News Coverage


Testing the Protocol, Merrill Sues Team Members Who Left with Client Data

Testing the Protocol, Merrill Sues Team Members Who Left with Client Data

- Advisor Hub
In a case that tests the limits of the Protocol for Broker Recruiting, Bank of America Merrill Lynch has asked a federal judge to prevent two former members of a large Miami team from using client contact information they took with them to another broker-dealer, according to a lawsuit filed Tuesday.
In a complaint filed in the Southern District of Florida, Merrill alleges that Juan Doria and Emmanuel Casuscelli took names and other data on 25 clients with them when they moved to UCAP...

Tilton Lays Path to Appeal SEC In-House Court Before Ruling

Tilton Lays Path to Appeal SEC In-House Court Before Ruling

- Bloomberg
Lynn Tilton figured the odds were against her from the start.
The U.S. Securities and Exchange Commission dragged the Patriarch Partners LLC founder before an in-house judge on fraud allegations that might end her career and cost her more than $200 million. Although the judge hasn’t ruled yet, her lawyers have already laid the groundwork for an appeal that would challenge the fairness of a process in which the agency wins more than 90 percent of its cases before administrative law...

Herskovits Attorneys at Law on Bloomberg

Lynn Tilton Challenges SEC In-House Trial Rulings

- Bloomberg
Robert Herskovits, founding partner at Herskovits Attorneys, discusses why Patriarch Partners founder Lynn Tilton is opposing the SEC administrative hearings, claiming that her case should be settled in federal court. He speaks with with Bloomberg’s Michael Best and Greg Stohr on Bloomberg Radio’s "Bloomberg Law."
Produced by David Sucherman.

Defense Contractor Cybersecurity Breaches Bring Wave of Cyber Whistleblower Opportunities

Defense Contractor Cybersecurity Breaches Bring Wave of Cyber Whistleblower Opportunities

- Whistleblower News Review
Failure to report cyberattacks among Department of Defense (DOD) contractors and subcontractors means big whistleblower opportunities for IT professionals and other defense contractor employees. Cyber hacking and cybersecurity breaches are widespread, and a whole new category of cyber whistleblower claims are cropping up around them under the federal False Claims Act.
Cybercrime Could Cost U.S. Companies $2 Trillion by 2019 Cybercrime cost U.S. companies approximately $500 billion in...

SEC Awards More than $1.4 Million to Whistleblower Compliance Officer

SEC Awards More than $1.4 Million to Whistleblower Compliance Officer

- Wall Street Journal
The Securities and Exchange Commission said Wednesday it awarded between $1.4 million and $1.6 million to a compliance officer who provided information that helped the SEC in an enforcement action against the tipster’s company, marking the second time a compliance professional received an award under the SEC’s whistleblower program.
The SEC didn’t name the whistleblower, citing confidentiality laws. It also didn’t name the company involved, saying it can’t...

Expert: Compliance Officer SEC Whistleblower Reward Precedent for False Claims Act Awards

Expert: Compliance Officer SEC Whistleblower Reward Precedent for False Claims Act Awards

- Whistleblower News Review
A $1.4 million SEC whistleblower reward to a corporate compliance officer for reporting company misconduct has caused a tremor through GC, compliance, and audit offices of non-compliant corporations but it signals something tectonic is coming soon according to legal experts. The architect of December’s massive Bank of America $16.6B False Claims Act settlement says the SEC action affirms compliance professionals are also eligible for the more lucrative False Claims Act whistleblower...

SEC Grants $1.5M Whistleblower Award To Compliance Officer

SEC Grants $1.5M Whistleblower Award To Compliance Officer

- Law360
The U.S. Securities and Exchange Commission announced Wednesday that it will grant approximately $1.5 million to a compliance officer who provided information that led to an SEC enforcement action against the employee’s company, its second-ever award to an employee with internal audit or compliance responsibilities.
The award was the first-ever given to a compliance officer under a rule that allows compliance employees to report misconduct to the SEC in order to prevent...

Getting Fired And Quitting On Wall Street (Robert Herskovits, Esq.)

Getting Fired And Quitting On Wall Street (Robert Herskovits, Esq.)

- Side Bar
Side Bar with Bill Singer interviews Rob Herskovits
Robert speaks about issues concerning the Protocol for broker recruiting and transition issues faced by registered representatives who depart from a broker-dealer. Robert discusses the history and mechanics of the Protocol as well as legal issues faced by broker-dealers who may consider joining the Protocol.