Whistleblower News: Global Insider Network, Wells Fargo, Infosys01/09/2020
Swiss Trader Spills Secrets of Global Insider Network
On Wednesday, Marc Demane Debih, a failed Swiss entrepreneur, revealed to a New York jury the secret methods he used to earn $70 million in illegal profit from a global insider-trading network. Testifying for U.S. prosecutors, he is the government’s star witness in the trial of Telemaque Lavidas, the first to face a U.S. jury after a multiyear government probe of a wider alleged conspiracy. read more »
Lawmaker rebukes Wells Fargo rebate request
Democratic Representative Katie Porter, a first-term lawmaker known as a tough Wall Street critic, accused Wells Fargo & Co of passing on costs associated with its wide-ranging scandals to third parties, in a scathing letter sent to the bank’s new chief executive on Thursday.
Last summer, Wells Fargo asked 14 of its IT vendors to return 2.5% of revenue earned in 2018, claiming that the vendors benefited from increased business as a result of its sales-practices scandals. Reuters reported in November that several of the vendors had paid Wells Fargo, and some felt pressured to do so out of fear of lost future business. read more »
5 key things to watch out for in Infosys’ Q3 earnings on Friday
Probe Result: After a whistleblower accused the company’s CEO Salil Parekh and CFO Nilanjan Roy of sharp practices aimed at boosting revenue and profitability, Infosys began an investigation into the issue. Analysts are keen to see whether the investigation has been completed and what result and action, if any, the company might need to take.
The whistleblower had also mailed the US Securities and Exchange Commission, ostensibly with proof, backing the claims made against the Infosys management. Infosys has confirmed that the SEC is looking into the matter. Analysts want to know the progress of the investigation by US regulator, which has the power to levy substantial punishments in case the charges have merit. read more »