In other news, Copper has a new COO, InvestX adds staff, RegAlytics gets seed money, and ACA Group taps State Street.
Whistleblower Led SEC to Ongoing Fraud
A whistleblower that published an online report about “an ongoing fraud” wound up with a $14 million payday from the SEC, according to the latest award announcement from the regulator.
The whistleblower went to the SEC after posting the report “and was persistent in reaching out to the staff, prompted the opening of an investigation which resulted in a successful enforcement action and the return of millions of dollars to harmed investors,” according to SEC officials.
The whistleblower “voluntarily provided original information to the Commission that led to the successful enforcement of the Covered Action,” according to the SEC report. “Claimant 1 voluntarily provided the First Enforcement Attorney with a copy of the report three days after posting it on the Internet and before receiving any request from the Commission.”
The investigation was launched internally and the SEC enforcement investigative attorney discovered “the report through his own Internet search, and not as a result of receiving Claimant 1’s submission,” according to the SEC.
The report “contained analysis derived from a large number of publicly-available and non-public sources,” and the allegations “ended up being the basis of the charges that the Commission ultimately brought against the company and its CEO,” according to the SEC. The SEC concluded...
Min Joong-ki’s special prosecution team stated on the 7th during the trial of former President Yoon Suk-yeol on charges of “publication of false information during the presidential election” that “...