Cortez Masto Introduces Bill to Incentivize Whistleblowers to Report Consumer Fraud to the Consumer Financial Protection Bureau

US SENATE

U.S. Senator Catherine Cortez Masto (D-Nev.) introduced legislation to authorize the Consumer Financial Protection Bureau (CFPB) to reward whistleblowers who report wrongdoing to the CFPB with financial compensation. Whistleblower statutes protect people from unfair practices, fraud, and abuse. The bill is cosponsored by Chairman of the Senate Banking, Housing, and Urban Affairs Committee Senator Sherrod Brown (D-Ohio) and Senators Dick Durbin (D-Ill.), Elizabeth Warren (D-Mass.), Jeff Merkley (D-Ore.), Richard Blumenthal (D-Conn.), and Tina Smith (D-Minn.). read more »

‘Fat Leonard’ in upcoming podcast boasts of holding US Navy in palm of his hand

STARS & STRIPES

“Fat Leonard,” the Malaysian businessman at the heart of a corruption scandal that has brought down numerous U.S. Navy officials, is set to tell all for the first time in a nine-part podcast series beginning Tuesday. read more »

SEC Charges Former Executives of Registered Investment Adviser with Fraud

SEC

The Securities and Exchange Commission today charged Robert D. Press, the former CEO of the advisory firm TCA Fund Management Group Corp., and Donna M. Silverman, TCA’s former chief portfolio manager, for their roles in the firm’s scheme to artificially inflate the net asset values and performance results of several TCA-managed funds. The SEC previously charged TCA and another affiliated company, TCA Global Credit Fund GP Ltd. (TCA-GP), with fraud on May 11, 2020, and obtained the appointment of a receiver over those entities and the TCA funds. The SEC also previously charged two TCA executives for their roles in the alleged fraud. read more »