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SEC Announces $300,000 Whistleblower Award to Audit and Compliance Professional Aug 29, 2014
Click for SEC Release August 29, 2014
BofA to Pay $16.65 billion in Historic DOJ Settlement for Financial Fraud including Payment of $1 billion to Settle Several False Claims Cases Aug 20, 2014
Bank of America is set to pay a record settlement of nearly $17 billion over its mortgage lending practices and financial fraud. Click for DOJ ReleaseClick for WSJ ArticleAugust 20, 2014
Risks of Prosecuting and Defending a Broker Note Case Aug 20, 2014
Ex-Morgan Stanley broker loses nearly $1M but gains 100K in FINRA arbitration case.FINRA panel finds financial adviser liable for the balance of his upfront promissory note, but finds that Morgan Stanley owes the broker $100,000 for closing his branch. Click for FINRA Award Dispute ResolutionClick for Investment News ArticleAugust 20, 2014
SEC Approves FINRA Rule 2081 Regarding Prohibited Conditions Relating to Expungement of Customer Dispute Information Jul 30, 2014
The SEC has approved FINRA Rule 2081 (Prohibited Conditions Relating to Expungement of Customer Dispute Information) to prohibit member firms and associated persons from conditioning or seeking to condition settlement of a dispute with a customer on, or to otherwise compensate the customer for, the customer’s agreement to consent to,…
The Good, the Bad, and the Ugly of FINRA Investor Arbitration Jul 18, 2014
Considerations in Prosecuting and Defending a Broker and Brokerage Firm in a FINRA Customer or Industry Arbitration Click for NY Times Article: Taking a Broker to Arbitration July 18, 2014
SEC Revises Guidance for Exemption From Bad Actors Disqualification Under Reg A and Reg D Pursuant to Dodd Frank
The disqualification provisions of Rules 262 and 505 provide that the exemptions from the registration provisions of the Securities Act available under Regulation A and Rule 505 of Regulation D are not available for an offering if, among other things, an issuer, an affiliate, or the underwriter is subject to…
Fireman's Fund Insurance Company Set to Pay $44 Million in False Claims Act Allegations Settlement
Fireman’s Fund Insurance Company has agreed to pay $44 million to settle allegations under the False Claims Act that it falsified documents and intentionally issued insurance policies that were ineligible under the U.S. Department of Agriculture’s (USDA) federal crop insurance program. Fireman’s Fund, an Allianz SE subsidiary that provides personal…
UK Introduces New Whistleblower Rules for Banking and Insurance Sector Companies
On Tuesday, October 6, 2015, the Financial Conduct Authority (“FCA”) released new whistleblower rules for the UK banking and insurance sector in an effort to protect whistleblowers and encourage them to come forward and voice their concerns. The FCA said the new rules will take full effect in September 2016.…