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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.

				

			

			
						
					
			

	
		
		

			

				
				
May 6, 2015

				 The SEC filed fraud charges against four former officers of Wilmington Trust for intentionally understating past due bank loans during the financial crisis. According to the SEC, the former officials improperly excluded hundreds of millions of dollars of past due real estate loans from financial reports filed by Wilmington Trust in 2009 and 2010, violating a requirement to fully disclose the amount of loans 90 or more days past due. The former Delaware-based bank holding company was acquired by M&T Bank in May 2011 and paid $18.5 million in September 2014 to settle related SEC charges of improper accounting and disclosure fraud. 				 					 

						
Tagged in:
													  Accounting Fraud, 
													  Misrepresentations, 
													  Securities Fraud, 
												
						

					
	
							
	
		
		
	


 			




	
		
		

			

				
				
聽April 29, 2015

				 The SEC charged the hedge fund advisory firm Alpha Titans LLC聽along with its principal Timothy P. McCormack and general counsel Kelly D. Kaeser with improper allocations of fund assets to pay undisclosed operating expenses.聽 To settle the SEC鈥檚 charges, Alpha Titans and McCormack agreed to pay disgorgement of $469,522, prejudgment interest of $28,928, and a penalty of $200,000. 聽Lesser agreed to pay a penalty of $75,000.聽 				 					 

						
Tagged in:
													  Securities Fraud, 
												
						

					
	
							
	
		
		
	


 			




	
		
		

			

				
				
April 28, 2015

				 The SEC聽awarded聽$600,000 to a whistleblower who suffered 鈥渦nique hardships, including retaliation鈥� as a result of blowing the whistle on misconduct at hedge fund advisory firm Paradigm Capital Management.聽 It is the first time the SEC has made an award to a whistleblower in a retaliation case.聽 				 					 

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

					
	
							
	
		
		
	


 			




	
		
		

			

				
				
April 22, 2015

				 Real estate investment firm W2007 Grace Acquisition I Inc., which is indirectly owned by one or more private equity funds affiliated with The Goldman Sachs Group Inc., agreed to pay $640,000 to settle SEC charges relating to its failure to make eight required SEC filings.聽 				 					 

						
Tagged in:
													  Regulatory Violations, 
													  Securities Fraud, 
												
						

					
	
							
	
		
		
	


 			




	
		
		

			

				
				
April 22, 2015

				 The SEC announced a聽whistleblower award of roughly $1.5 million to a compliance officer who had a reasonable basis to believe that disclosure to the SEC was necessary to prevent imminent misconduct from causing substantial financial harm to the company or investors. 聽This is the second award the SEC has made to an employee with internal audit or compliance responsibilities.聽 				 					 

						
Tagged in:
													  SEC Whistleblower Reward Program, 
													  Securities Fraud, 
													  Whistleblower Case, 
													  Whistleblower Eligibility, 
													  Whistleblower Rewards, 
												
						

					
	
							
	
		
		
	


 			




	
		
		

			

				
				
April 20, 2015

				 BlackRock Advisors LLC agreed to pay a $12 million penalty to settle SEC charges it breached its fiduciary duty by failing to disclose a conflict of interest created by the outside business activity of a top-performing portfolio manager. 聽According to the SEC, Daniel J. Rice III was managing energy-focused funds at BlackRock when he founded Rice Energy, which later formed a joint venture with a publicly-traded coal company that eventually became the largest holding in the $1.7 billion BlackRock Energy & Resources Portfolio, the largest Rice-managed fund.聽				 					 

						
Tagged in:
													  Regulatory Violations, 
													  Securities Fraud, 
												
						

					
	
							
	
		
		
	


 			




	
		
		

			

				
				
April 16, 2015

				 The SEC charged New York City-based financial advisor Michael J. Oppenheim with stealing at least $20 million from customers to fund his own brokerage accounts and then squandering the bulk of the money in highly unprofitable options trading.聽 				 					 

						
Tagged in:
													  Securities Fraud, 
												
						

					
	
							
	
		
		
	


 			




	
		
		

			

				
				
April 14, 2015

				 The SEC announced fraud charges and an asset freeze against central Texas-based Leroy Brown Jr. accused of telling false tales about his stockbroking experience to lure current and former US military personnel into investing with him.聽 According to the government, Brown through his firm LB Stocks and Trades Advice LLC聽falsely assured investors, including some stationed at nearby Fort Hood, that he had many years of experience in the securities markets when in fact he is not a licensed securities professional and his firm is not registered with the SEC, Financial Industry Regulatory Authority, or any state regulator, and they have no evident experience with investments.聽 				 					 

						
Tagged in:
													  Misrepresentations, 
													  Regulatory Violations, 
													  Securities Fraud, 
												
						

					
	
							
	
		
		
	


 			




	
		
		

			

				
				
April 9, 2015

				 Katsuichi Fusamae, a senior accounting officer at Molex Japan Co. Ltd., agreed to settle SEC charges he cost his company millions of dollars in trading losses and manipulated accounting records to avoid detection.聽 Specifically, the SEC alleged Fusamae engaged in unauthorized equity trading in the company鈥檚 brokerage accounts that resulted in losses of more than $110 million and then concealed the losses by taking out unauthorized and undisclosed company loans with Japanese banks and brokerage firms to replenish account balances.聽 Fusamae admitted wrongdoing and accepted a permanent bar from serving as an officer or director of a publicly traded company with possible monetary sanctions to come.聽 				 					 

						
Tagged in:
													  Accounting Fraud, 
													  Market Manipulation and Trading Violations, 
													  Misrepresentations, 
													  Securities Fraud, 
												
						

					
	
							
	
		
		
	


 			




	
		
		

			

				
				
April 9, 2015

				 The SEC announced fraud charges and an asset freeze against the operators of a South Florida-based microcap scheme spearheaded by Dean A. Esposito, Joseph DeVito, and Frederick Birks, all hired by the CEO of eCareer Holdings, Inc. Joseph J. Azzata.聽 According to the SEC, more than $11 million were raised from more than 400 investors by telling them their money would be used as working capital to develop eCareer鈥檚 online job staffing business when in reality much of it was diverted to pay exorbitant fees to the brokers and sales agents.聽 				 					 

						
Tagged in:
													  Misrepresentations, 
													  Securities Fraud, 
												
						

					
	
							
	
		
		
	


 			


											

						

								

									
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