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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 26, 2019

				 The SEC made two whistleblower awards to anonymous whistleblowers in an undisclosed enforcement actions based on information provided by the whistleblowers that assisted the agency.聽 One whistleblower received an award of $37 million and the other received an award of $13 million. No further details were provided by the SEC, which protects the confidentiality of whistleblowers and does not disclose information that could reveal a whistleblower鈥檚 identity.聽 				 					 

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

					
	
							
	
		
		
	


 			




	
		
		

			

				
				
March 22, 2019

				 Merrill Lynch agreed to pay $8 million to settle charges by the SEC that it improperly borrowed ADRs from other brokers when it knew that these other brokers did not own the foreign shares needed to support the pre-released ADRs.聽 This practice artificially inflates the number of securities that are tradeable for a foreign issuer.聽 				 					 

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

					
	
							
	
		
		
	


 			




	
		
		

			

				
				
March 20, 2019

				 
Wells Fargo Securities has been ordered to pay over $800,000 in civil penalties to the SEC for failing to disclose that a video game development project being financed by a bond it underwrote still faced a significant shortfall in funding. The lead banker on the deal, Peter Cannava, was additionally accused of failing to disclose the fees being paid to the firm by startup video game company, 38 Studios. 
				 					 

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

					
	
							
	
		
		
	


 			


 			




	
		
		

			

				
				
March 12, 2019

				 Lumber Liquidators agreed to pay $33 million in criminal fines and forfeitures for knowingly making false and misleading statements regarding formaldehyde emissions from laminate flooring imported by the company from China.聽 In March, 2015, 60 Minutes reported that laminate flooring sold by Lumber Liquidators in the United States did not meet California Air Resources Board (CARB) emission standards for formaldehyde and featured undercover videos and laboratory test results.聽 The company filed an SEC Form 8-K broadly denying the allegations in the 60 Minutes episode and asserting that Lumber Liquidators complied with CARB regulations. The statement, however, omitted material facts known to the company. The company also entered into a deferred prosecution agreement, agreeing to implement internal control procedures and cooperate with ongoing investigations.聽聽 In a separate agreement with the SEC, Lumber Liquidators will also disgorge over $6 million in profits and prejudgment interest, which amount will be credited against the criminal penalties.聽 ; ; .				 					 

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

					
	
							
	
		
		
	


 			




	
		
		

			

				
				
March 11, 2019

				 Investment advisers that placed their clients in higher-cost mutual fund share classes, and received a share of the higher 12b-1 fees charged by those investments, but failed to adequately disclose the conflicts of interest where a lower-cost share class was available, will collectively return more than $125 million to their clients, the majority of whom are retail investors.聽 Seventy-nine investment advisors have agreed to refund the improperly disclosed fees collected by them to individual clients, with interest, as well as to undertake additional compliance procedures.聽 				 					 

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

					
	
							
	
		
		
	


 			




	
		
		

			

				
				
March 6, 2019

				 A Russian telecommunications provider agreed to pay $850 million to the U.S. resolve charges that it violated the Foreign Corrupt 91吃瓜网 Act (FCPA) in seeking to win business in Uzbekistan. Over a period of eight years, Mobile TeleSystems PJSC (MTS) allegedly paid at least $120 million in bribes to an Uzbek official who held sway over the country's telecommunications regulatory authority, resulting in more than $2.4 billion in company revenues. MTS also agreed to a $100 million settlement with the SEC, included within the total $850 million settlement. ; ; 				 					 

						
Tagged in:
													  FCPA, 
												
						

					
	
							
	
		
		
	


 			




	
		
		

			

				
				
March 5, 2019

				 BB&T Securities, the North Carolina-based successor in interest to Valley Forge Asset Management, has agreed to pay more than $5 million in restitution to investors defrauded by Valley Forge. According to the SEC, Valley Forge misled would-be investors into choosing them as a broker by false promising a 70% discount from its supposed retail commission rate. In reality, however, Valley Force was charging about 4.5 times more than what customers would have paid elsewhere. 				 					 

						
Tagged in:
													  Financial and Investment Fraud, 
												
						

					
	
							
	
		
		
	


 			




	
		
		

			

				
				
February 15, 2019

				 Cognizant Technology Solutions Corporation will pay $25 million to settle charges that it violated the Foreign Corrupt 91吃瓜网 Act (FCPA) in paying a $3.6 million in bribes to government officials in India in connection with construction of facilities for Cognizant in Chennai.聽 Cognizant鈥檚 president, Gordon Coburn, and chief legal officer, Steven E. Schwartz, have been charged by the SEC for authorizing payment and concealment of the bribe.聽 				 					 

						
Tagged in:
													  FCPA, 
												
						

					
	
							
	
		
		
	


 			


 			


											

						

								

									
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