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SEC brings whistleblower retaliation charges

Securities and Exchange Commission brings civil charges against hedge fund manager that retaliated against whistleblower

From the earliest days of school, there is a stigma against the “tattletale,” the kid who tells the teacher when someone in class is misbehaving, for example. In the adult world, that stigma translates to retaliation against whistleblowers. According to a study by the Ethics Resource Center, 24 percent of people who internally report wrongdoing feel they have faced retaliation, and this can be a huge factor at play when workers are trying to decide whether or not to blow the whistle on inappropriate activity.

Thats part of the reason why the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 enabled the Securities and Exchange Commission (SEC) to create a whistleblower program, so it could be more codified. The program not only provides incentives (or, as some say, bounties) to whistleblowers, but it enables the SEC to protect those whistleblowers against retaliation.

Now, the SEC has finally flexed this muscle by going after a hedge fund manager who allegedly retaliated against a whistleblower. The case in question involves Paradigm Capital Management, owned by Candace King Weir. A Paradigm employee blew the whistle on the hedge fund, reporting concerns about conflicted trades. 

But the whistleblower in question claims that he was demoted and mistreated as a result of his actions, and he ultimately resigned. The whistleblower in question is represented by Jordan Thomas of Labaton Sucharow, who specializes in whistleblower cases.


For more whistleblower news, check out the following:


Signs of success of Dodd-Frank law in eastern Congo mines

Prominent human rights lawyer denied bail by Chinese authorities

More lawyers convicted in Nevada on federal charges

Ex-Novartis employee arrested in Japan for falsifying research data


Senior Editor and Community Manager

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Rich Steeves

Richard P. Steeves is Senior Editor and Community Manager of InsideCounsel magazine, where he covers the intellectual property and compliance beats. Rich earned a B.A....

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