SEC Pays Unknown Foreign Whistleblower Record $30 Million Award For whistleblower - General

techmac 2014.09.20 16:29 #251

Special diet prescribed by his medic : insider information every few hours

Jotek Tallington 2014.09.20 18:03 #252

It's and interesting question though. Actually, we can never truly know the answer to it though.

myname 2014.09.21 07:52 #253

Oh we know it (the answer). We just chose not to do anything

thenews 2014.09.22 16:23 #254

SEC Pays Unknown Foreign Whistleblower Record $30 Million Award

Did someone finally inform the SEC that Bernie Madoff's business model has been adopted by every central bank in the "developed world?" Whatever the reason for today's record SEC award, which almost certainly has to do with HFT, a topic which this blog first brought to light back in 2009 when nobody had a clue what algo/high frequency trading is, congratulations to the lucky winner (unless of course it has to do with someone spilling the beans on US tax evaders in Swiss banks), and our condolences to the banks, because now that one can comfortably retire by informing the regulators of the pervasive crime that takes place within the US financial system on a daily basis, suddenly every disgruntled person laid off by the US banking sector is the next potential $30 million aware recipient.

From the SEC:

The Securities and Exchange Commission today announced an expected award of more than $30 million to a whistleblower who provided key original information that led to a successful SEC enforcement action.

The award will be the largest made by the SEC’s whistleblower program to date and the fourth award to a whistleblower living in a foreign country, demonstrating the program’s international reach.

“This whistleblower came to us with information about an ongoing fraud that would have been very difficult to detect,” said Andrew Ceresney, Director of the SEC’s Division of Enforcement. “This record-breaking award sends a strong message about our commitment to whistleblowers and the value they bring to law enforcement.”

Sean McKessy, Chief of the SEC’s Office of the Whistleblower, added, “This award of more than $30 million shows the international breadth of our whistleblower program as we effectively utilize valuable tips from anyone, anywhere to bring wrongdoers to justice. Whistleblowers from all over the world should feel similarly incentivized to come forward with credible information about potential violations of the U.S. securities laws.”

The SEC’s whistleblower program rewards high-quality, original information that results in an SEC enforcement action with sanctions exceeding $1 million. Whistleblower awards can range from 10 percent to 30 percent of the money collected in a case. The money paid to whistleblowers comes from an investor protection fund established by Congress at no cost to taxpayers or harmed investors. The fund is financed through monetary sanctions paid by securities law violators to the SEC. Money is not taken or withheld from harmed investors to pay whistleblower awards.

By law, the SEC protects the confidentiality of whistleblowers and does not disclose information that might directly or indirectly reveal a whistleblower’s identity. The previous high for an SEC award to a whistleblower was $14 million, which was announced in October 2013.

The SEC awarded its first whistleblower under the program following its inception in fiscal year 2012. The program awarded four more whistleblowers in FY 2013, and has awarded nine whistleblowers in FY 2014.

“We’re pleased with the consistent yearly growth in the number of award recipients since the program’s inception,” Mr. McKessy said.

source

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techmac 2014.09.23 05:09 #255

Now I am curios : what is a scamm so big tthat is worth $30 million to SEC to pay a whistleblower?

cynthia 2014.09.23 16:16 #256

Forex is over the counter market and so there is no centralize place where exchange trades are made but certain factors and people can influence the price movement of the market.

thenews 2014.09.25 07:36 #257

U.K. Seeks to Criminalize Manipulation of 7 Benchmarks

The U.K. government plans to criminalize the manipulation of seven more benchmarks in markets from foreign exchange to gold and oil as it tries to revive confidence in the integrity of London as a financial center.

The Treasury today started a review into whether it should extend legislation regulating the London Interbank Offered Rate to cover other key rates including the WM/Reuters 4 p.m. London currency fix, the Sterling Overnight Index Average, the London gold fixing and the ISDAFix, according to a statement. The government aims to have the rules in place by the year-end -- five months before the next general election.

The U.K. is stiffening the penalties for manipulation after benchmarks set in London were tainted by scandal. At least 10 firms have been fined almost $6.5 billion for rigging Libor and related gauges, and regulators are probing whether traders rigged key foreign-exchange rates used by fund managers.

“The strong arm of the law is being applied to areas where previously self-regulation and standard practice were the norm,” said Simon Maughan, head of research at financial-analysis firm OTAS Technologies in London.

Last year, the government introduced unlimited fines and jail sentences of as long as seven years for making false or misleading statements about Libor and, in June, Chancellor of the Exchequer George Osborne proposed extending those rules to more gauges in currency, fixed-income and commodity markets.

Is forex market controlled by someone? - page 26