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 penalty, as part of a nearly US$2.2 million settlement, against a New York-based investment adviser and its owner in the first enforcement action based in part on provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act that protect whistleblowers from retaliation by their employers. The SEC’s prosecutorial use of the anti-retaliation provisions is a reminder to US public companies and regulated entities that they must tread carefully when dealing with whistleblowers.
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Topics: Anti-Retaliation Provisions, Enforcement Actions, Popular, Retaliation, SEC, Whistleblowers
Published In: Civil Procedure Updates, Civil Rights Updates, Finance & Banking Updates, Labor & Employment Updates, Securities Updates
DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.
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