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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.

				

			

			
						
					
			 			




	
		
		

			

				
				
December 18, 2020

				 The SEC awarded $500,000 to a whistleblower who provided significant information and ongoing assistance to the SEC, finding that the individual was eligible for an award even though the individual had not submitted a TCR. 聽The SEC found that the individual had provided information to an attorney, who subsequently used that information without the claimant鈥檚 fully informed consent, to submit a TCR in the attorney鈥檚 own name. 				 					 

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

					
	
							
	
		
		
	


 			




	
		
		

			

				
				
December 17, 2020

				 Robinhood Financial LLC will pay $65 million to resolve an SEC investigation into its disclosures regarding the firm鈥檚 receipt of "payment for order flow" 鈥� payments from trading firms for routing customer orders to them 鈥� as well as its alleged failure to secure best execution on customer orders.聽 According to the SEC, while Robinhood advertised to customers that trades were "commission-free," it steered customer orders to trading firms that paid Robinhood for order flow but provided inferior trade prices to Robinhood customers, thereby misrepresenting the true cost of trades.聽 ; See 2021 FINRA penalty				 					 

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

					
	
							
	
		
		
	


 			




	
		
		

			

				
				
December 16, 2020

				 China-based Luckin Coffee will pay a penalty of $180 million to resolve charges that the company defrauded investors by materially misstating the its revenue, expenses, and net operating loss in an effort to falsely appear to achieve rapid growth and increased profitability and to meet earnings estimates. The SEC alleged that over the course of more than a year, Luckin intentionally fabricated more than $300 million in retail sales, and $190 million in expenses, by using related parties to create false transactions and inflated expenses. Luckin overstated its revenue by 28% and 45% in two different quarters, and raised more than $864 million from debt and equity investors during the relevant time period. Luckin ADRs were traded on NASDAQ until July, 2020.聽 				 					 

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

					
	
							
	
		
		
	


 			




	
		
		

			

				
				
December 14, 2020

				 An unidentified SEC whistleblower with audit responsibilities will receive an award of $300,000 based on a finding that the individual reasonably believed that the entity would engage in conduct which would impede an SEC investigation.聽 The award recognizes that the individual provided high-quality information and continuing assistance during the SEC investigation.聽 				 					 

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

					
	
							
	
		
		
	


 			




	
		
		

			

				
				
December 9, 2020

				 ICE Data Pricing & Reference Data LLC agreed to pay $8 million to resolve charges that between 2015 and 2020 it failed to take adequate steps to ensure the accuracy of securities pricing data it supplied to clients, including by relying on single broker quotes which did not reasonably reflect the value of certain securities.聽 This conduct affected the prices ICE Data PRD provided for more than 40,000 fixed-income securities. 				 					 

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

					
	
							
	
		
		
	


 			




	
		
		

			

				
				
December 9, 2020

				 General Electric Co. (GE) has agreed to pay $200 million to settle SEC charges of violating accounting controls, disclosure controls, antifraud, and reporting provisions of securities laws.聽 According to the SEC, between 2015 to 2017, GE failed to disclose to investors the full picture of some of its profits, including that some of the profits from its power business stemmed from reductions in prior cost estimates, that increases in industrial cash collections came primarily from internal receivable sales between its power and financial services businesses, and that risks had arisen in its insurance business.聽 When challenges to those businesses were finally disclosed to the public in 2017 and 2018, GE鈥檚 stock fell by almost 75%.聽 				 					 

						
Tagged in:
													  Financial and Investment Fraud, 
													  Misrepresentations, 
												
						

					
	
							
	
		
		
	


 			




	
		
		

			

				
				
December 8, 2020

				 UK-based investment advisor BlueCrest Capital Management Limited has agreed to pay over $132 million in disgorgement and interest and over $37 million in penalties, for a total of $170 million, to settle charges of failing to make material disclosures, or making inadequate or misleading disclosures, to investors for more than four years.聽 The alleged securities law violations involved omissions and inadequate or misleading statements regarding the firm鈥檚 transfer of a majority of its highest-performing traders from its flagship client fund, BlueCrest Capital International (BCI), to a proprietary fund, BBSMA Limited, and replacing live traders with an underperforming algorithm while continuing to collect performance fees.聽 				 					 

						
Tagged in:
													  Financial and Investment Fraud, 
													  Misrepresentations, 
												
						

					
	
							
	
		
		
	


 			




	
		
		

			

				
				
December 7, 2020

				 The SEC has granted awards to five whistleblowers whose disclosures led to three successful enforcement actions.聽 The first award of $1.8 million was granted to a company insider who gave information about fraudulent conduct that would have been difficult to detect otherwise.聽 The second award of $750,000 was granted to two whistleblowers, one of whom received a waiver on TCR filing requirements by providing a tip that prompted an investigation, and the other who provided new information that resulted in additional actions being added.聽 The last award of $400,000 was also granted to two whistleblowers; the two individuals had provided analysis that prompted an investigation.聽 				 					 

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

					
	
							
	
		
		
	


 			




	
		
		

			

				
				
December 2, 2020

				 Energy company SCANA Corp. has agreed to pay a $25 million penalty to settle SEC charges of defrauding investors.聽 SCANA and its subsidiary, South Carolina Electric & Gas Co. (SCE&G), have also agreed to pay $112.5 million in disgorgement.聽 According to the SEC, SCANA, SCE&G, and top executives Kevin Marsh (former CEO) and Stephen Byrne (former executive VP) defrauded investors by making false and misleading statements concerning a nuclear power plant expansion that they said would qualify the company for more than $1 billion in tax credits.聽 However, defendants knew the project was far behind schedule and likely to be scrapped.聽 The false statements led investors to buy more than $1 billion in bonds, and caused millions of dollars in losses when the project was ultimately scrapped in mid-2017.聽 ; 				 					 

						
Tagged in:
													  Financial and Investment Fraud, 
													  Misrepresentations, 
												
						

					
	
							
	
		
		
	


 			


											

						

								

									
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