Bank buildings, representing Citigroup Accused of Spoofing

How 700 Bank Whistleblowers Get Ignored

700 Bank Whistleblowers Ignored Like much of America, we have been following the story of Wells Fargo’s sales tactics and the government response to it. We haven’t discussed this matter in depth yet here on our blog (just a brief comment about its implications for whistleblower retaliation), so I thought we would discuss it following...

Big Fines Continue for Banks Over FX, Benchmark Rates

The U.S. Government has handed down billions of dollars of fines to banks for manipulation of prices in the foreign exchange markets and benchmark interest rates already. We may have decreased our coverage of these investigation updates a bit over the past few months, but that doesn’t mean the government investigations aren’t continuing. Citi Settles...

Magnifying Glass on Top of Document, representing accounting fraud

Qualcomm Agrees to $7.5M Settlement with SEC Over FCPA Case

Another princeling investigation has wrapped up at the Securities and Exchange Commission, although this one didn’t involve suspicions of violations of the Foreign Corrupt Practices Act by an investment bank. Instead, it was mobile technology company Qualcomm that paid $7.5 million to resolve the government probe into bribery of employees of state-owned enterprises in China....

Washington DC Capitol Building where whistleblower statutes have been discussed, representing whistleblower protections and the CHOICE Act

New Bill for Bank Whistleblowers in Congress

Last week, Representative Elijah E. Cummings and Senator Tammy Baldwin proposed a bill to modify several financial industry laws including the Dodd-Frank Act and Sarbanes Oxley Act to enhance and extend whistleblower rewards and anti-retaliation protections for bank and Wall Street whistleblowers. For those looking to follow the legislation in the House of Representatives, the...

FCPA Enforcement in 2016 Continues with VimpelCom Settlement

2015 might have been a slow year for the FCPA in terms of enforcement resolutions, but 2016 is already off to the races. Sciclone, SAP and PTC have already been settled. And now there is VimpelCom, one of the largest global settlements of bribery allegations worldwide as well as in the United States. Two other...

Final Round of CFTC Fines Expected for LIBOR Manipulation

The Wall Street Journal reported on Friday that the U.S. Commodity Futures Trading Commission and the U.K. Financial Conduct Authority are preparing charges against additional banks for manipulation of interest rate benchmarks. Market regulators have so far handed out billions in fines over the past four years and the worldwide investigations are expected to be...

Swiss Bank Tax Evasion Program Final Total: $1.3 Billion

The Department of Justice has reached the last non-prosecution agreement with a Swiss Bank as part of its voluntary disclosure program which ended in 2013. In total, the U.S. received more than $1.3 billion in penalties from the 80 banks which came forward and settled. The U.S. has received another $8 billion from 54,000 taxpayers...

New York Considers Awards for Bank Whistleblowers

Whistleblowers at banks and insurance companies may have another option to receive compensation for reporting misconduct if legislation written by two New York State Senators is ultimately adopted. Last year, State Senators James Steward (R-Milford) and Joseph Griffo (R-Rome) introduced a bill, S4362, into the New York State Senate to compensate and protect individuals providing information...

Are Banks Too Big to Jail?

The SEC and DOJ have stepped up enforcement against financial institutions in the past year. Now, several regulators are taking aim at two financial institutions based overseas, Credit Suisse and BNP Paribas. The settlement of these two cases has the potential to include fines over $1 billion each and guilty pleas to criminal charges. BNP...

100 Us Dollar Banknotes, representing False Claims Act

Blockbuster Year Predicted for the FCPA in 2014

Less than two months in to the new year, individuals are already predicting a massive year for prosecutions and settlements in Foreign Corrupt Practices Act cases, according to the South China Morning Post. The Foreign Corrupt Practices Act was passed in 1977 to halt bribery of foreign officials by United States companies. It also requires public companies to...

Tag: finance fraud