SEC Brings 1st-Ever Whistleblower Retaliation Case
Law360, New York (June 16, 2014, 1:43 PM EDT) -- The U.S. Securities and Exchange Commission on Monday sent its most direct warning yet about retaliating against whistleblowers when, in a first-of-its-kind enforcement action, it accused a hedge fund adviser of squashing a top trader after learning he tipped off the agency about alleged trade violations at the firm.
In an administrative action, the SEC accused Paradigm Capital Management Inc. and its owner Candace King Weir of punishing the trader for blowing the whistle on allegedly improper principal transactions between the firm and an affiliated broker-dealer. According to the SEC, the whistleblower had been the head trader at the firm until...
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