Category: Dodd-Frank Act

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DOJ Abandons “Secondary” Spoofing Case

After software developer Jitesh Thakkar’s criminal trial on “spoofing”-related charges ended in a mistrial two weeks ago, the Government determined it will not seek to retry the case.  Thakkar was originally charged with conspiracy to commit spoofing and with two counts of spoofing arising out of his company’s development of software that enabled a London-based … Continue Reading

Bellwether Spoofing Case Goes to Trial in Chicago

Can a software programmer be held criminally responsible for designing a program that a trader uses to “spoof” the commodity futures market?  This is the question posed to the jury in U.S. v. Thakkar, 18-cr-36 (N.D. Ill.), which trial began this week in federal court.  The case grew out of the manipulative trading activities of … Continue Reading

SEC May Limit “Game Changing” Whistleblower Bounties

On June 28, 2018, the U.S. Securities and Exchange Commission proposed three rule changes to the Commission’s Whistleblower Program, including one that would authorize the SEC to “downward adjust” monetary awards in large actions for which an award might “exceed an amount that is reasonably necessary to advance the program’s goals”—in the view of the … Continue Reading

Supreme Court Ruling Narrows Dodd-Frank Whistleblower Protections

Perhaps no part of the Dodd–Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”) has garnered as much attention as its whistleblower provisions, which pay corporate whistleblowers bounties under some circumstances, and prevent employers from retaliating against whistleblowing employees. Often times, the bounties paid to whistleblowers under Dodd-Frank warrant the most attention-grabbing headlines.  But Dodd-Frank’s … Continue Reading
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