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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.

				

			

			
						
					
			 			




	
		
		

			

				
				
February 19, 2021

				 The SEC has awarded two whistleblowers a total of almost $3 million for alerting the agency to misconduct.聽 The first award of over $2.2 million went to an individual whose information helped bring a successful enforcement action to an open investigation.聽 The second award of almost $700,000 went to an individual whose tip about a fraudulent reporting scheme helped launch an investigation.聽 				 					 

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

					
	
							
	
		
		
	


 			




	
		
		

			

				
				
February 12, 2021

				 Registered investment advisor and broker-dealer Winslow, Evans & Crocker, Inc. will pay $1.9 million in disgorgement, interest, and penalties to resolve allegations regarding its mutual fund share class and cash sweep selection practices.聽 Winslow allegedly recommended mutual fund share classes and money market funds to its customers without adequately disclosing that it received 12b-1 fees and revenue-sharing payments in connection with those shares and funds, when lower-cost share classes and options were available.聽 				 					 

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

					
	
							
	
		
		
	


 			




	
		
		

			

				
				
February 2, 2021

				 Premier Holding Corp., a microcap issuer which described itself as a green energy services provider, and its former CEO, Randall Letcavage, have been ordered to pay a total of $10.5 million in disgorgement, penalties, and interest in connection with judgment finding that defendants materially mislead investors about the value of Premier鈥檚 assets and perks paid to Letcavage.聽 				 					 

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

					
	
							
	
		
		
	


 			


 			




	
		
		

			

				
				
January 8, 2021

				 Deutsche Bank Aktiengesellschaft entered into a deferred prosecution agreement and agreed to pay over $130 million to resolve charges that the financial services company violated the FCPA and engaged in a commodities fraud scheme.聽 The SEC charged that Deutsche Bank made payments to individuals including foreign officials, their relatives, and their associates as third-party intermediaries and consultants to obtain and retain global business, and lacked sufficient internal accounting controls related to the use and payment of such intermediaries, resulting in millions in bribe payments or payments for unknown, undocumented, or unauthorized services that were inaccurately recorded as legitimate business expenses with documentation falsified by Deutsche Bank employees. The agreed payment represents a $79.6 million criminal penalty and $43.3 million in disgorgement in prejudgment interest to the SEC.聽聽 Separately, in connection with a spoofing scheme undertaken by Deutsche precious metals traders in New York, Singapore, and London the bank agreed to a total of $7.5 million in criminal penalties, disgorgement, and restitution, the penalty amount of which will be credited against a 2018 $30 million CFTC civil penalty for substantially the same conduct.聽聽 ; 				 					 

						
Tagged in:
													  FCPA, 
													  Financial and Investment Fraud, 
													  Financial Institution Fraud, 
													  Fraud in CFTC-Regulated Markets, 
													  Market Manipulation and Trading Violations, 
												
						

					
	
							
	
		
		
	


 			




	
		
		

			

				
				
January 7, 2021

				 The SEC has awarded five whistleblowers more than $1.1 million for providing information that led to three successful enforcement actions.聽 The first order credited three whistleblowers with information and assistance that led to two related enforcement actions; the three were awarded nearly $500,000.聽 The second order awarded nearly $600,000 to an individual who reported concerns internally before providing extensive assistance to SEC investigators.聽 The third order awarded over $100,000 to an individual who provided independent analysis of publicly available documents; this is the fifth such whistleblower this fiscal year who has granted an award.聽 				 					 

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

					
	
							
	
		
		
	


 			




	
		
		

			

				
				
December 23, 2020

				 RPM International Inc. and Edward W. Moore, its general counsel and chief compliance officer, will pay a $2 million penalty to resolve allegations that the roofing company violated generally accepted accounting principles in failing to timely disclose a material loss contingency or accrual arising from its knowledge that the government was investigating alleged overcharges by RPM on government contracts.聽 In August 2014, RPM restated its results in three prior quarters, although it allegedly knew about the investigation and the company鈥檚 exposure earlier.聽 				 					 

						
Tagged in:
													  Accounting Fraud, 
													  Financial and Investment Fraud, 
													  Misrepresentations, 
													  Securities Fraud, 
												
						

					
	
							
	
		
		
	


 			


 			




	
		
		

			

				
				
December 18, 2020

				 The SEC awarded $1.8 million to a whistleblower who timely provided significant information about a fraudulent securities scheme that was otherwise hard to detect, and provided substantial assistance during the SEC investigation, which resulted in the return of millions of dollars to harmed investors.聽 				 					 

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

					
	
							
	
		
		
	


 			


											

						

								

									
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