May 3, 2020/CBN A special meeting of the Bankers’ Committee was convened on May2, 2020, to further review the implications of the COVID-19 pandemic on the Nigerian banking industry. The Committee particularly deliberated on the issue of the operating costs of banks in view of the disruptions emanating from the […]
Frauds & Scandals
SEC Charges Investment Adviser Representative for Conducting Fraudulent “Cherry-Picking” Scheme
April 28, 2020/US SEC The Securities and Exchange Commission today announced charges against Donald J. Kellen, an investment adviser representative based in Palos Verdes Estates, California, for conducting a multi-year cherry-picking scheme that defrauded his clients. According to the SEC’s complaint, from about May 2012 through September 2015, Kellen profited […]
SEC Awards Over $18 Million to Whistleblower
April 28, 2020/US SEC The Securities and Exchange Commission today announced an award of more than $18 million to a whistleblower whose significant information prompted an examination that resulted in an important enforcement action. The whistleblower repeatedly reported the problem internally before contacting the SEC. “Because of this whistleblower’s actions, […]
