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Passed in the aftermath of the Great Depression, the Investment Company Act of 1940 gave the US Securities and Exchange Commission the power to oversee investment companies, ensuring their operations stay within the law. Mutual funds are the most common type of investments sold by these companies.  Many families lost everything in the 1929 stock market crash and the subsequent Great Depression. The Act intended to protect these investors and to require investment companies to operate in their client's best interests. It is also known as the "40 Act." President Franklin D. Roosevelt signed The Act into law. While the Act has been updated many times, its core purpose remains the protection of investors and the restoration of trust in the US financial markets.Passed in the aftermath of the Great Depression, the Investment Company Act of 1940 gave the US Securities and Exchange Commission the power to oversee investment companies, ensuring their operations stay within the law. Mutual funds are the most common type of investments sold by these companies.

Many families lost everything in the 1929 stock market crash and the subsequent Great Depression. The Act intended to protect these investors and to require investment companies to operate in their client’s best interests. Continue reading

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A recent decision by the Securities & Exchange Commission’s Claims Review Staff left a whistleblower without an award they believed they earned. However, upon examination, the individual didn’t follow the rules, which include when they submit their information to the SEC. In many of our blogs about SEC whistleblowers who receive a financial award from the SEC, the early submission and voluntary disclosure of information is a key component of this process. A whistleblower who uncovers misconduct or other wrongdoing should report this information internally to the company, if appropriate, as well as to the SEC, as soon as possible. Sending this information without a request and promptly is a requirement of the SEC's Office of the Whistleblower’s program. One whistleblower recently discovered why acting in this order was very important.A recent decision by the Securities & Exchange Commission’s Claims Review Staff left a whistleblower without an award they believed they earned. However, upon examination, the individual didn’t follow the rules, which include when they submit their information to the SEC. Continue reading

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The SEC has awarded a whistleblower's estate over $500,000 following the submission of information. The whistleblower reported concerns to a company on multiple occasions before the company finally conducted an internal investigation. This information prompted the company to contact the SEC, resulting in a covered action. The whistleblower notified their immediate supervisor and the company’s Board of Directors. They also submitted their information to the SEC within 120 days of notifying the company and worked with SEC staff throughout the investigation. They voluntarily provided this original information to the SEC. Their continued assistance included additional relevant information and critical testimony that led to the success of the investigation and the covered action.The SEC has awarded a whistleblower’s estate over $500,000 following the submission of information. The whistleblower reported concerns to a company on multiple occasions before the company finally conducted an internal investigation. This information prompted the company to contact the SEC, resulting in a covered action. Continue reading

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A whistleblower has just received a combined SEC award of more than $50 million. According to the heavily-redacted SEC award order document, the individual whistleblower received this bounty as combined percentages of awards from to three covered actions and a related action. The individual was a senior employee of the company involved and reported the misconduct after leaving their employment.A whistleblower has just received a combined SEC award of more than $50 million. According to the heavily-redacted SEC award order document, the individual whistleblower received this bounty as combined percentages of awards from to three covered actions and a related action. The individual was a senior employee of the company involved and reported the misconduct after leaving their employment. Continue reading

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SEC Whistleblower AttorneysSEC Whistleblower Attorneys, the law offices of Silver Law Group and the Law Firm of David R. Chase, announce the successful representation of a Securities and Exchange Commission (SEC) Whistleblower in securing a $19.95 million award. Counsel submitted a detailed whistleblower tip to the SEC with significant evidentiary support regarding an alleged sophisticated securities manipulation scheme, which led to the initiation of a formal, non-public investigation, a successful enforcement action, and settlement. The whistleblower cooperated extensively with the SEC throughout a multi-year investigation, providing crucial analysis and insight. The SEC's investigation culminated in a settled enforcement action exceeding $75 million. "The SEC was unaware of the alleged misconduct until the whistleblower reported it. Motivated by a desire to see justice served, the whistleblower provided the SEC with information and tireless cooperation that proved vital to its efforts," said David R. Chase, Principal of the Law Firm of David R. Chase.    "We are thrilled for our client, who expended a great deal of time and energy to report and explain how a major financial institutio, the law offices of Silver Law Group and the Law Firm of David R. Chase, announce the successful representation of a Securities and Exchange Commission (SEC) Whistleblower in securing a $19.95 million award. Counsel submitted a detailed whistleblower tip to the SEC with significant evidentiary support regarding an alleged sophisticated securities manipulation scheme, which led to the initiation of a formal, non-public investigation, a successful enforcement action, and settlement. Continue reading

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A recent decision by the Securities & Exchange Commission’s Claims Review Staff left a whistleblower without an award they believed they earned. However, upon examination, the individual didn’t follow the rules, which include when they submit their information to the SEC. In many of our blogs about SEC whistleblowers who receive a financial award from the SEC, the early submission and voluntary disclosure of information is a key component of this process. A whistleblower who uncovers misconduct or other wrongdoing should report this information internally to the company, if appropriate, as well as to the SEC, as soon as possible. Sending this information without a request and promptly is a requirement of the SEC's Office of the Whistleblower’s program. One whistleblower recently discovered why acting in this order was very important.A recent decision by the Securities & Exchange Commission’s Claims Review Staff left a whistleblower without an award they believed they earned. However, upon examination, the individual didn’t follow the rules, which include when they submit their information to the SEC. Continue reading

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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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