(MENAFNEditorial) NEW YORK, March 19, 2018 /PRNewswire/ --The Securities and Exchange Commission today announced that it will award a group of whistleblowers more than $83 million in connection with their assistance on a landmark enforcement action that resulted in Merrill Lynch paying
The whistleblowers, represented by Labaton Sucharow, tipped the SEC to long-running misconduct at Merrill Lynch, which over numerous years, executed complex options trades that lacked economic substance and artificially reduced the required deposit of customer cash in the reserve account.Through the reckless conduct, Merrill Lynch violated the SEC's Customer Protection Rules and put billions of dollars of customer funds at risk in order to finance its own trading activities.
"Thishistoric award is a wake-up call for Wall Street," remarked
"Our clients represent the very best of Wall Street and feel vindicated by the SEC's determination," continued Mr. Thomas. "By coming forward, these courageous executives protected millions of Merrill Lynch's customers, but their impact is far greater than that. They are a shining example of integrity in action and will inspire others on Wall Street to break their silence and, as a bonus, a substantial part of this life changing award will be donated to local charities."
A principal architect of the SEC Whistleblower Program, Thomas established Labaton Sucharow's whistleblower practice in 2011. Both pioneer and recognized leader in the field, the Labaton team today combines more than 100 years of enforcement experience, more than any other SEC whistleblower practice in the world. Their cases have led to groundbreaking recoveries and many of the SEC's largest and highest-profile cases.
About Labaton Sucharow LLP
For more than 50 years, Labaton Sucharow has been one of the country's premier law firms representing businesses, institutional investors, and consumers in complex securities and business litigation. The firm established the first national practice exclusively focused on SEC whistleblowers under the leadership of a principal architect of the SEC's whistleblower program. Consistently ranked among the top plaintiff litigation firms, more information about the firm is available at www.secwhistlebloweradvocate.com .
Media Contact: Suzanne Hallberg, Zip Communications, 212-787-0169, .
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SOURCE Labaton Sucharow LLP
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