August 2012 Archives

August 21, 2012

Securities Fraud Whistleblower Receives $50,000 Reward

Thumbnail image for whistle.jpgToday, the Securities and Exchange Commission (SEC) issued their first payout under the year old Whistleblower Program established by the SEC to prevent securities fraud. The recipient of the first payout will receive $50,000, which represents 30% of the amount collected by the SEC. Rewards can range between 10 - 30% depending upon a variety of factors. The recipient of the $50,000 reward has elected to remain anonymous. The SEC denied an award request from a second individual was declined after the SEC determined that the information provided did not contribute significantly to the SEC's investigation. Although this is a relatively small award, it is hoped that more individuals will be encouraged to report securities fraud as larger rewards get reported.

Additional Information:

More SEC Whistleblower Program Blog Posts

Frequently Asked Questions (FAQs) About the Whistleblower Program

August 2, 2012

Wedbush Securities Founder Suspended for Supervisory Violations

out of order.jpgToday, a disciplinary panel fined and suspended Edward Wedbush and his firm, Los Angeles, California-based Wedbush Securities for the "persistent and egregious" failure to file timely and accurate regulatory reports, including information regarding stockbroker misconduct, despite repeated warnings. The firm was fined $300,000. Edward Wedbush was fined $30,000 and suspended from all supervisory duties for 31 days.

Our securities law firm has successfully resolved several customer claims against Wedbush Securities. If you have any questions regarding Wedbush Securities, please feel free to contact us.