Oct 29
On October 27, the SEC announced that: The Securities and Exchange Commission today ordered the Financial Industry Regulatory Authority (FINRA) to hire an independent consultant and undertake other remedial measures to improve its policies, procedures, and training … The SEC’s order finds that on Aug. 7, 2008, the Director of FINRA’s Kansas City District Office …
Permanent link to this article: https://betweenthenumbers.net/2011/10/sec-slaps-finra/
Sep 27
Accounting and consulting firm BDO USA, LLP conducted an August 2011 annual national telephone survey entitled “The 2011 BDO Board Survey”. Interviewers spoke directly to 101 board members for public companies with revenues ranging from $250 million to $750 million. Although the survey covered other corporate governance matters, this post involves required whistleblower reporting systems. …
Permanent link to this article: https://betweenthenumbers.net/2011/09/surprising-survey-covering-sec-whistleblower-program/
May 27
The Ninth Circuit took a narrow reading of the whistleblower protections provided under Sarbanes-Oxley, and thereby eliminated the applicability of any whistleblower protection. The would-be whistleblowers were two internal auditors at Boeing. Both employees spoke to a newspaper reporter regarding their concerns. The reporter included the employees’ information in an article entitled “Computer security faults …
Permanent link to this article: https://betweenthenumbers.net/2011/05/sox-whistleblower-protections-again-interpreted-narrowly/
Mar 23
The Internal Revenue Service paid a $1.1 million reward to an anonymous whistleblower for information that exposed a tax fraud by Enron, Bankers Trust and others before the company collapsed. The whistleblower, a Wall Street banker who has chosen to remain anonymous to protect his job and career, received the maximum reward of 15 percent. …
Permanent link to this article: https://betweenthenumbers.net/2011/03/large-irs-whistleblower-payoff-encourages-others/
Mar 01
Since the advent of the Sarbanes-Oxley Act, public companies have been required to provide a means for employees to communicate inappropriate financial and accounting control activity to the Audit Committee in a confidential manner. The Dodd-Frank Act expanded the use of whistleblower systems in an effort to avoid the SEC’s own whistleblower setup. Whistleblower systems …
Permanent link to this article: https://betweenthenumbers.net/2011/03/whistleblower-activity-will-fuel-increased-litigation-in-2011/
Feb 19
Section 922 of the Dodd-Frank Act contains a whistleblower program sponsored by the Securities and Exchange Commission (SEC). This law (i) makes significant changes in the existing whistleblower provisions of the Sarbanes-Oxley Act of 2002, and (ii) authorizes the SEC to pay between 10 and 30 percent of a recovery over $1 million to anyone …
Permanent link to this article: https://betweenthenumbers.net/2011/02/update-on-sec-whistleblower-program-under-dodd-frank/
