SEC Whistleblower Blog

In an Unpublished Opinion, the Fifth Circuit Affirms a district court opinion rejecting an auditor’s SOX Claim but did not raise the burden of proof as some employment defense lawyers have indicated

July 5, 2011
The Fifth Circuit Court of Appeals recent decision in Hemphill v. Celanese Corporation, Case No. 10-cv-10746 (5th Cir. June 23, 2011) (unpublished) affirmed an order granting summary judgment in the employer’s favor on grounds that the plaintiff’s engagement in protected activity was not a contributing factor to terminate his...

$230M in overseas funds tainted by domestic Ponzi scheme tests SEC’s reach

July 1, 2011
The degree of the reach of the SEC’s authority is being tested by a $230 million fraud case.  The SEC charged Francisco Illarramendi in January of this year with running a Ponzi scheme through his unregistered investment advisory firm Michael Kenwood Capital Management.  Later this year Highview Point Partners LLC was added as...

Guide to SEC Whistleblower Program published by Whistleblower lawyer David J. Marshall

June 27, 2011
David J. Marshall, a partner at Katz, Marshall & Banks, LLP, has published a comprehensive SEC Whistleblower guide outlining the rules that empower insiders to earn substantial monetary awards for reporting securities violations to the Securities and Exchange Commission.  Since the passage of the Sarbanes-Oxley Act in 2002...

Guide to SEC Whistleblower Program published by Whistleblower lawyer David J. Marshall

June 27, 2011
David J. Marshall, a partner at Katz, Marshall & Banks, LLP, has published a comprehensive SEC Whistleblower guide outlining the rules that allow insiders to earn substantial monetary awards for reporting securities violations to the Securities and Exchange Commission.  Since the passage of the Sarbanes-Oxley Act in 2002,...

Anxiety grows as CFTC and SEC stall on new rules for derivatives trading

June 8, 2011
 Anxieties are mounting in the derivatives market and the connected legal community as it becomes increasingly evident that the Commodities Futures Trading Commission (“CFTC”) and the Securities and Exchange Commission (“SEC”) will not have the new regulatory rules for that market completed by July 16, the day they are required...

Securities and Exchange Commission Rejects Business-backed Attack on Dodd-Frank Whistleblower Program; SEC Final Rules Issued Today Will Encourage Whistleblowers to Report Securities Violations to Commission

May 25, 2011
The SEC adopted long-awaited final rules that govern the Commission’s whistleblower program established by the 2010 Dodd-Frank financial reform law at a public meeting this morning.  The program provides whistleblowers with financial awards if they provide original information to the SEC leading to a successful enforcement...

Whistleblower Advocates Urge SEC to Resist Business’s Call to Undermine New Whistleblower Program

May 25, 2011
With the Securities and Exchange Commission due to vote this week on final rules for its new whistleblower-reward program, attorneys who represent corporate whistleblowers are urging the SEC to reject business-backed demands to penalize insiders who report securities violations directly to the commission without first using...

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