The SEC announced another whistleblower bounty that paid nearly $3.5 million to four individuals. Jointly, three whistleblowers provided information to the SEC that led to the staff opening an investigation. The investigation led to a successful enforcement action by the SEC. Additionally, that information and investigation led to another agency…
The SEC has awarded $3M to three different whistleblowers for assisting with three distinct covered actions in three separate orders. 1. In the first order, the Claims Review Staff (CRS) awarded a bounty of $1.5 million to an individual who provided original information and voluntarily gave assistance to SEC staff…
The SEC has again given an award to a whistleblower. This time it totals $3.5 million, and comes after multiple instances of support from the individual. The whistleblower’s contribution prompted SEC staff to investigate more possible securities violations. This made the investigation easier for the SEC staff, which saved them…
Most whistleblowers are keen to keep their activity concealed and private until the information becomes public. In an unusual twist, one whistleblower decided to publish a research report online detailing the fraudulent activity of a company and that of its CEO prior to notifying the SEC of the fraud. Within…
As we’ve blogged many times, the SEC pays whistleblowers monetary awards out of funds collected from companies and individuals that violate securities law through administrative fines and other sanctions. Since 2012, when the first award was made, the SEC has awarded $1.2 billion to 245 whistleblowers. In 2021 alone, the…
When it comes to legal terminology, there’s one term that is frequently discussed but little understood: Arbitration. Let’s discuss what arbitration is and how it can impact your whistleblower claim. Arbitration is a sort of private mini-trial to litigate disputes between two or more parties. Rather than going to court…
Through three orders, the SEC issued awards to four people that totaled over $40 million. In the first proceeding, the SEC awarded two individuals a bounty of $37 million that provided crucial evidence leading to the success of the covered action. One individual helped SEC staff understand the evidence provided,…
The Securities and Exchange Commission has kept busy, even through the holidays. On January 10th, 2022, the SEC put out a press release announcing that three more people have received bounties after working with SEC staff to identify and discontinue wrongdoing in the financial sector. The first whistleblower reported their…
Given both the breadth of the activities that can constitute violations of the Foreign Corrupt Practices Act (FCPA) (since it precludes giving anything of value) and the severity of the possible penalties (prison terms and millions of dollars in fines), the Department of Justice (DOJ) and Securities and Exchange Commission…
Both the Department of Justice (DOJ) and the Securities and Exchange Commission (SEC) are responsible for enforcement of the Foreign Corrupt Practices Act (FCPA). And as this dual-enforcement mechanism suggests, FCPA violators can face criminal and civil penalties, and there are punishments for both the responsible individuals and the entities…