All articles by Aaron Nicodemus – Page 37
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SEC appoints Sanjay Wadhwa as enforcement deputy director
The SEC named veteran attorney Sanjay Wadhwa deputy director of its Enforcement Division. Wadhwa most recently managed 150 personnel as co-head of enforcement at the agency’s New York office.
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Rebuilding Credit Suisse nominates risk management veterans to board
In a continuing overhaul of its risk and compliance leadership, Credit Suisse announced the nominations of Axel Lehmann and Juan Colombas to serve as non-executive members of its board.
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FINRA notice outlines key areas for supervising third parties
The Financial Industry Regulatory Authority issued a notice on compliance deficiencies arising from firms’ relationships with vendors culled from examination findings.
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Experts: Gary Gensler and the SEC are coming after cryptocurrencies
Many in the cryptocurrency space would prefer Gary Gensler and the SEC leave the sector to function without much regulation, but experts predict he’ll take a heavy-handed approach.
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David Last named permanent head of DOJ’s FCPA Unit
The Department of Justice has named David Last to be the permanent chief of its Foreign Corrupt Practices Act Unit, following his being appointed acting head in April.
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Encouraging whistleblowing could mean casting the word aside
Whistleblower is a loaded term, one that conjures up images of rats, snitches, and backstabbers. Maybe it’s time to call it something different.
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FinTech firm Plaid settles privacy lawsuit at $58M
Plaid has reached a $58 million settlement with a group of customers who claimed the FinTech company sold their bank transaction histories to third parties without their consent.
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Five pieces of advice for potential whistleblowers
Thinking of becoming a whistleblower? The path ahead likely won’t be easy. Learn from others that have been through the process.
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Seven things whistleblowers want compliance officers to know
Aaron Nicodemus explains what whistleblowers, their supporters, and advocates would like compliance officers who handle internal complaints to understand about the process from their side of the table.
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SEC to revisit Trump-era whistleblower changes
The Securities and Exchange Commission will review two Trump-era changes to the agency’s whistleblower program, with an eye toward encouraging individuals to report wrongdoing.
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SEC seeks more risk disclosures from China-based companies
The SEC will require China-based public companies listed on U.S. exchanges to make more disclosures about the financial risks posed by potential interference in their operations by the Chinese government.
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Judge dismisses CCPA-related lawsuit against Walmart
A federal judge in California dismissed a lawsuit alleging a data breach at Walmart was a violation of the California Consumer Privacy Act, noting the plaintiff failed to prove a breach occurred.
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Three ideas to improve the whistleblowing process
It’s important to take stock of how far whistleblowing has advanced over the last few years. That said, there is still room for improvement. Aaron Nicodemus offers three suggestions.
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Part 5: Waiting for payout a grueling test of tenacity for whistleblowers
The road to a payout for whistleblowers is long, lonely, and full of obstacles. Commitment to the idea that they are doing the right thing helped our whistleblower subjects endure years of hardship to bring their cases to conclusion.
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Report: Deficient risk culture at Credit Suisse contributed to Archegos collapse
An independent report commissioned by Credit Suisse to examine the bank’s failures that led to $5.5 billion in losses when Archegos Capital Management collapsed this year concluded a series of missteps by risk and compliance failed to escalate numerous red flags.
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Part 4: Retaliation pervades while whistleblowers persevere
Retaliation for blowing the whistle comes in all kinds of forms. Our whistleblower subjects share their stories—from losing jobs to getting blacklisted to being the target of a newspaper hit piece.
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Part 3: Blowing the whistle weighs uncertainty against moral duty
Once someone decides to blow the whistle, their life is forever changed. Their action stands to benefit many people they don’t even know while putting much in jeopardy on a personal level. Our whistleblower subjects each explain what led them to their determinations.
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Credit Suisse hires Goldman Sachs veteran as chief risk officer
Credit Suisse Group has appointed longtime Goldman Sachs risk management expert David Wildermuth as its chief risk officer.
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Proposed bill seeks to broaden False Claims Act whistleblower protections
A bipartisan bill before Congress proposes tweaking the False Claims Act to extend anti-retaliation protections for whistleblowers who are not formally employed by the company or organization on which they blew the whistle.
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Part 2: Internal reporting sends whistleblowers down path alone
Almost no one becomes a whistleblower by choice. A slow and steady whittling down of options often leads individuals to isolation in coming to their decision. Our whistleblower subjects share the roadblocks they faced in reporting internally.