Tag Archives: SEC

The SEC Announces Another Seven-Figure Whistleblower Award

The Securities and Exchange Commission (SEC) last week announced a payout of more than $1 million to a whistleblower who provided information that resulted in a successful SEC enforcement action against a “registered entity” (e.g., a broker-dealer) that “impacted retail customers.” The SEC announced the award, while keeping the details of the enforcement action, the … Continue Reading

SEC ALJ Decision Shows Agency’s “Home Field Advantage” Has Its Limits

In a dense, nearly 60-page decision issued on September 27, 2017, SEC Administrative Law Judge Carol Foelak rejected all claims asserted by the SEC Enforcement Division (the “Division”) in In the Matter of Lynn Tilton, et al. The case involved a series of distressed debt funds that issued notes to institutional investors, using investor proceeds … Continue Reading

U.S. Chamber of Commerce Seeks Guidance Concerning the FCPA

On February 21, 2012 The U.S. Chamber of Commerce Institute for Legal Reform (ILR) sent a letter to the DOJ requesting guidance on “several issues and questions of significant concern to businesses seeking in good faith to comply with the FCPA.”  The ILR raised the following issues: “Instrumentalities”: The ILR sought clarification on what types of … Continue Reading

Allianz SE to settle SEC charges linked to bribes in Indonesia

Europe’s largest insurance company, Germany-based Allianz SE, apparently is about to limit damages sustained by United States Securities and Exchange Commission (SEC) investigations. The insurer had been under US investigation for its possible involvement in two major bribe cases. The first case began after allegations gave rise to suspicion that Allianz employees were involved in … Continue Reading

SEC Issues FCPA Cease and Desist Order as to Watts Water Technologies, General Manager of Chinese Subsidiary

The Securities and Exchange Commission (“SEC”) has issued an administrative cease and desist order as to Watts Water Technologies, Inc. (“Watts”), a water valve designer and retailer, and Leesen Chang (“Chang”), former general manager of Watts Valve Changsha Co., a wholly-owned Chinese subsidiary of Watts. Conduct Between 2006 and 2009, Chang, on behalf of Watts’s … Continue Reading

SEC Adopts Final Rules Providing for Cash Award Payments to Whistleblowers

On May 25, 2011, the Securities and Exchange Commission (SEC) adopted final rules implementing the controversial “whistleblower” provisions of the Dodd-Frank Act, which provide for the payment of monetary awards to individuals who report possible violations of the federal securities laws to the SEC.  Under Section 922 of the Dodd-Frank Act, if a whistleblower provides … Continue Reading
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