Creola Kelly, Acting Chief of the SEC’s Office of the Whistleblower said: Whistleblowers may lead to the success of an enforcement matter by providing information that causes an investigation or examination to open or that meaningfully advances an existing investigation. Payment of the awards is taken out of an investor protection fund set up by…
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Payment of the awards is taken out of an investor protection fund set up by Congress. It is financed through monetary sanctions of security law violations paid to SEC. To be eligible for the award, a whistleblower needs to voluntarily provide the commission with reliable information that leads to successful enforcement action. The awards range…
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However, Braga allegedly used the investor funds for his own benefit and to pay a network of worldwide Trade Coin Club promoters, including Paradise, Taylor, and Tetreault. The SEC stated that Trade Coin Club operated as a Ponzi scheme. It explained that investor withdrawals came only from deposits other investors made and not from any…
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Payment of the awards is taken out of an investor protection fund set up by Congress. It is financed through monetary sanctions of security law violations paid to SEC. To be eligible for the award, a whistleblower needs to voluntarily provide the commission with reliable information that leads to successful enforcement action. The awards range…
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Furthermore, SEC discovered that Loop Capital did not maintain a system reasonably designed to supervise its municipal securities activities. The regulator noted that its procedures were inadequate, using insufficient methods to identify potential violations of the municipal advisor registration rules. LeeAnn Ghazil Gaunt, Chief of the Enforcement Division’s Public Finance Abuse Unit, said: The municipal…
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Gurbir S. Grewal, Director of the SEC’s Division of Enforcement, said: I applaud the excellent work of the Division’s Public Finance Abuse Unit in bringing these first-ever actions in the $4 trillion municipal bond space. We encourage underwriters to examine their practices and to self-report any failures to us before we identify them ourselves. LeeAnn…
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The second whistleblower received over $3 million. They presented to the agency important new information during the course of the investigation. Creola Kelly, Chief of the SEC’s Office of the Whistleblower, said: The information and assistance provided by these two whistleblowers in helping to identify complex wrongdoing demonstrates the importance of the whistleblower program to…
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Furthermore, SEC alleges that cease-and-desist actions by the Securities and Exchange Commission of the Philippines in September 2020 and by the Montana Commissioner of Securities and Insurance in March 2021 did not stop Forsage from operating and the defendants continued to promote the scheme while denying the claims in several YouTube videos. Carolyn Welshhans, Acting…
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Details on the three cases Bhardwaj, who is former CISO of Lumentum Holdings Inc., and his friends, Dhirenkumar Patel, Srinivasa Kakkera, Abbas Saeedi, and Ramesh Chitor, using information not yet made available to the public, traded securities and generated $5.2 million in profits. In another case, SEC revealed that Goel, an investment banker and his…
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Another whistleblower received over $3 million for providing the regulator information which started an investigation. The individual was an insider who initially reported their concerns internally. Later they submitted a detailed tip and met with the SEC’s Enforcement staff a few times to provide additional information in the course of the investigation. Creola Kelly, Chief…
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