SEC Bars Two Individuals from Whistleblower Award Program

SEC

The Securities and Exchange Commission today announced that it has barred two individuals from the SEC's whistleblower award program, each of whom filed hundreds of frivolous award applications. The bars were issued pursuant to the 2020 amendments to the Whistleblower Program Rules, which were designed to allow the whistleblower program to operate more effectively and efficiently and to focus on good faith whistleblower submissions. read more »

Wells Fargo to pay $37.3 mln to settle U.S. claims it fraudulently overcharged customers

REUTERS

Wells Fargo & Co (WFC.N) will pay $37.3 million to settle U.S. government claims it fraudulently overcharged commercial clients on foreign exchange services, the latest in a string of scandals over the bank's treatment of customers. read more »

SEC cracks down a second time on SPAC equity accounting treatment

REUTERS

Expanding its crackdown on the SPAC sector, the U.S. Securities and Exchange Commission has told top auditors of blank-check acquisition companies to account more strictly for public shares in these shells, according to multiple industry accountants and lawyers familiar with the change. read more »