Utah’s Little-Used Whistleblower Law Needs an Update

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Utah is one of only two states in the United States that has a whistleblower act (Indiana is the other). Utah’s statute was written and passed by a young ambitious politician named Ben McAdams in 2011. Ben asked me to assist with the drafting and to provide testimony in support, which I gladly did. We… Read more »

How to Blow the Whistle on Bank Fraud

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gavel and "bank fraud" sign

The Federal Government offers potentially significant rewards to whistleblowers who provide information to the government that helps protect financial institutions by “deterring would-be criminals from including financial institutions in their schemes.” United States v. Serpico, 320 F.3d 691, 694-95 (7th Cir. 2003). The Financial Institutions Reform, Recovery and Enforcement Act (FIRREA) and the Financial Institutions… Read more »

Did you send me a letter? Call me!

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anonymous man silhouette

I know this is an unusual post but someone recently sent me a copy of an unsigned whistleblower letter to the SEC. This post is for that person: To the person who sent me an unsigned letter involving a company with the initials TEG or EA (I don’t want to identify the company here) please… Read more »

A New Podcast Interview

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For those who are interested in the intersection between the LDS Faith and the epidemic of affinity fraud and Ponzi schemes in Utah and the LDS community worldwide, take a listen to this podcast in which I was interviewed by the brilliant scholar Gina Colvin who manages the A Thoughtful Faith Podcast. This was a… Read more »

The Deseret News’ Three Part Series on Affinity Fraud in Utah

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ponzi scheme hotspots in america map

My friend Dennis Romboy is a great reporter over at the Deseret News who put together a very detailed two-part story on affinity fraud that was published over the weekend. Part One of the series was called “Utah’s fraud ‘epidemic’: Victims share anger, embarrassment, hurt” and provided the details of how a number of Utahn’s… Read more »

Mark Pugsley’s Recent Interview on Mormon Stories

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mormon stories

I was recently interviewed by John Dehlin who runs the “Mormon Stories” Podcast about affinity fraud in Utah. This episode is available in audio only through John’s podcast, or you can watch the video below. Episode 606: Mormonism and the Culture of Fraud with Attorney Mark Pugsley by John Dehlin • January 1, 2016 In… Read more »

Whistleblower Claims under the Dodd-Frank Act

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u.s. securities and exchange commission

This is a repost of an article by Jennifer Korb that appeared in the Utah Bar Journal: Whistleblower Claims under the Dodd-Frank Act: Highlights from the SEC’s Annual Report to Congress for the 2014 Fiscal Year On November 17, 2014, the U.S. Securities and Exchange Commission (referred to herein as the SEC or the Commission)… Read more »

SEC Warns Investors to Check the Credentials of Their Stock Broker

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graduation cap and diploma

The SEC’s Office of Investor Education and Advocacy recently issued this Investor Alert reminding people to thoroughly check the background of thei investment professional. The Alert cautions investors not to “trust someone with your investment money just because he or she claims to have impressive credentials or experience, or manages to create a ‘buzz of… Read more »

The SEC’s New Whistleblower Program Has Proven to be a Game Changer

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SEC Chair Mary Jo White gave a speech at the Northwestern University School of Law on April 30, 2015 on the SEC’s new Whistleblower Program.  She called it a “game changer.”  She said that despite criticism, whistleblowers provide “an invaluable public service” the SEC increasingly sees itself as the “whistleblower’s advocate.” Whistleblower Statistics After just… Read more »

How an Employment Agreement Can Get you In Hot Water With the SEC

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employment agreement form

I don’t usually give employment advice, but the SEC this week announced a settlement with KBR, Inc. that should prompt every company to check its employee agreements. Even fairly innocuous confidentiality language that might seem unobjectionable to some could lead to an SEC enforcement action under the SEC’s interpretation of the Dodd-Frank Wall Street Reform… Read more »