BROWSE BY TOPIC
Stories of Interest
- Goldman's Lloyd Blankfein Seems to be Making a Habit Out of Trolling Trump
- Goldman on Hunt for Star Traders to Revive Struggling Commodities Unit
- Yahoo Owes Millions for Busting NCAA Tourney Bracket Deal
- JPMorgan Joins 21st Century Fox in Fighting 'Deep Divisions Across Our Country'
- Please, God, Save Gary Cohn From Himself: The Case for Resigning
- Regulatory Considerations When Bringing on a New Advisor
- Why Deutsche Bank is at Mercy of Regulators
- U.S. Treasury Auction Class-Action – Federal Judge Causes Interminable Delay
- Mnuchin Rejects Calls to Resign and Defends Trump
- Best Time to Go to the U.S. (Tennis) Open Tourney - Before It Starts on August 28
- Stifel Prevails in Arbitration But Ex-Hilltop Employees Hit with Awards - Bill Singer
- Banca IMI Securities to Pay $35Mn for Improper Handling of ADRs in Continuing SEC Crackdown
- Members of White House ‘Arts Panel’ Resign En Masse in Protest of Trump
- FINRA Whiffs on Disciplinary Sanction: Bill Singer's 'Negligent Market Manipulation in OTC Stock Promotion'
- Heather Heyer’s Mother Says, ‘I’m Not Talking to the President’
- Goldman Sachs May Have Lost $100Mn on Energy Bet Gone Wrong
- SEC Drops Case Against Ex-JPMorgan Traders Over 'London Whale'
- Financial Advisers That Invest in Technology Need to Accomplish These Two Things
- FINRA Amends Codes Regarding Expedited Arbitrator List Selection
- FINRA July 2017 Quarterly Disciplinary Review (Podcast)
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
Justice Department Enters the Barclays Whistleblower Scandal
[Photo: by Rex Features / The Guardian.com]
With each passing day, new facts and circumstances come to light about the Barclays whistleblower scandal. And, we learned that the Justice Department has commenced an investigation, alongside the U.K.’s FCA (Financial Conduct Authority) and the NYSDFS (New York State Department of Financial Services). The DOJ is specifically looking into whether anyone at Barclays Bank or the U.S. Postal Service may have violated the whistleblower protection provisions of Dodd-Frank.
The NYPost, which cites statements made by the bank on Monday, reports that this latest investigation was touched off by the fact that Barclays, at Staley’s request, sought help from Postal inspectors after its board received 2 letters from an anonymous employee. That employee complained about the hiring of a mid-level executive - who, it turns out, is Tim Main. Staley had asked the bank’s internal security team in June to find out who sent 2 letters to the board that were critical of the hiring of Tim Main to run Barclays’ financial institutions group. The anonymous letters raised issues about “Staley’s knowledge of and role in dealing with” personal issues at Main’s previous employer, “and the appropriateness of the recruitment process followed on this occasion by Barclays.” Main had previously worked for New York investment bank Evercore.
Apparently, Staley’s request in July for the bank’s security team to try to learn the ID of the letter writer was his second attempt to unmask the whistleblower. The CEO had asked first in June - but was rebuffed. At some point, those internal security personnel reached out to unnamed officials at the USPS in order to track where the letters had originated.
What's particularly troubling about these latest developments is that the case is now dealing potential criminal charges, in addition to the usual civil charges. For example, it’s possible that anyone in the U.S. government who aided the bank in unmasking the whistleblower could face criminal charges, according to Jordan Thomas of Labaton Sucharaow law.