Capturing on Canvas the Downfall of Wall Street’s Criminals

by The Compliance Exchange on April 15, 2014

Bernard L. Madoff was handcuffed and whisked into a cell. Michael R. Milken, head in palm, wept. Martha Stewart simply stared straight ahead.

If not for one person, these moments might be lost to memory. But when the … Read More »

Ex-CFTC Commissioner Bart Chilton to Join DLA Piper as Policy Adviser

by The Compliance Exchange on April 15, 2014

Former Commodity Futures Trading Commissioner Bart Chilton is joining DLA Piper as a senior policy adviser, the law firm announced Monday.

As a CFTC commissioner from 2007 to 2014, Mr. Chilton pushed for tougher Wall Streetregulation, raising alarm about the risks posed by traders who take large speculative bets with certain commodities.

He wasn’t the only regulator to take … Read More »

SEC Officials Provide Promising Reports on the SEC Whistleblower Program

by The Compliance Exchange on April 15, 2014

One of the questions I’m most frequently asked by clients, other lawyers and friends is “what’s happening inside the SEC with respect to the whistleblower program?” Recently, several top SEC officials have provided insight onto this question – and their comments indicate that the SEC continues to see the SEC Whistleblower Program as a … Read More »

Barclays launches investigation after whistleblower reveals PPI calculation errors

by The Compliance Exchange on April 15, 2014

An investigation has been launched at banking giant Barclays after a whistleblower warned of serious errors in the way taxation of interest paid to those handed payment protection insurance (PPI) compensation is being calculated.

Former contractor Charlie Boyle alerted the Financial Conduct Authority’s whistleblowing hotline to the issues and the bank subsequently launched an … Read More »

Bitcoin promoter Shrem indicted in NY for money laundering

by The Compliance Exchange on April 15, 2014

Bitcoin Foundation Vice Chairman Charlie Shrem exits the Manhattan Federal Courthouse in New York January 27, 2014. REUTERS/Lucas Jackson/FilesProminent bitcoin entrepreneur Charlie Shrem has been indicted by a federal grand jury in New York on charges of funneling cash to the illicit online marketplace Silk Road.

Shrem, known as one of the digital currency’s most visible … Read More »

Trillion-Dollar Firms Dominating Bonds Prompting Probes

by The Compliance Exchange on April 15, 2014

Bill Gross and Larry Fink manage a $3 trillion pile of bonds — an amount almost as big as Germany’s economy. Their firms,Pacific Investment Management Co. andBlackRock Inc. (BLK), doubled holdings since 2008, outpacing the market’s growth of 50 percent.

Some of the largest hedge-fund firms, including Bridgewater Associates LP and BlueCrest Capital Management LLP, … Read More »

Stockbrokers Who Fail Test Have Checkered Records

by The Compliance Exchange on April 15, 2014

More than 51,500 stockbrokers failed a basic exam needed to sell securities at least once, according to data that Wall Street regulators don’t disclose to investors, and those who repeatedly failed have on average worse disciplinary records.

The more times a broker failed, the higher the average total of black marks was, such as … Read More »

NY attorney general probes Herbalife

by The Compliance Exchange on April 15, 2014

NY attorney general probes Herbalife: sourcesNew York Attorney General Eric Schneiderman is investigating Herbalife over claims it is a pyramid scheme, The Post has learned.

At least two whistleblowers have come forward and given Schneiderman’s investigators sworn testimony, sources said.

The New York lawman has also fielded complaints from former Hispanic Herbalife distributors who say they … Read More »

3 Former ICAP Brokers Appear in British Court in Libor Manipulation Case

by The Compliance Exchange on April 15, 2014

Three former brokers at the British financial firm ICAP appeared in court on Tuesday on charges that they conspired to manipulate a global benchmark interest rate.

Danny Martin Wilkinson, Darrell Paul Read and Colin John Goodman are the latest individuals to be charged in a wide-ranging investigation into potential manipulation of the London … Read More »

Compliance Roundup

by The Compliance Exchange on April 14, 2014

European Union data-protection regulators say EU citizens should be able to sue U.S. companies that abuse their personal data before EU courts.

The so-called Article 29-working party of the EU’s 28 data-protection authorities is seeking changes to the EU-U.S. safe harbor deal, which governs the transfer of data by U.S. companies out of the EU.

EU … Read More »



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