BROWSE BY TOPIC
Stories of Interest
- North Korean caught secretly mining bitcoin rival
- IPO Timelines Cut by 80% After SEC's Private Filing Decision
- How the Carried Interest Break Survived the Tax Bill
- FINRA: The Neutral Corner
- Coinbasex Says Buying and Selling Temporarily Disabled Amid Price Rout
- Bitcoin plunges by more than a third in a single day
- Goldman Is Setting Up a Cryptocurrency Trading Desk
- Jefferies Lets Employees Choose When to Receive Their Bonuses
- UBS Told to Pay $903K After Losing Retaliation Verdict
- BEWARE: Long Island Iced Tea Shares Soar After Changing Name to Long Blockchain
- Gary Cohn’s Last Laugh: Cashing Out on Trump’s Tax Plan
- E*Trade Lets Customers Trade in CBOE Bitcoin Futures
- Swiss Find Serious Shortcomings at JPMorgan in 1MDB Case
- Washington-based Investment Adviser and His Business Partner Charged in Multi-Million Dollar Scheme
- FINRA Board of Governors Meeting
- Cryptocurrency Market Now Doing Same Daily Volume as the NYSE
- Jailed Barclays Trader Must Pay $400,000 From Libor Profits
- Trump Asks ‘How’s Your 401(k)?’ But Most Voters Don’t Have One
- A Bitcoin Hedge Fund’s Return: 25,004% (That Wasn’t a Typo)
- Madoff Victims Near Full Recovery of Principal With Payout
We seek to provide information, insights and direction that may enable the Financial Community to effectively and efficiently operate in a regulatory risk-free environment by curating content from all over the web.
Stay Informed with the latest fanancialish news.
NEWSLETTERS & ALERTS
Rules & Regulations
Does Dodd-Frank Protect Whistleblowers Who Never Report to SEC?
Before breaking for summer recess, the U.S. Supreme Court announced that it will hear a case involving Dodd-Frank whistleblower protections. Digital Realty Trust, a real estate investment trust company, is appealing a lower court ruling in favor of an executive fired by the SF-based company after he complained internally about alleged misconduct by his supervisor. The employee never reported the matter to the SEC.
The scope of the SEC whistleblower rules, which were adopted in 2011 under Dodd-Frank, are "on trial" in this case. Those rules: (i) prohibit corporate employers from retaliating in any way against whistleblowers who try to report allegations of securities law; and, (ii) give the SEC the power to offer monetary awards to whistleblowers whose tips lead to successful enforcement actions.
IF THE SUPREME COURT RULES IN FAVOR OF THE COMPANY. Digital Realty Trust argues the anti-retaliation protections do not apply to people who fail to report their allegations to the SEC because the law defines a whistleblower as a person who reports possible securities violations to the SEC. A decision in favor of Digital Realty Trust could deter people from reporting misconduct internally, according to Jordan Thomas, a partner at Labaton Sucharow who represents whistleblowers.
"I think both corporate whistleblowers and corporations should hope that the Supreme Court finds that internal reporting is sufficient to have the anti-retaliation protections because if not, sophisticated corporate whistleblowers will bypass internal reporting systems and report directly to the SEC."