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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.

				

			

			
						
					
			

	
		
		

			

				
				
March 23, 2020

				 The SEC has announced that it has awarded a whistleblower over $1.6 million for informing the agency of a possible securities violation and providing critical assistance during the investigation.聽 Because of the whistleblower鈥檚 actions, the SEC was able to successfully enforce securities laws while preserving time and resources.聽 				 					 

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

					
	
							
	
		
		
	


 			




	
		
		

			

				
				
February 28, 2020

				 Cardinal Health, a pharmaceutical company in Ohio, has agreed to pay more than $8 million to resolve charges of violating the Foreign Corrupt 91吃瓜网 Act.聽 Between 2010 and 2016, the company's China branch allegedly made payments to government-employed healthcare professionals and retail companies on behalf of a European dermocosmetic company whose products Cardinal China distributed.聽 Additionally, the company took part in a profit-sharing agreement with the dermocosmetic company, and failed to maintain complete records on the affected accounts.聽 As part of the settlement, Cardinal Health will cease and desist and pay $5.4 million in disgorgement, $916,887 in prejudgment interest, and $2.5 million in civil penalty.聽 				 					 

						
Tagged in:
													  FCPA, 
													  Pharma Fraud, 
												
						

					
	
							
	
		
		
	


 			




	
		
		

			

				
				
February 28, 2020

				 The SEC has awarded $7 million to an anonymous whistleblower whom the agency described as having provided extensive and sustained assistance in a successful enforcement action.聽 No other information on the underlying action was disclosed.聽 				 					 

						
Tagged in:
													  Anonymity, 
													  SEC Whistleblower Reward Program, 
													  Whistleblower Rewards, 
												
						

					
	
							
	
		
		
	


 			




	
		
		

			

				
				
February 27, 2020

				 Wells Fargo Clearing Services and Wells Fargo Advisors Financial Network will pay a $35 million penalty to resolve charges that certain of Wells Fargo's investment advisors and registered representatives made unsuitable recommendations to retail clients regarding single-inverse ETF products.聽 The SEC charged that Wells Fargo lacked policies and procedures that would have detected such unsuitable recommendations, and failed to adequately supervise and train its financial professionals, who did not fully understand the products they were recommending.聽 Wells Fargo did not admit or deny the SEC's findings; the penalty will be distributed to harmed individuals.聽 				 					 

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

					
	
							
	
		
		
	


 			




	
		
		

			

				
				
February 21, 2020

				 Wells Fargo & Co. will pay a total of $3 billion in a federal settlement resolving criminal, civil, and administrative liability with respect to its 鈥渃ross-selling鈥� sales practices between 2002 and 2016 that led to the opening of millions of checking, savings, credit card, and other accounts on behalf of individual customers under false pretenses or without the customers鈥� consent.聽 As part of the settlement, Wells Fargo admitted that it collected millions of dollars in fees and interest to which the Company was not entitled, harmed customer credit ratings, and unlawfully misused customers鈥� personal information.聽 Wells Fargo entered into a three-year deferred prosecution agreement requiring the bank to take certain compliance steps and cooperate with ongoing investigations.聽 Of the $3 billion settlement, $500 million resolves SEC claims that the bank, knowing about the underlying violations, mislead investors about the success of its business; the SEC settlement will be distributed to harmed investors.聽 The federal settlement is in addition to a $575 million 2018 settlement Wells Fargo entered into with 50 states and the District of Columbia and a $100 million 2016 fine from the CFPB arising from the same conduct.聽 ; ; ; 				 					 

						
Tagged in:
													  Financial and Investment Fraud, 
													  Financial Institution Fraud, 
													  FIRREA, 
													  Securities Fraud, 
												
						

					
	
							
	
		
		
	


 			




	
		
		

			

				
				
February 19, 2020

				 Diageo plc will pay $5 million to resolve SEC charges that the alcohol producer's North American subsidiary, Diageo North America, engaged in channel-stuffing by pressuring distributors to buy products in excess of demand in order to meet internal sales targets in the face of declining market conditions. Diageo failed to disclose the trends that resulted from shipping products in excess of demand, the positive impact the overshipping had on sales and profits, and the negative impact that the unnecessary increase in inventory would have on future growth. 				 					 

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

					
	
							
	
		
		
	


 			




	
		
		

			

				
				
January 27, 2020

				 Catalyst Capital Advisors LLC and its CEO Jerry Szilagyi will pay more than $10 million -- $8.9 million in disgorgement and 1.6 million in civil monetary penalties -- to resolve claims that they failed to adequately supervise employees including the portfolio manager of Catalyst's Hedged Futures Strategy Fund, Edward Walczak, who was separately charged. 聽 Catalyst and Walczak made materially misleading statements about the risk management strategies employed by the fund, including false statements that stop-loss measures and risk monitoring were in place.聽 The misrepresentations led investors and investment advisors to believe that the fund was a safer investment than it actually was. , 				 					 

						
Tagged in:
													  Financial and Investment Fraud, 
													  Fraud in CFTC-Regulated Markets, 
													  Misrepresentations, 
													  Securities Fraud, 
												
						

					
	
							
	
		
		
	


 			




	
		
		

			

				
				
January 22, 2020

				 The SEC announced a reward of $45,000 to a harmed investor-turned-whistleblower who provided significant information that helped the SEC shut down a fraudulent scheme targeting retail investors, and enabled the SEC to recover assets to return to victims.聽 				 					 

						
Tagged in:
													  Anonymity, 
													  Securities Fraud, 
													  Whistleblower Rewards, 
												
						

					
	
							
	
		
		
	


 			


 			




	
		
		

			

				
				
January 13, 2020

				 San Francisco-based fund advisor Michael Rothenberg has been ordered to pay more than $31 million for misappropriating millions of dollars in client funds.聽 Instead of investing clients funds in emerging technology, the head of Rothenberg Ventures LLC allegedly funneled it toward personal business ventures and events, in violation of the antifraud provisions of the Investment Advisers Act of 1940.聽 As part of the settlement, Rothenberg has also agreed to be barred from the securities industry for five years. 聽				 					 

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

					
	
							
	
		
		
	


 			


											

						

								

									
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