On Friday, November 15, 2019 The Securities and Exchange Commission (SEC) announced that a whistleblower award of more than $260,000 had been given to three people who jointly alerted the agency to a “well-concealed fraud targeting retail investors.” The SEC’s press release does not identify the fraud specifically, but does…
If you worked for GPB Capital Holdings or a broker-dealer that sold it, and you have information that helps an SEC enforcement action, you could qualify to receive money from an SEC whistleblower award. To be eligible for a whistleblower award, a person must provide the SEC with non-public information…
An anonymous tip from an employee led to an internal review as well as an SEC review that ended with the award of $4.5 million in May. The unidentified employee first sent the anonymous tip to the employer, alleging “significant wrongdoing.” The company then conducted its own investigation and self-reported…
An overseas tipster recently helped the SEC take down a large and long-running securities fraud at the whistleblowers former company. As per policy, the SEC would not identify the individual whistleblower or the specific securities violation they helped to uncover, but they did note the tipster worked for the company…
The Whistleblower business can be very profitable for tipsters, a landmark whistleblower award of nearly $2.5 million was awarded today by the Securities and Exchange Commission. The recipient of this award was the employee of a domestic government agency. Information provided by this whistleblower was instrumental in launching a SEC…
A key component of the Dodd-Frank Act is headed to the Supreme Court for review. The court will decide if internal whistleblowers who have not yet reported potential violations to the SEC are protected under the anti-retaliation statutes of Dodd-Frank. The Supreme Court review is necessary to resolve a split…
Even with political clouds of uncertainty from the Trump administration, the head of U.S Securities and Exchange Commission is moving the agency full speed ahead, all the while chastising companies that retaliate or discourage their employees from blowing the whistle on possible securities violations. Last month, Jane Norberg; the current…
The U.S. Supreme Court declined to review a former Morgan Stanly employee’s claims that he is entitled to whistleblower protections after reporting to the FBI instead of the SEC. According to a Law360 report, John S. Verble (CRD# 3197928), the would-be whistleblower, attempted to attain whistleblower protection after he reported…
The regulatory agency has requested public comment on proposed amendments The Commodity Futures Trading Commission (CFTC), the independent US government agency that regulates futures and options markets, has requested public comment on proposed amendments to their rules regarding whistleblowers. Specifically, the changes are intended to streamline the process for whistleblowers…
On September 29, 2016, the Securities and Exchange Commission (the “SEC”) announced that casino-gaming company International Game Technology (“IGT”) agreed to pay a $500,000 penalty for firing an employee who reported to senior management and the SEC that the company’s financial statements might be distorted. The whistleblower retaliation case is…