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SEC Charges Hedge Fund Adviser with Engaging in Prohibited Principal Transactions and Retaliating Against Whistleblower

The U.S. Securities and Exchange Commission (SEC or Commission) issued a cease and desist order on June 16, 2014 (the Order) against Paradigm Capital Management, Inc. (Paradigm) and its founder, Director, President and Chief...more

Investment Management Update

In July 2014, the SEC settled the previously reported proceeding involving Chariot Advisors, and its former owner, Elliott Shifman, concerning charges of violating and aiding and abetting the violation of Section 15(c) of the...more

SEC Settles with Hedge Fund Adviser over Principal Transactions and Retaliation Against Whistleblower

The SEC settled administrative proceedings against an investment adviser, Paradigm Capital Management, Inc. (the “Adviser”), and Candace King Weir, the Adviser’s principal owner (the “Principal”), over violations of the...more

SEC Enforces First-Ever Dodd-Frank Whistleblower Retaliation Claim

The U.S. Securities and Exchange Commission recently entered into a $2.2 million settlement agreement with Paradigm Capital Management Inc. and its owner Candace King Weir, in its first-ever action enforcing whistleblower...more

SEC Makes First Finding of Retaliation in Violation of the Exchange Act’s Anti-Retaliation Rule

On June 16, 2014, the SEC entered an order (the “Order”) instituting cease and desist proceedings against an investment adviser, Paradigm Capital Management, Inc. (“Paradigm”), and Paradigm’s founder, Director, President,...more

CFPB: Industry should “start now” to comply with workplace diversity and inclusion standards

On June 26, 2014, I participated in a panel presentation at the MBA Strategic Markets and Diversity Summit, in Washington, D.C. Stuart Ishimaru, Director of the Consumer Financial Protection Bureau’s Office of Minority and...more

SEC Brings First Dodd-Frank Anti-Retaliation Case

The SEC recently issued an Order against Paradigm Capital Management, Inc. (Paradigm), a registered investment adviser, and its principal for allegedly engaging in principal trades without effective client disclosure and...more

SEC Files First Antiretaliation Enforcement Case Against Hedge Fund Advisory Firm

In a first of its kind case, the SEC last week charged an investment adviser to a hedge fund with, among other things, retaliating against an employee who reported allegedly illegal trading activity to the agency. The SEC...more

SEC Brings the First Whistleblower Anti-Retaliation Case

On June 16, 2014, the Securities and Exchange Commission (SEC) issued an order against Paradigm Capital Management, Inc. (Paradigm), a registered investment adviser, and its principal for engaging in principal trades without...more

SEC Launches First Whistleblower Retaliation Case Under Dodd-Frank

On June 16, 2014, the U.S. Securities and Exchange Commission (SEC) initiated and resolved its first case charging an employer with unlawfully retaliating against a securities whistleblower under the Dodd-Frank Wall Street...more

Investment Adviser Charged For Demoting Whistleblower in SEC’s First Anti-Retaliation Case

Investment adviser and its owner settle SEC enforcement action for nearly US$2.2 million. On June 16, 2014, the US Securities and Exchange Commission issued a cease and desist order and assessed a US$300,000 civil...more

House Committee holds third hearing on alleged discrimination at the CFPB

Yesterday, the House Financial Services Committee’s Oversight and Investigations Subcommittee held a third hearing in its series of hearings addressing alleged discrimination at the CFPB. The Subcommittee heard testimony from...more

SEC Sanctions Company for Whistleblower Retaliation

I drove my daughter to the airport today for her summer exchange program in Spain. On the way she asked me what I was going to blog about tomorrow and I told her whistleblowers....more

Something Old, Something New: SEC Brings Action for Prohibited Principal Transactions and Retaliation Against Whistleblower

Clearly signaling its intention to support whistleblowers who provide actionable evidence of wrong-doing, the SEC this week settled the first case brought under the authority granted by the Dodd-Frank Act enabling...more

SEC Charges Hedge Fund Adviser with Whistleblower Retaliation under Dodd-Frank

On June 16, 2014, the SEC issued its first-ever charge of whistleblower retaliation under section 922 of the Dodd-Frank Act, charging a hedge fund advisor and its owner with “engaging in prohibited principal transactions and...more

Dodd-Frank Whistleblower Protections Do Not Apply to Banking Laws

The United States District Court for the Eastern District of Wisconsin refused to allow a plaintiff to amend his complaint where the plaintiff claimed he was terminated because he complained internally and to the FTC and the...more

House to hold third hearing on CFPB discrimination

The House Financial Services Committee’s Oversight and Investigations Subcommittee will be holding a hearing tomorrow entitled “Allegations of Discrimination and Retaliation within the Consumer Financial Protection Bureau,...more

Conflicts At Fund Adviser Yields First SEC Whistleblower Action

The Commission brought its first action involving the anti-retaliation provisions of the Dodd-Frank Act. It centers on an investment adviser, a broker dealer, conflicts and retaliation against a firm employee who reported the...more

CFTC Starts Flexing Muscle in New Whistleblower Program

Although it has been nearly four years since the passage of the massive Dodd-Frank Wall Street Reform and Consumer Protection Act, changes to the Act and the myriad of regulations that support it are common. New programs...more

What's New Under the Defense of Marriage Act?

A major reason that employee benefits, such as employer- provided healthcare and retirement plans, exist is that they provide a tax-advantaged way for an employer to provide additional compensation to an employee, her spouse,...more

Dodd-Frank Anti-Retaliation Provision Limited To Complaints About Securities Laws

The U.S. District Court for the Eastern District of Wisconsin ruled that an Illinois-based bank employee could not state a claim under the whistleblower protection provision in Dodd-Frank because his complaints alleged...more

Bussing v. COR Clearing LLC: What Retaliation Protections Are Whistleblowers Entitled To?

U.S. courts continue to disagree about the extent and coverage of protections from retaliation for “whistleblowers” under the Dodd-Frank Act. Contrary to SEC rules and other District courts, in the 2013 Asadi case, the 5th...more

IRS Issues Guidance on Qualified Plan Amendments Regarding Same Sex Spouses

Employers have been considering the impact on benefit programs, including the qualified retirement plans, of the U.S. Supreme Court’s decision recognizing the validity of same sex marriages. In September, 2013, the IRS issued...more

IRS Provides Guidance on Retroactivity of DOMA Decision for Qualified Retirement Plans

The Internal Revenue Service (IRS) recently issued Notice 2014-19 and related answers to FAQs, which give plan sponsors additional guidance on how the Supreme Court's decision last June in U.S. v. Windsor applies...more

Who is a Whistleblower Under Dodd-Frank? Courts Disagree.

The Dodd-Frank Wall Street Reform and Consumer Protection Act protects employees who blow the whistle on possible securities law violations. But the question of who qualifies as a whistleblower continues to divide courts, as...more

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