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Two whistleblowers have been awarded more than $1.8 million after submitting information and assistance to the CFTC that led to a successful covered enforcement action. Although there were seven claimants in this case, only two were awarded based on timely and original information submitted to the CFTC, which led to the case's success. Both whistleblowers continued to provide considerable assistance to CFTC staff, affiliated law enforcement, and other departments throughout the case, from its inception to its conclusion. The remaining five were denied an award since no one contributed to the case resolution.Two whistleblowers have been awarded more than $1.8 million after submitting information and assistance to the CFTC that led to a successful covered enforcement action.

Although there were seven claimants in this case, only two were awarded based on timely and original information submitted to the CFTC, which led to the case’s success. Both whistleblowers continued to provide considerable assistance to CFTC staff, affiliated law enforcement, and other departments throughout the case, from its inception to its conclusion. Continue reading

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Top SEC whistleblower attorneys Scott Silver and David Chase have published their thoughts on the SEC whistleblower program during Trump’s current administration. The SEC whistleblower program has been helping uncover and prosecute misconduct in the securities industry since 2012 while rewarding those who properly send tips to the SEC. Over a billion dollars has been awarded to whistleblowers who volunteer critical information that leads to a successful enforcement action. Without their assistance, these frauds might not have been found and stopped. How is the SEC's flagship program faring under the second Trump administration? To answer this question, Scott Silver of Silver Law Group, and David Chase of The Law Firm of David R. Chase discussed this issue in a recently published article on Law360 which has been widely disseminated throughout the whistleblower community. Considered to be two of the best SEC whistleblower attorneys in the country, Scott and David routinely speak at industry conferences, community events and podcasts about the SEC whistleblower program, Ponzi schemes, and other investment fraud cases.Top SEC whistleblower attorneys Scott Silver and David Chase have published their thoughts on the SEC whistleblower program during Trump’s current administration. The SEC whistleblower program has been helping uncover and prosecute misconduct in the securities industry since 2012 while rewarding those who properly send tips to the SEC. Over a billion dollars has been awarded to whistleblowers who volunteer critical information that leads to a successful enforcement action. Without their assistance, these frauds might not have been found and stopped. Continue reading

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Encompassing three separate orders, the SEC has awarded a total of $7 million to five whistleblowers for assisting staff with information relevant to investigations. Due to confidentiality requirements, the identities of the whistleblowers and the companies involved are redacted in the final orders. Therefore, it is not known whether one or more of the orders are related to each other, or if the orders involve a single company, two companies, or three different companies. It is noted that all the whistleblowers involved provided original information voluntarily, which ultimately led to the success of each enforcement action.Encompassing three separate orders, the SEC has awarded a total of $7 million to five whistleblowers for assisting staff with information relevant to investigations.

Due to confidentiality requirements, the identities of the whistleblowers and the companies involved are redacted in the final orders. Therefore, it is not known whether one or more of the orders are related to each other, or if the orders involve a single company, two companies, or three different companies. It is noted that all the whistleblowers involved provided original information voluntarily, which ultimately led to the success of each enforcement action. Continue reading

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The Commodity Futures Trading Commission (CFTC) recently awarded a bounty of $700,000 to a whistleblower who voluntarily offered original information that caused an investigation leading to a successful covered action. The unnamed individual first submitted their information in a Form WB-APP and provided significant assistance to the CFTC staff. This included key information in the case and interpretation of it for staff members, and all the information the staff requested. Their actions saved CFTC staff significant resources in the investigation. The whistleblower offered considerable assistance throughout the investigation, and “precisely and accurately described the firm’s misconduct.”  Additionally, the information “strongly supported the charge in the Covered action.”  The Commodity Futures Trading Commission (CFTC) recently awarded a bounty of $700,000 to a whistleblower who voluntarily offered original information that caused an investigation leading to a successful covered action.

The unnamed individual first submitted their information in a Form WB-APP and provided significant assistance to the CFTC staff. This included key information in the case and interpretation of it for staff members, and all the information the staff requested. Their actions saved CFTC staff significant resources in the investigation. Continue reading

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The SEC has announced its award of $6 million to joint whistleblowers who offered credible information on violations of US securities laws. Their assistance led the Commission’s Division of Examinations (Exams) to open an examination based on the tips and information provided. In the interest of confidentiality, the SEC did not disclose the number of the whistleblowers. Because the whistleblowers presented themselves as a team, and were all represented by the same legal counsel, the SEC decided to treat the joint claimants as one whistleblower for this case. The information was useful and of interest to the SEC, and the investigation led to a successful covered action that included financial sanctions. The whistleblowers were awarded a percentage of the collected sanctions from the action.The SEC has announced its award of $6 million to joint whistleblowers who offered credible information on violations of US securities laws. Their assistance led the Commission’s Division of Examinations (Exams) to open an examination based on the tips and information provided. In the interest of confidentiality, the SEC did not disclose the number of the whistleblowers. Continue reading

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It sounds too good to be true, it usually is. It is an investment opportunity that offers no risk, high returns, or other incredible claims and is just a can't-miss way to make more money. Unfortunately, many people get lured into an "easy money" scenario that is nothing more than a fraud.   Ponzi schemes are the most popular ways fraudsters separate people from their money. Promises of "no risk, high/guaranteed returns" are just some of the hallmarks of the Ponzi scheme since its invention by Charles Ponzi in the 1920s. Other hallmarks include a missing business plan, vague explanations for how it operates, and lack of accountability.If it sounds too good to be true, it usually is. It is an investment opportunity that offers no risk, high returns, or other incredible claims and is just a can’t-miss way to make more money. Unfortunately, many people get lured into an “easy money” scenario that is nothing more than a fraud.

Ponzi schemes are the most popular ways fraudsters separate people from their money. Promises of “no risk, high/guaranteed returns” are just some of the hallmarks of the Ponzi scheme since its invention by Charles Ponzi in the 1920s. Other hallmarks include a missing business plan, vague explanations for how it operates, and lack of accountability. Continue reading

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If you’ve become aware of a Ponzi scheme, your first instinct may be to disclose the information and stop the fraud. But how do you know who to tell? What do you do next? Who can answer your questions?   The United States Securities & Exchange Commission (SEC) established its Office of the Whistleblower in 2011. Anyone with original information on a Ponzi scheme or other fraud can report this information to the SEC and alert the agency to the misconduct. SEC whistleblowers may be eligible to receive a monetary award following a successful enforcement action.  A whistleblower can be anyone who has information on a Ponzi scheme or other fraudulent activity that results in financial losses. Whether you’ve invested in a Ponzi scheme, know someone who has, are a broker or other industry insider, or someone who recognizes the signs of a Ponzi scheme, you may be able to become a SEC Whistleblower. However, simply reporting that you believe someone is operating a ponzi scheme will not be enough.  A whistleblower must present original new information to the SEC in a way that is compelling and leads to the investigation and prosecution of misconduct by the SEC. If you’ve become aware of a Ponzi scheme, your first instinct may be to disclose the information and stop the fraud. But how do you know who to tell? What do you do next? Who can answer your questions?

The United States Securities & Exchange Commission (SEC) established its Office of the Whistleblower in 2011. Anyone with original information on a Ponzi scheme or other fraud can report this information to the SEC and alert the agency to the misconduct. SEC whistleblowers may be eligible to receive a monetary award following a successful enforcement action.  Continue reading

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SEC whistleblower attorneys Scott Silver and David Chase, recently authored an article for law.com to discuss their predictions for the SEC’s Whistleblower program during the second Trump administration. With the new administration, changes come to nearly every part of government, and the SEC is no exception. President Trump has nominated former SEC commissioner Paul Atkins to replace current SEC chair Gary Gensler. No hearing has yet been scheduled for Atkins, but he is expected to be confirmed.SEC whistleblower attorneys Scott Silver and David Chase, recently authored an article for law.com to discuss their predictions for the SEC’s Whistleblower program during the second Trump administration.

With the new administration, changes come to nearly every part of government, and the SEC is no exception. President Trump has nominated former SEC commissioner Paul Atkins to replace current SEC chair Gary Gensler. No hearing has yet been scheduled for Atkins, but he is expected to be confirmed. Continue reading

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Do you have information about a Ponzi scheme? You could be eligible for a whistleblower award from the SEC for your knowledge and information.   Ponzi schemes are infamous for promising high returns in a short time. Like most financial crimes, the scheme’s operators take investor funds and leave the investor with little to nothing. From the original scheme from Charles Ponzi to Bernie Madoff’s massive fraud, any Ponzi scheme uses the same basic framework:  Solicit and take money from investors  Use cash for whatever they like  Solicit new money from new investors   Use new funds to pay previous investors Do you have information about a Ponzi scheme? You could be eligible for a whistleblower award from the SEC for your knowledge and information.

Ponzi schemes are infamous for promising high returns in a short time. Like most financial crimes, the scheme’s operators take investor funds and leave the investor with little to nothing. From the original scheme from Charles Ponzi to Bernie Madoff’s massive fraud, any Ponzi scheme uses the same basic framework:  Continue reading

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