Source's Cover Blown by SEC
Source: Wall Street Journal
Federal securities regulators, in a sensitive breach, inadvertently revealed the identity of a whistleblower during a probe of a firm that ran a stock trading platform.
The gaffe by the Securities and Exchange Commission occurred during an investigation of Pipeline Trading Systems LLC when an SEC lawyer showed an executive who was being questioned a notebook from the whistleblower filled with jottings about trades, calls and meetings. The executive says he recognized the handwriting.
Pipeline, the operator of an alternative trading system known as a "dark pool," reached a settlement in October with the SEC, which asserted in findings released at the time that Pipeline had misled investors about how their orders were filled.
Pipeline, which didn't admit or deny the allegations, was the subject of a page-one Wall Street Journal article earlier this month. The article didn't name the whistleblower, but he has now agreed to be publicly identified. He is Peter C. Earle, 41, a former employee of a Pipeline trading affiliate. Mr. Earle said he was "disappointed" the SEC took steps in its probe that ended up disclosing his identity to Pipeline.
Read more: http://online.wsj.com/article/SB10001424052702303459004577363683833934726.html
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are just DUMB. Years ago, a friend of mine worked with the police to help nab a bad guy. The point of the story is that they promised him he'd be protected. When they got to court as they were reading his statements, some of the docs had his assumed name, others his real name.
The guy they were after had said "if anyone fucks with me, I'll remember and no one will be safe, not their mother, father, kids -- and I don't care how long how many years it takes". My friend was terrified for years.
Good job, SPD!
Good job, SEC!
It's like they just don't THINK.