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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.

				

			

			
						
					
			

	
		
		

			

				
				
July 24, 2019

				 Facebook Inc. has agreed to pay a $100 million SEC penalty to resolve charges that its public disclosures omitted material information about a third party's misuse of Facebook user data.聽 Facebook's disclosures presented the risk of misuse of user data as hypothetical when Facebook knew in 2015 that, in fact, Cambridge Analytica and a researcher had collected and transferred data on approximately 30 million Americans.聽 Furthermore, when media investigations of Cambridge Analytical began, Facebook misleadingly stated that it had discovered no evidence of wrongdoing by Cambridge Analytica.聽 				 					 

						
Tagged in:
													  Cybersecurity and Data Breaches, 
													  Financial and Investment Fraud, 
													  Misrepresentations, 
													  Securities Fraud, 
												
						

					
	
							
	
		
		
	


 			




	
		
		

			

				
				
July 23, 2019

				 An international whistleblower has been awarded half a million dollars for helping the SEC with a successful enforcement action.聽 Pursuant to the Dodd-Frank Act, the whistleblower鈥檚 identity was not revealed.聽 				 					 

						
Tagged in:
													  SEC Whistleblower Reward Program, 
													  Whistleblower Rewards, 
												
						

					
	
							
	
		
		
	


 			




	
		
		

			

				
				
July 22, 2019

				 Microsoft鈥檚 Hungarian subsidiary, Microsoft Magyarorsz谩g Sz谩m铆t谩stechnikai Szolg谩ltat贸 茅s Kereskedelmi Kft., has agreed to pay a $8.7 million to the DOJ and $16.6 million to the SEC to settle allegations of violating the Foreign Corrupt 91吃瓜网 Act.聽 From 2013 to 2015, executives at Microsoft Hungary falsely represented to Microsoft that steep discounts were necessary for resellers of software licenses to the Hungarian government.聽 However, the resellers did not pass on the discounts to the Hungarian government, and used them for instead unspecified corrupt purposes.聽 ; ; 				 					 

						
Tagged in:
													  FCPA, 
													  Financial and Investment Fraud, 
												
						

					
	
							
	
		
		
	


 			




	
		
		

			

				
				
July 18, 2019

				 Swapnil Rege, who worked as a portfolio manager for a hedge fund that operated as a commodity pool operator, was been ordered by the CFTC聽 and SEC to pay a $100,000 civil penalty and disgorge a $600,000 performance bonus he received as a result of his fraudulent mismarking the valuations of interest rate swaps.聽 The mismarking, accomplished through various means, artifically inflated the profitability of his trades, earning him a larger performance bonus.聽 , 				 					 

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

					
	
							
	
		
		
	


 			




	
		
		

			

				
				
July 18, 2018

				 After being charged in March 2018, former Equifax executive Jun Ying has agreed to pay disgorgement and prejudgment interest totaling $125,636 to resolve charges that he engaged in insider trading ahead of exposure of Equifax's data breach. Ying's payment obligation will be offset by the $117,117 forfeiture that he has already paid in the parallel criminal case.聽 				 					 

						
Tagged in:
													  Insider Trading, 
													  Securities Fraud, 
												
						

					
	
							
	
		
		
	


 			




	
		
		

			

				
				
July 16, 2019

				 AR Capital LLC, together with its founder Nicholas Schorsch and its former CFO Brian Block, have agreed to pay $39 million in disgorgement and interest, as well as penalties totaling $21.75 million, to resolve allegations that they wrongfully inflated incentive fees and took unsupported charges in two separate mergers involving the publicly-traded REIT American Realty Capital Properties, Inc. that AR Capital sponsored and managed.聽 Defendants allegedly failed to properly disclose their compensation to shareholders.聽 				 					 

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

					
	
							
	
		
		
	


 			




	
		
		

			

				
				
July 15, 2019

				 Nomura Securities, Inc. agreed to provide $25 million to reimburse customers that purchased mortgage-backed securities from Nomura.聽 The SEC orders find that Nomura traders made false and misleading statements to customers, including about the price at which Nomura bought securities, the amount of profit Nomura would receive on the potential trade, and the current owner of the security.聽 The SEC furhter alleged that Nomura failed to reasonably supervise its traders.聽 Nomura, which cooperated in the investigation, will also pay $1.5 million in penalties.聽 Two individual traders were previously charged by the SEC.聽 				 					 

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

					
	
							
	
		
		
	


 			




	
		
		

			

				
				
June 27, 2019

				 State Street Bank and Trust Company will pay more than $88 million to the SEC to resolve charges that it overcharged its client mutual funds and other registered investment companies.聽 State Street served as custodian, and the clients agreed to reimburse State Street for specified custodial expenses that State Street incurred on their behalf.聽 However, State Street overcharged its clients, adding an undisclosed mark-up on the cost of sending financial transactions through the SWIFT network.聽 				 					 

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

					
	
							
	
		
		
	


 			




	
		
		

			

				
				
June 20, 2019

				 To settle charges of violating the Foreign Corrupt 91吃瓜网 Act (FCPA), Walmart Inc. and its Brazilian subsidiary, WMT Brasilia S.a.r.l., have agreed to pay $138 million to the DOJ and $144 million to the SEC, for a combined penalty of $282 million.聽 According to the DOJ and SEC, Walmart鈥檚 alleged failure to implement and maintain adequate internal anti-corruption controls from 2000 to 2011 resulted in bribes to government officials in Brazil, China, India, and Mexico that allowed Walmart鈥檚 foreign subsidiaries to open more stores faster.聽 For cooperating with all investigations and self-disclosing some of the alleged misconduct, Walmart received a reduction of 20-25% off the amount originally owed to the DOJ.聽 In addition to the monetary penalty, Walmart has agreed to retain an outside compliance monitor for two years.聽 , , 				 					 

						
Tagged in:
													  FCPA, 
													  Financial and Investment Fraud, 
												
						

					
	
							
	
		
		
	


 			




	
		
		

			

				
				
June 18, 2019

				 Wedbush Securities, Inc., will pay more than $8.1 million to the SEC to resolve charges that the securities company improperly obtained pre-released ADRs from depositary banks when it should have known that neither the firm nor its customers owned the foreign shares needed to support those ADRs.聽 This practice inflates the total number of a foreign issuer鈥檚 tradeable securities.聽 The SEC further alleged that Wedbush failed to have adequate compliance and training.聽 The consent order requires the company to pay more than $4.8 million in disgorgement, approximately $800,000 in prejudgment interest, and a civil money penalty of more than $2.4 million.聽 				 					 

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

					
	
							
	
		
		
	


 			


											

						

								

									
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