecutor of Wall Street crime, U.S. Attorney Preet Bhara. There is no question that insider trading is rampant; that fact has been amply demonstrated, says Bhara. The larger and “most […]
Categories: Brokerage Firms, Financial Industry Whistleblowers, Investigations, Investment Advisers, Investor Alerts, Market Developments, Regulatory Developments, SEC Whistleblowers, Securities, Securities/Commodities Arbitration, Securities/Commodities Litigation
Posted by Page PerryonJuly 24, 2012
A U.S. federal district court issued a ruling strengthening corporate whistleblower protections. The court held that the Dodd-Frank financial reform act provides protection to employees of subsidiaries as well as those who work directly for the parent companies, and that the protection applies retroactively to cases that predate the enactment of Dodd-Frank.
Categories: Brokerage Firms, Financial Industry Whistleblowers, Investment Advisers, SEC Whistleblowers
Posted by Page PerryonJuly 16, 2012
The Securities and Exchange Commission will soon pay out $452 million to whistleblowers across the country, according to a New York Post article, “SEC set to hand out up to $452M to whistleblowers.” The SEC’s whistleblower program recently marked its first anniversary. Whistleblowers can collect from 10 percent to 30 percent of what the government […]
Categories: Brokerage Firms, Employment Issues, Financial Industry Whistleblowers, Investment Advisers, Regulatory Developments, SEC Whistleblowers, Securities, Securities/Commodities Arbitration, Securities/Commodities Litigation
Posted by Page PerryonJune 8, 2012
A non-partisan group has determined that corporate objections to the new securities whistleblower program are unfounded. The Dodd-Frank Act instituted a policy that rewards employees for revealing illegal companies practices to regulators. This policy offers the whistleblowers rewards of 10-30 percent of SEC penalties greater than $1 million. Additionally, whistleblowers can remain anonymous if they […]
Categories: Brokerage Firms, Financial Industry Whistleblowers, Investment Advisers, Investment Malpractice, Investor Alerts, Regulatory Developments, SEC Whistleblowers, Securities, Securities/Commodities Arbitration, Securities/Commodities Litigation
Posted by Page PerryonJune 7, 2012
The Securities and Exchange Commission is busy handling a deluge of whistleblower tips. An average of 7 tips per day has forced the SEC to triage the tips. Whistleblowers stand to receive substantial monetary awards for tips that lead to successful SEC action (“SEC Enforcement Division Buried in Whistleblower Tips,” by Ian Thoms, Law360). In […]
Categories: Brokerage Firms, Employment Issues, Fairness/Just & Equitable Conduct, Financial Industry Whistleblowers, Investigations, Investment Advisers, Investment Malpractice, Investor Alerts, Market Developments, Misrepresentation/Omission, Regulatory Developments, SEC Whistleblowers, Securities, Unsuitable Recommendations
Posted by Page PerryonMarch 16, 2012
According to a whistleblower lawsuit filed recently, J.P. Morgan Chase’s credit card services division sold nearly $200 million worth of supposed credit card judgments to collection agents. Each judgment was represented by Chase to be an enforceable court order against a Chase credit card holder to pay a certain amount of debt owed. But many […]
Categories: Brokerage Firms, Financial Industry Whistleblowers, J. P. Morgan Chase
Posted by Page PerryonMarch 8, 2012
Could Wall Street’s role in creating the recent financial crisis boil down to something as simple as a conditioned reflex? Apparently so, according to William D. Cohan, a former investment banker. Cohen writes: Wall Street “rewards bankers and traders for the revenue they generate by constantly selling whatever comes across their desks, regardless of its […]
Categories: Alternative Investments, Brokerage Firms, CDOs, Common Securities Broker Abuses, Derivatives, Financial Industry Whistleblowers, Hedge Funds, Investigations, Investment Advisers, Investor Alerts, Limited Partnerships, Mortgage Securities & Collateralized Debt Obligation Problems, Nontraded REITs, Oil & Gas, Private Equity Investments, Private Investments/Reg D, Securities, Securities/Commodities Arbitration, Securities/Commodities Litigation, Smart Investing Tools, Structured Notes, Variable Annuities and Equity-Indexed Annuities
Posted by Page PerryonFebruary 29, 2012
Just when you think you could not become more cynical, Citigroup comes along and throws an award ceremony honoring employees who concealed evidence of mortgage fraud from the Federal Housing Administration (FHA). To make matters worse, the ceremony occurred in January 2011, long after “too-big-to-fail” Citigroup received $45 billion in taxpayer bailout money (the most […]
Categories: Brokerage Firms, Citigroup/Smith Barney, Financial Industry Whistleblowers, Investigations, Investment Advisers, Investor Alerts, Regulatory Developments, Securities/Commodities Arbitration, Securities/Commodities Litigation
Posted by Page PerryonFebruary 23, 2012
What’s the difference between a Wall Street bank and a whistleblower? Nothing! While Wall Street railed against whistleblower protections for employees in Dodd-Frank, turns out they are falling all over themselves to blow the whistle on each other. Why? Because the first to tattle gets protections that are not offered to the second to tattle. […]
Categories: Brokerage Firms, Citigroup/Smith Barney, Commodities and Futures, Common Securities Broker Abuses, Deutsche Bank, Financial Industry Whistleblowers, HSBC, Investment Advisers, Investor Alerts, J. P. Morgan Chase, Regulatory Developments, Securities, Securities/Commodities Arbitration, Securities/Commodities Litigation, UBS
Posted by Page PerryonFebruary 20, 2012
Congratulations to whistleblower Sherry Hunt of Silex, Missouri, a vice president of quality assurance at CitiMortgage, who will receive approximately $31.7 million or 20 percent of the $158.3 million that Citigroup agreed to pay to settle a False Claims Act suit involving mortgage fraud filed by the U.S. Department of Justice. It is the second-largest […]
Categories: Brokerage Firms, Citigroup/Smith Barney, Financial Industry Whistleblowers, Securities/Commodities Arbitration, Securities/Commodities Litigation