In a sweeping enforcement action, the Securities and Exchange Commission has cracked down on several major public companies for impeding whistleblowers from reporting potential misconduct to regulators.
The Securities and Exchange Commission (SEC) has settled charges against Esmark Inc. and its founder, James P. Bouchard, for announcing a fraudulent tender offer to purchase U.S. Steel Corporation. The announcement came on September 6, 2024, following an investigation into the company's 2023 acquisition attempt.
Massachusetts securities regulators have fined Morgan Stanley $2 million for failing to properly monitor stock sales by a former First Republic Bank (FRB) executive in the lead-up to the bank's collapse in 2023. The announcement came from Secretary of the Commonwealth William F. Galvin on September 6, 2024.
The Securities and Exchange Commission (SEC) has charged Nicholas Bowerman, a former finance director at CIRCOR International Inc., with accounting fraud. The charges, announced on September 5, 2024, allege that Bowerman's actions led to misleading public statements about CIRCOR's financial performance from 2019 through 2021.
RTX Corp, formerly known as Raytheon Technologies, has agreed to pay a $200 million fine to settle allegations of violating U.S. export laws. The aerospace and defense giant reportedly exchanged sensitive data and products with prohibited countries, most notably China, according to U.S. State Department records released Thursday.
Glenmark Pharmaceuticals Inc. USA has agreed to pay $25 million to resolve allegations of violating the False Claims Act. The settlement, announced Wednesday by the U.S. Department of Justice, stems from accusations that the New Jersey-based company engaged in price-fixing of a popular generic cholesterol medication.
Three New Jersey-based financial firms have found themselves in hot water with the Securities and Exchange Commission (SEC). The firms, collectively managing millions in client assets, have been charged with violating whistleblower protection rules - a crucial safeguard in the complex world of financial services.