Monday, March 16, 2015

SEC News - FCPA Violations, Trade Suspensions, Whistleblower Awards

Goodyear Charged With FCPA Violations

Goodyear Tire & Rubber Company has been charged with violating the Foreign Corrupt Practices Act (FCPA) when its subsidiaries paid bribes to land tire sales in Kenya and Angola.

A purported venture capital fund manager in Buffalo, N.Y., has been charged with fraudulently using money from three investment funds to pay fictitious returns to investors in a different fund.  The SEC obtained an emergency asset freeze to halt the Ponzi-like scheme.


Trading Suspended in 128 Dormant Shell Companies to Put Them Out of Reach of Microcap Fraudsters

The SEC has suspended trading in 128 inactive penny stock companies to ensure they don’t become a source for pump-and-dump schemes.

A whistleblower payout between $475,000 and $575,000 has been awarded to a former company officer who reported original, high-quality information about a securities fraud that resulted in an SEC enforcement action with sanctions exceeding $1 million.
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