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The United States Securities and Exchange Commission (SEC) has announced that it has awarded (29 August 2014) US$300,000 to a company employee who "reported wrongdoing to the SEC after the company failed to take action when the employee reported it internally". The SEC has highlighted that the award is the first for "a whistleblower with an audit or compliance function at a company".

The United States Securities and Exchange Commission (SEC) has announced its adoption of new rules and amendments that require significant credit rating agency oversight.

Published in Conflicts of Interest

The United States Securities and Exchange Commission (SEC) has ordered (24 July 2014) three Morgan Stanley firms to pay a total of US$275 million comprising disgorgement, prejudgment interest and a civil penalty for "misleading investors in a pair of residential mortgage-backed securities (RMBS) securitizations that the firms underwrote, sponsored, and issued".

Published in Financial Integrity

The United States Securities and Exchange Commission (SEC) has ordered (25 July 2014) alternative trading system (ATS) operator and Citigroup unit LavaFlow to pay a total of US$5 million to settle charges that it "fail[ed] to protect the confidential trading data of its subscribers".

Insider Trading Charges Settled for US$2 Million

23 Jul 2014
Written by World Watch

The United States Securities and Exchange Commission (SEC) has announced that Cedric Cañas Maillard has agreed to pay almost US$2 million to settle charges that he traded on inside information in advance of a public announcement about a proposed acquisition for which [Spanish investment bank Banco Santander, at which he was a senior official,] was acting as an adviser".

Published in Insider Trading

The United States Securities and Exchange Commission (SEC) has announced that Regions Bank has agreed to pay US$51 million to resolve parallel investigations by the SEC, the Board of Governors of the Federal Reserve System and the Alabama State Banking Department into three of its former senior managers. According to the SEC, Jeffrey Kuehr and Michael Willoughby have been fined US$70,000 each and legal action against Thomas Neely is continuing in relation to the three individuals' alleged intentional misclassification of loans, which then led Regions Bank's publicly-traded holding company to "[overstate] its income and earnings per share in its financial reporting".

Published in Financial Integrity

The United States Securities and Exchange Commission (SEC) has announced that five individuals including former vitamin company NBTY director Glenn Cohen have agreed to pay a total of more than US$500,000 to settle charges (22 May 2014) of insider trading.

Published in Insider Trading

The United States (US) Securities and Exchange Commission (SEC) has ordered (20 May 2014) that James Adams be banned from practising as an accountant before the SEC for two years in order to settle charges that he breached auditor independence rules in his former role of Deloitte chief risk officer.

The United States (US) Securities and Exchange Commission (SEC) has announced that Lawson Software co-chairperson Richard Lawson, together with his brother William Lawson and friend John Cerullo have agreed to pay approximately US$5.8 million to settle insider trading charges. According to the SEC, Mr William Lawson and Mr Cerullo acted on non-public information received by Mr Richard Lawson by selling a total of approximately 1.175 million shares in Lawson Software amid public speculation that the company would be sold to one of multiple bidders.

Published in Insider Trading

The United States (US) Securities and Exchange Commission (SEC) has announced that the New York Stock Exchange, two affiliated exchanges and an affiliated routing broker have agreed to pay US$4.5 million to settle charges that they failed to comply with SEC-approved exchange rules and US federal securities laws.

Published in Financial Integrity
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