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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  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  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.

				

			

			
						
					
			

	
		
		

			

				
				
October 19, 2020

				 Investment adviser representative Paul Horton Smith, Sr. of eGate, LLC and his companies, Northstar Communications, LLC and Planning Services, Inc., have been ordered to pay over $4 million in disgorgement and $383,000 in prejudgment interest for defrauding at least 35 investors of more than $5.6 million.  According to the SEC, Horton and his companies targeted retirees and pre-retirees in Southern California, promising them guaranteed interest payments but paying the “interest” with new investor funds.  				 					 

						
Tagged in:
													  Financial and Investment Fraud, 
													  Ponzi Schemes, 
												
						

					
	
							
	
		
		
	


 			




	
		
		

			

				
				
October 15, 2020

				 The SEC will pay an unidentified whistleblower $800,000.  According to the SEC, the whistleblower provided information and detailed analysis that caused the agency to open an investigation that led to two successful SEC enforcement actions.  				 					 

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

					
	
							
	
		
		
	


 			




	
		
		

			

				
				
October 15, 2020

				 Energy company Andeavor LLC will pay a $20 million penalty to resolve allegations that, while the company was in merger discussions with Marathon Petroleum  Corp. in 2018, it implemented a stock buyback plan without taking adequate compliance steps, including an evaluation of whether the company was in possession of material non-public information about corporate developments.  The Marathon merger, which valued Andeavor at over $150 per share, was announced one month after Andeavor completed the buyback at an average price of $97 per share.  				 					 

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

					
	
							
	
		
		
	


 			




	
		
		

			

				
				
October 14, 2020

				 Brazilian investment company J&F Investimentos S.A. and is meat producer subsidiary, JBS S.A., along with their principles Joesley Batista and Wesley Batista have entered into a settlement agreement with the SEC and DOJ, agreeing to pay nearly $283 million in fines and disgorgement and plead guilty to resolve charges under the FCPA arising from a scheme to bribe government officials in Brazil in order to obtain financing and other benefits for the companies.  Defendants paid approximately $180 million in bribes to obtain hundreds of millions of dollars in financing from Brazilian state-owned and state-controlled banks BNDES and Caixa, as well as to facilitate JBS’s acquisition of U.S. company Pilgrim’s Pride Corporation.  The bribes were allegedly paid from U.S. assets, including JBS operating accounts that also contained Pilgrim’s funds.  The SEC further charged that the Batistas, who exerted significant control over Pilgrim’s, caused it have an inadequate system of internal controls and accurate books and records.  The criminal fine of $256 million will be discounted up to 50% to credit defendants for a settlement with Brazilian authorities valued at $1.9 billion; the SEC agreement provides for a payment of $27 million in disgorgement and interest. Defendants also agreed to cooperate any ongoing or further investigations and implement an enhanced compliance program. ; ; 				 					 

						
Tagged in:
													  Criminal Proceedings, 
													  FCPA, 
													  Financial and Investment Fraud, 
												
						

					
	
							
	
		
		
	


 			




	
		
		

			

				
				
September 30, 2020

				 Morgan Stanley & Co. LLC will pay a total of $10 million in civil monetary penalties to the SEC and CFTC.  In an agreement with the SEC, the company will pay a $5 million civil monetary penalty arising from charges that the firm violated the short sale procedures of Regulation SHO. Specifically, Morgan Stanley improperly used “long” and “short” aggregation units when it hedged synthetic exposure to swaps by purchasing or selling the securities referenced in the swaps.  The aggregation units were not independent and did not have separate trading strategies.  As a result, Morgan Stanley should have netted the long and short positions of both units together or across the entire broker-dealer and marked the orders as long or short based on that netting. The CFTC, which also imposed a $5 million penalty, charged that Morgan Stanley failed to comply with swap data reporting obligations, inaccurately reporting swap data for approximately three million swaps. ; 				 					 

						
Tagged in:
													  Financial and Investment Fraud, 
													  Financial Institution Fraud, 
													  Fraud in CFTC-Regulated Markets, 
													  Regulatory Violations, 
												
						

					
	
							
	
		
		
	


 			


 			




	
		
		

			

				
				
September 30, 2020

				 The SEC has announced that it has concluded a record-breaking fiscal year for its whistleblower program by awarding four whistleblowers a total of $5 million.  For providing critical information and evidence of hard-to-detect violations, and providing extensive and ongoing assistance to the investigation, two whistleblowers were awarded $2.9 million and $1.7 million respectively.  The remaining two whistleblowers were awarded nearly $400,000 for jointly providing a tip and additional assistance, including meeting with staff to help decipher key documents and identify key witnesses.  These awards cap the program’s record of 39 individual awards, totaling about $175 million, that have been granted in a single fiscal year.  Since the whistleblower program launched in 2012, the SEC has made awards to 106 individuals totaling about $562 million.  				 					 

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

					
	
							
	
		
		
	


 			




	
		
		

			

				
				
September 29, 2020

				 JPMorgan Chase & Co. has agreed to pay $920 million to the CFTC and $35 million to the SEC, as well as enter into a three-year deferred prosecution agreement with the DOJ, in order to resolve charges of fraudulently engaging in unlawful trading in both the precious metals and U.S. Treasury futures contracts.  Between at least 2008 through 2016, numerous traders in JPMorgan’s New York, London, and Singapore offices—including the heads of both the precious metals and Treasuries sections—placed hundreds of thousands of spoof orders to artificially drive up supply and demand, ultimately succeeding in manipulating market prices.  Additionally, JPMorgan failed to identify, investigate, and stop the misconduct; JPMorgan also initially responded to government requests in a manner that was misleading.  The penalties imposed by the CFTC—which includes the highest restitution ($311.7 million), disgorgement ($172 million), and civil monetary penalty ($436.4 million) —amount to the highest monetary relief ever imposed by the CFTC in a spoofing case.  ; ; 				 					 

						
Tagged in:
													  Criminal Proceedings, 
													  Financial Institution Fraud, 
													  Fraud in CFTC-Regulated Markets, 
												
						

					
	
							
	
		
		
	


 			




	
		
		

			

				
				
September 28, 2020

				 Fiat Chrysler N.V. will pay an SEC penalty of $9.5 million to settle charges that it made misleading disclosures.  Specifically, in February 2016, the company publicly stated that it had conducted an internal audit to confirm that its vehicles complied with emissions standards.  This statement misleadingly failed to disclose the limited nature of the internal audit and other related material facts, including about the existence of ongoing government investigations into the company’s diesel vehicle emissions systems.  				 					 

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

					
	
							
	
		
		
	


 			




	
		
		

			

				
				
September 28, 2020

				 An unnamed whistleblower has been awarded over $1.8 million for expeditiously reporting significant information about ongoing securities violations, which ultimately led to a successful enforcement action.  The award marks the 100th award made to an individual since the inception of the SEC’s whistleblower program in 2012.  				 					 

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

					
	
							
	
		
		
	


 			


											

						

								

									
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