SEC Announces Its Largest-Ever Whistleblower Awards

The Securities and Exchange Commission today announced its highest-ever Dodd-Frank whistleblower awards, with two whistleblowers sharing a nearly $50 million award and a third whistleblower receiving more than $33 million.  The previous high was a $30 million award in 2014.

“These awards demonstrate that whistleblowers can provide the SEC with incredibly significant information that enables us to pursue and remedy serious violations that might otherwise go unnoticed,” said Jane Norberg, Chief of the SEC’s Office of the Whistleblower.  “We hope that these awards encourage others with specific, high-quality information regarding securities laws violations to step forward and report it to the SEC.”

The SEC has awarded more than $262 million to 53 whistleblowers since issuing its first award in 2012.  All payments are made out of an investor protection fund established by Congress that is financed entirely through monetary sanctions paid to the SEC by securities law violators.  No money has been taken or withheld from harmed investors to pay whistleblower awards. read more »

Facebook's value slides by $36bn as data breach rocks shares

Shares in the embattled social media giant ended down 6.7% at $172.5. That looks to be its biggest one-day loss in four years (and its biggest drop in value ever). read more »

Kobe Steel CEO to quit over data fraud scandal

Japan's third-largest steelmaker, which supplies steel parts to manufacturers of cars, planes and trains around the world, admitted last year to supplying products with falsified specifications to about 500 customers, throwing global supply chains into turmoil.

Hiroya Kawasaki will resign as CEO and Chairman on April 1, with his successor to be decided at a board meeting to be held soon, the company said. read more »

Uber Halts Autonomous-Car Testing After Fatal Arizona Crash

First known pedestrian death involving a self-driving vehicle.

Incident may raise questions about safety of technology. read more »

Jacob Zuma: Former South African president faces corruption trial

South Africa's former President Jacob Zuma is to face prosecution for 16 charges of corruption relating to a multi-billion-dollar arms deal.

The case centres on a 30bn rand ($2.5bn; £1.7bn) deal to modernise the country's defence in the late 1990s.

The charges - which Mr Zuma denies - include counts of fraud, racketeering and money laundering. read more »

SocGen expects resolution over Libor probe in ‘coming weeks’

Société Générale says it has entered into "a phase of more active discussions" with US authorities relating to the Libyan Investment Authority and rate rigging investigations and expects to reach a resolution "within the coming weeks."

The French bank said in its annual report that it was cooperating with US authorities and had entered discussions to reach a settlement on the Libor and LIA investigations, which “would include a requirement that Société Générale pay a monetary fine and may in addition impose other sanctions”. read more »

Legal battle over $250 million yacht seized in U.S. fraud probe

Indonesia's seizure of a luxury yacht wanted as part of a U.S. probe into the alleged multibillion-dollar theft of funds from a Malaysian state investment company is being challenged by the vessel's owner, police said Monday. National police deputy director of economic crimes Daniel Silitonga said police haven't handed the yacht over to the U.S. since its Feb. 28 seizure because they're waiting for a court hearing after lawyers for the owner of the Cayman Islands-registered Equanimity began a legal challenge.

"Until now we are still awaiting the summons for a hearing," he said. "We are facing some legal issues that have to be resolved first."

The Equanimity, worth $250 million, is among assets the U.S. Department of Justice alleges were bought by Malaysian national Jho Low using money stolen from 1MBD, the Malaysian fund, and laundered through Singapore, Switzerland, Luxembourg and the U.S. read more »