Robert Reich: Insider Traders are Hosing Us All

by admin on December 19, 2014

A few years ago, hedge fund Level Global Investors made $54 million selling Dell Computer stock based on insider information from a Dell employee. When charged with illegal insider trading, Global Investors’ co-founder Anthony Chiasson claimed he didn’t know where the tip came from.

Chiasson argued that few traders on Wall Street ever know … Read More »

Merry Christmas and Happy Holidays, Another Person Just Won the Whistleblower Lottery!

by Jack J. Kelly on December 18, 2014

Edward O’Donnell, a former Bank of America executive, was awarded $58 million for his whistle blower complaints against his former employer.

Mr. O’Donnell filed a claim accusing countrywide (the company was purchased by BofA) of fraud under The False Claims Act.

He alleged that Countrywide sold shady mortgages under a corporate program called “High Speed … Read More »

Former MoneyGram compliance officer awaits penalty

by The Compliance Exchange on December 18, 2014

A U.S. regulator is expected to announce a fine on a former MoneyGram International Inc. chief compliance officer Thursday, people familiar with the matter said, in a rare case of a compliance staffer being held responsible for controls failures.

The Financial Crimes Enforcement Network, a unit of the U.S. Treasury Department responsible for enforcing … Read More »

Dirty Little Recruiting Secrets…Don’t Do Drugs Mkay?

by The Compliance Exchange on December 18, 2014

Once you have started interviewing, don’t do any drugs – this means no weed, crack heroin, nothing!

This may sound extremely obvious but you would be blown away by how often during the interview process people have told the HR person or recruiter person they have done drugs in the past week or so.

I … Read More »

Whistleblowers Gone Global – International Implications of the Dodd-Frank Whistleblower Programmes

by The Compliance Exchange on December 18, 2014

Organisations in the U.K. breathed a collective sigh of relief this summer when the commission formed by the Bank of England and the U.K. Financial Conduct Authority (FCA) recommended against the implementation of U.S.-style whistleblower bounties in the U.K.

However, the latest annual report from the U.S. Securities and Exchange Commission (SEC) has put … Read More »

Compliance Brief: Loans Look a Lot Like Securities Yet Escape Oversight From SEC

by The Compliance Exchange on December 18, 2014

Leveraged loans look and trade like securities — yet the regulator in charge of overseeing securities doesn’t consider them as such.

These loans, usually made to companies with high debt and speculative-grade credit ratings, are made for commercial or consumer — not investment — purposes, according to lawyers and bankers who argue they are … Read More »

Levine on Wall Street: Cuba Funds and Dark-Pool Plans

by The Compliance Exchange on December 18, 2014

Yesterday’s big news that the U.S. will move to normalize relations with Cuba was also big news for U.S. investment funds that invest in Cuba. Of which there are none. But there’s the Hertzfeld Carribean Basin fund, a closed-end mutual fund profiled here in 2012, which invests sort of near Cuba, … Read More »

U.S. Stocks Surge in Global Rally on Fed Signals

by The Compliance Exchange on December 18, 2014

U.S. stocks rose, after the biggest jump in a year for the Standard & Poor’s 500 Index, as global equities rallied on the Federal Reserve’s pledge to be patient on the timing of rate increases.

The S&P 500 added 1.3 percent to 2,038.50 at 11:49 a.m. in New York. The index has … Read More »

Lawsky softens ‘BitLicense’ requirements

by The Compliance Exchange on December 18, 2014

After 3,700 public comments, the proposed licensing for bitcoin-related firms has been slightly relaxed.

Benjamin Lawsky, New York state superintendent of financial services, announced his new proposal for the so-called BitLicense in a Thursday speech. The changes to his office’s first proposal are aimed at providing flexibility for virtual currency start-ups, he said.

Read … Read More »

Commerzbank settlement with U.S. likely to exceed $1B: Source

by The Compliance Exchange on December 18, 2014

Commerzbank‘s expected settlement with authorities over alleged violations of U.S. sanctions and anti-money laundering laws is likely to exceed $1 billion (£636.42 million) in penalties, according to a person familiar with the probes.

The settlement is still being negotiated, and a deal before the end of … Read More »



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