- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2024-09-05T18:19:00
Broker-dealer Nationwide Planning Associates and two affiliated investment advisers impeded potential whistleblowers from reporting misconduct to the Securities and Exchange Commission and have agreed to settle the charges for a combined $240,000.
New Jersey-based Nationwide Planning Associates will pay $70,000, investment adviser NPA Asset Management will pay $160,000, and state-registered investment adviser Blue Point Strategic Wealth Management will pay $10,000, the SEC said Wednesday in a press release.
The firms asked 11 retail clients to sign confidentiality agreements in connection with payments made by the entities to the clients’ investment accounts. The agreements contained “provisions that impeded clients from reporting potential securities law violations to the SEC by permitting communications only where the SEC first initiated an inquiry,” the SEC said.
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Singapore-based commodity trading company Trafigura will pay $55 million to the Commodity Futures Trading Commission to settle charges related to fraud, manipulation, and impeding whistleblower communications with the agency.
A subsidiary of JPMorgan Chase will pay an $18 million fine to the Securities and Exchange Commission for allegedly violating the agency’s whistleblower protection rule in hundreds of settlement agreements with clients and customers.
New York-based investment adviser D. E. Shaw & Co. will pay a $10 million penalty to settle charges brought by the Securities and Exchange Commission that the company raised impediments to whistleblowing by employees.
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