Posts belonging to Category Financial Industry Whistleblowers
Posted by Page PerryonJune 2, 2011
Bank of New York Mellon Corp. admits it did not act in its clients’ best interest in pricing foreign currency trades but says its clients are to blame because they knew or should have known what was going on, according to a Wall Street Journal article by Carrick Mollencamp and Tom McGinty entitled “Inside a […]
Categories: Bank of New York Mellon, Brokerage Firms, Commodities and Futures, ERISA Fiduciaries and Claims, Financial Industry Whistleblowers, Forex Fraud, Investigations, Investment Advisers, Investor Alerts, Securities/Commodities Arbitration, Securities/Commodities Litigation
Posted by Page PerryonMay 26, 2011
The Securities and Exchange Commission has voted to allow whistleblower employees to go straight to the SEC with information about securities law violations without reporting it to their employer, and still collect the full amount of the monetary reward authorized by the Dodd Frank financial reform act, according to a May 25, 2011 article in […]
Categories: Brokerage Firms, Common Securities Broker Abuses, Elder Abuses, Employment Issues, Financial Industry Whistleblowers, Insider Trading, Investigations, Investment Advisers, Regulatory Developments, Securities, Securities/Commodities Arbitration, Securities/Commodities Litigation
Posted by Page PerryonMay 25, 2011
The financial industry implosion of 2008 gave birth to the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”). One of the most highly publicized sections of Dodd-Frank are the “whistleblower” provisions.
Categories: Brokerage Firms, Employment Issues, Financial Industry Whistleblowers, Investment Advisers, Market Developments, Regulatory Developments, Securities, Securities/Commodities Arbitration, Securities/Commodities Litigation
Posted by Page PerryonMay 5, 2011
A California federal court has unsealed a whistleblower suit accusing AIG, Goldman Sachs, Merrill Lynch, Deutsche Bank, and Societe Generale of perpetrating a fraudulent scheme to dupe the Federal Reserve Bank of New York and the U.S. Department of the Treasury into issuing AIG more than $137 billion in bailout loans during the 2008 financial […]
Categories: Brokerage Firms, CDOs, Credit Default Swaps, Derivatives, Deutsche Bank, Financial Industry Whistleblowers, Goldman Sachs, Merrill Lynch, Mortgage Securities & Collateralized Debt Obligation Problems, Securities, Securities/Commodities Arbitration, Securities/Commodities Litigation
Posted by Page PerryonFebruary 25, 2011
Bloomberg commentator Susan Antilla smells a rat. Wall Street is “fighting full-tilt” against the SEC’s whistleblower proposal that would tend to expose hidden wrongdoing. The SEC is “barraged” with their objections. “That’s not how people behave unless they’re hiding something,” Ms. Antilla says in her Bloomberg.com article, “Madoff Repeat Odds Rise With Neutered Watchdog’.”
Categories: Brokerage Firms, Employment Issues, Financial Industry Whistleblowers, Insurance Products, Investment Advisers, Regulatory Developments, Securities/Commodities Arbitration, Securities/Commodities Litigation
Posted by Page PerryonFebruary 21, 2011
The new whistleblower program that pays big cash rewards for tips about investment fraud has already resulted in a large number of high quality tips to the SEC, but it has also gotten the attention of Wall Street. As the SEC tries to implement regulations and procedures to carry out the program, several large companies […]
Categories: Brokerage Firms, Common Securities Broker Abuses, Employment Issues, Financial Industry Whistleblowers, Investment Advisers, Ponzi Schemes, Regulatory Developments, Securities/Commodities Arbitration, Securities/Commodities Litigation
Posted by Page PerryonFebruary 15, 2011
Brokerage firms are worried about a new FINRA Rule that would require them to report misconduct to FINRA in situations where the misconduct “has widespread or potential widespread impact” (FINRA’s words) and the firm has concluded or reasonably should have concluded on its own that violative conduct has occurred” (FINRA’s words). See Dan Jamieson’s InvestmentNews […]
Categories: Brokerage Firms, Common Securities Broker Abuses, Financial Industry Whistleblowers, Regulatory Developments, Securities/Commodities Arbitration, Securities/Commodities Litigation, Stockbroker Standards of Conduct
Posted by Page PerryonFebruary 14, 2011
The new whistleblower program that pays big cash rewards for tips about investment fraud has already resulted in a large number of high quality tips to the SEC, according to a news story this week on CNBC. According to the report, the SEC expects to receive 30,000 tips this year?just one year after the program […]
Categories: Ameriprise, Bank of America, Bank of New York Mellon, Barclays, Brokerage Firms, Charles Schwab, Citigroup/Smith Barney, Credit Suisse, Deutsche Bank, Employment Issues, Fidelity, Financial Industry Whistleblowers, Goldman Sachs, J. P. Morgan Chase, Legg Mason, LPL Financial, Merrill Lynch, Morgan Keegan, Morgan Stanley, Oppenheimer, Raymond James, RBC Dain Raucher, Regulatory Developments, Securities America, Securities/Commodities Arbitration, Securities/Commodities Litigation, State Street, SunTrust, TD Ameritrade, UBS, Wells Fargo
Posted by Page PerryonFebruary 4, 2011
Prosecutors have taken over whistleblower lawsuits against Bank of New York Mellon and State Street Corp. that accuse the banks of fraud in overcharging public pension funds by tens of millions of dollars for foreign-exchange transactions, according to a Reuters article edited by Lincoln Feast, entitled “Prosecutors widen currency probes: report.”
Categories: Bank of New York Mellon, Brokerage Firms, Commodities and Futures, Financial Industry Whistleblowers, Forex Fraud, Regulatory Developments, Securities/Commodities Arbitration, Securities/Commodities Litigation, State Street
Posted by Page PerryonDecember 15, 2010
Corporations and their defense lawyers have intensified their complaining about the whistleblower “bounty” provisions of the Dodd-Frank financial reform laws that provide financial incentives for employees to report securities fraud and other wrongdoing to regulators, citing increased costs and undermining of their “internal fraud-detection efforts” and self-reporting to the SEC, according to a Wall Street […]
Categories: Brokerage Firms, Common Securities Broker Abuses, Employment Issues, Financial Industry Whistleblowers, Regulatory Developments, Securities/Commodities Arbitration, Securities/Commodities Litigation