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SEC Enforcement Actions

					
The  (SEC) is the United States agency with primary responsibility for enforcing federal securities laws. Whistleblowers with knowledge of violations of the federal securities laws can submit a claim to the SEC under the SEC Whistleblower Reward Program, and may be eligible to receive 聽monetary rewards and protection against retaliation by employers.


Below are summaries of recent SEC settlements or successful prosecutions. If you believe you have information about fraud which could give 聽rise to an SEC enforcement action and claim under the SEC Whistleblower Reward Program, please contact us to speak with one of our experienced whistleblower attorneys.

				

			

			
						
					
			

	
		
		

			

				
				
May 28, 2021

				 Eric Pulier, who previously served as an executive at ServiceMesh, Inc., which later merged with Computer Sciences Corporation (CSC), entered into a consent judgment for $4.8 million in disgorgement, civil penalties, and interest.聽 The judgment resolved an SEC action alleging that Pulier paid more than $2 million in bribes to executives at the Commonwealth Bank of Australia to secure business for CSC. 聽Securing the Australia business entitled ServiceMesh to a $98 million earn-out payment from the CSC acquisition, and Pulier was personally entitled to $30 million of that earn-out.聽 				 					 

						
Tagged in:
													  Bribery and Bid-Rigging, 
													  Financial and Investment Fraud, 
													  Securities Fraud, 
												
						

					
	
							
	
		
		
	


 			




	
		
		

			

				
				
May 27, 2021

				 An anonymous individual received and SEC whistleblower award of $4.2 million.聽 According to the SEC, the individual voluntarily provided detailed, original information that caused the Commission to open an investigation that led to a successful enforcement action.聽 During the investigation, the individual met with investigative staff on multiple occasions, identified key players, and provided additional helpful information and documents.聽 A second claimant was denied an award; Commission staff stated that they had not communicated with or used any information provided by that claimant.聽 				 					 

						
Tagged in:
													  Financial and Investment Fraud, 
													  SEC Whistleblower Reward Program, 
													  Whistleblower Rewards, 
												
						

					
	
							
	
		
		
	


 			




	
		
		

			

				
				
May 19, 2021

				 An anonymous whistleblower has received an award of $28 million, representing a share of recoveries by the SEC and by another federal government agency in a related action.聽 The Commission's order states that the involved company reported wrongful conduct in one geographic region, and the whistleblower voluntary submitted information to the SEC regarding similar improprieties by the company in a different country.聽 				 					 

						
Tagged in:
													  Financial and Investment Fraud, 
													  SEC Whistleblower Reward Program, 
													  Whistleblower Rewards, 
												
						

					
	
							
	
		
		
	


 			




	
		
		

			

				
				
May 17, 2021

				 Index provider S&P Dow Jones Indices LLC, which publishes the S&P 500 VIX Short Term Futures Index ER, will pay a $9 million penalty to resolve claims that inadequate quality control procedures, including an undisclosed 鈥渁uto-hold鈥� feature triggered by a VIX spike, caused it publish and disseminate stale index values during a period of unprecedented volatility.聽 As a result of the stale information, issuers who used the index to offer securities reported incorrect values.聽 				 					 

						
Tagged in:
													  Financial and Investment Fraud, 
													  Financial Institution Fraud, 
													  Regulatory Violations, 
												
						

					
	
							
	
		
		
	


 			




	
		
		

			

				
				
May 17, 2021

				 The SEC made an award of $750,000 to one whistleblower and $3.75 million to a second whistleblower based on findings that they provided information that assisted SEC staff in related civil and criminal proceedings against a company and individual.聽 The first individual provided information relevant to the action against the individual only, but did so more than five years after learning of the violation.聽 The second individual, who received a larger award, was originally denied any award by the SEC, but, upon reconsideration, the SEC concluded that they had voluntarily provided information to the Commission prior to being contacted by the Commission. 聽Three other claimants were denied awards. 聽				 					 

						
Tagged in:
													  Financial and Investment Fraud, 
													  Multiple Whistleblowers and First-to-File, 
													  SEC Whistleblower Reward Program, 
													  Whistleblower Rewards, 
												
						

					
	
							
	
		
		
	


 			




	
		
		

			

				
				
May 17, 2021

				 Two whistleblowers were awarded a total of $27 million, with the SEC finding that the information they jointly and voluntarily provided aided an enforcement action which resulted in the return of millions of dollars to harmed investors, even through most of the information the individuals provided was already known the SEC from other sources. The two individuals had also reported their concerns internally and met in-person with SEC staff over the course of two days. 				 					 

						
Tagged in:
													  Financial and Investment Fraud, 
													  Multiple Whistleblowers and First-to-File, 
													  SEC Whistleblower Reward Program, 
													  Whistleblower Rewards, 
												
						

					
	
							
	
		
		
	


 			




	
		
		

			

				
				
May 12, 2021

				 Registered broker-dealer GWFS Equities Inc. will pay a penalty of $1.5 million to settle allegations that it failed to respond appropriately when it detected external bad actors gaining, or attempting to gain, access to the retirement accounts of participants in the employer-sponsored retirement plans it serviced, including through the use of improperly obtained electronic login information, user names, email addresses, and passwords. There was no allegation that this personal identifying information was disclosed in a breach of GWFS systems. However, the bad actors used this information to request distributions from plan participant accounts. While GWFS detected and blocked many of these attempts, the SEC charged that GWFS failed to file suspicious activity reports, or filed incomplete SARs, with respect to the account takeovers. 				 					 

						
Tagged in:
													  Cybersecurity and Data Breaches, 
													  Financial and Investment Fraud, 
													  Financial Institution Fraud, 
													  Money Laundering, 
													  Regulatory Violations, 
												
						

					
	
							
	
		
		
	


 			




	
		
		

			

				
				
May 12, 2021

				 The SEC made a whistleblower award of $3.6 million to an individual who provided new information that resulted in the opening of an SEC investigation directly based on that information, and provided ongoing assistance to the Commission during the course of the investigation.聽 At the same time, the SEC denied a whistleblower award to a second individual who submitted information regarding the company in the same covered action, finding that the information provided by the second claimant did not significantly contribute to the success of the Covered Action.聽 				 					 

						
Tagged in:
													  Financial and Investment Fraud, 
													  SEC Whistleblower Reward Program, 
													  Whistleblower Rewards, 
												
						

					
	
							
	
		
		
	


 			




	
		
		

			

				
				
May 10, 2021

				 Two whistleblowers received a total of $22 million in awards from the SEC with respect to settled administrative proceedings against unidentified parties including a financial services firm.聽 The first whistleblower, whose tip initiated the SEC's investigation, was awarded $18 million.聽 The second whistleblower, whose tip was submitted several years later, was awarded $4 million.聽 Both whistleblowers challenged the SEC's preliminary determination of award, and the SEC's final order concludes that the first whistleblower, who suffered hardships while attempting to remedy the situation, was the main source of information for the Commission and provided extensive and ongoing assistance during the investigation.聽 While the second whistleblower provided important additional information as a percipient witness, the Commission also noted that the second whistleblower delayed reporting for several years after becoming aware of the wrongdoing.聽 				 					 

						
Tagged in:
													  Financial and Investment Fraud, 
													  SEC Whistleblower Reward Program, 
													  Whistleblower Rewards, 
												
						

					
	
							
	
		
		
	


 			




	
		
		

			

				
				
May 4, 2021

				 DaRayl Davis, who owned and operated Financial Assurance Corp. and Affluent Advisory Group LLC, has been sentenced to 13 years in prison and ordered to pay restitution of $7.1 million on charges arising from his sale of fictitious financial products to investors with false promises that the investors would receive fixed annual interest payments and guaranteed protection against losses.聽 In fact, Davis diverted investor funds to his personal use.聽 ; 				 					 

						
Tagged in:
													  Criminal Proceedings, 
													  Financial and Investment Fraud, 
													  Misrepresentations, 
													  Securities Fraud, 
												
						

					
	
							
	
		
		
	


 			


											

						

								

									
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