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Author: Subject: SEC Reveals Whistleblower's Identity to Company under Investigation
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posted on 6-20-2018 at 07:56 AM Edit Post Reply With Quote
SEC Reveals Whistleblower's Identity to Company under Investigation

This isn't the first time an attorney from the SEC's New York office has blown the cover of a whistleblower during an enforcement investigation. By failing to follow the OIG recommendation to hold Demos accountable, the SEC missed an opportunity to send a strong message about the importance of protecting the identity of whistleblowers.

The SEC acknowledged the notebook incident in the Pipeline case, but insisted that the enforcement attorney followed agency protocol. He was fired in April 2009 after making several internal complaints. Shortly thereafter, he approached the SEC indicating he had "extensive information" about Pipeline's trading misconduct Cheap Cigarettes For Sale Online. The program also offers enhanced protections to whistleblowers who experience retaliation.

At the same time, the SEC often contacts firms under investigation and gives them an opportunity to probe the matter internally. In many cases, sending a tip back to the same firm cited for misconduct jeopardizes the confidentiality of the whistleblower who disclosed the wrongdoing. As such, this proposal contradicts Congress's clear intent to provide for safe and anonymous whistleblowing.

Earle's experience highlights the dangers of sharing information provided by whistleblowers to companies under investigation Duty Free Marlboro Cigarettes. Earle or the integrity of the SEC's investigation of the Pipeline Trading matter. It was widely known among Pipeline's and Milstream's executives that, after the termination of his employment in 2009, Mr. Earle had approached the SEC - a fact volunteered by witnesses and acknowledged by Mr. Earle long before the exhibition of his notebooks in November 2010. For example, Gordon Henderson, who supervised Mr. Earle and several other Milstream traders, testified in June 2010 that it had been "clear" to him and others at Pipeline since 2009 that Mr. Earle had approached the SEC. Still, throughout the investigation, the SEC declined to confirm his identity and still treated his status as a cooperating witness as confidential. The SEC made sure to obtain all notes of Milstream traders, and in the deposition of Mr. Henderson, the SEC used other traders' notes along with those of Mr. Earle.

The use of these traders' notes - highly relevant evidence prepared in the ordinary course of their work at Milstream - in no way revealed whether Mr. Earle or any other trader was or was not cooperating with the SEC. The article suggests that through recognizing the handwriting on Mr. Earle's notes, Mr. Henderson finally came to know that Mr Newport Cigarettes For Sale. Earle was in fact an SEC whistleblower. But there was no secret about whose notes were being shown to Mr. Henderson, and it is hardly surprising that he would be questioned based on the notes of his own traders - a very small group of key participants in the conduct under investigation - and that he would recognize their handwriting. The fundamental point is that there is nothing about the notes - important business records of trading activity supervised by Mr Cheapest Marlboro Cigarettes. Henderson - or about the SEC's use of them as exhibits in questioning Mr. Henderson that revealed anything about whether Mr. Earle or others were cooperating in the SEC's investigation.

In sum, this matter involves an individual who approached the SEC following termination of his employment; whose cooperation was widely known; who advised the SEC that his cooperation was known to his former employer; and who a number of witnesses volunteered knowing was cooperating with the SEC Cigarettes Online Free Shipping. And yet the SEC staff nevertheless took all appropriate measures to avoid revealing or confirming that the witness had contacted the SEC. These facts - which are beyond reasonable dispute - are dramatically at odds with the article as written.
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