SEC Brings First Anti-Retaliation Enforcement Action Under Dodd-Frank
This week, the U.S. Securities and Exchange Commission (“SEC”) brought its first case under the whistleblower anti-retaliation provision of Dodd-Frank, alleging that an investment adviser, Paradigm Capital Management, Inc., and its owner engaged in prohibited principal transactions and then retaliated against an employee who reported prohibited principal transactions at the firm to the SEC. Both Paradigm and its owner, Candace Weir, settled with the SEC, without admitting or denying the SEC’s allegations, agreeing to cease and desist from committing future violations of the Securities Exchange Act and Investment Advisers Act and to pay $2.2 million in disgorgement and civil penalties.
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