On June 17, 2024, the U.S. Securities and Exchange Commission (SEC) announced a $37 million dollar whistleblower award, marking this the first whistleblower award of 2024. While the Dodd-Frank Act mandates confidentiality regarding the whistleblower’s identity and enforcement action, this substantial award underscores the SEC’s ongoing commitment to investor protection.…
On June 17, 2024, the U.S. Commodity Futures Trading Commission (the “CFTC”) reached a $55 million settlement with Trafigura Trading LLC, marking a significant aggressive shift in the agency’s approach to whistleblower protections. This case sets a new precedent in the CFTC’s enforcement program and underscores the CFTC’s commitment to…
The Commodities Futures Trading Commission (CTFC) announced a whistleblower award of over $4.5 million for information and assistance that led to a successful enforcement action. The individual received an unspecified percentage of the monies collected in fines and sanctions. In the order, the CTFC noted that the individual voluntarily submitted…
The latest $1.25 million award from the Commodities Futures Trading Commission (CFTC) goes to a whistleblower who first reported misconduct internally to their employer, who then ignored the report. Following 120 days of the company’s inaction, the individual submitted the information to the CFTC, who immediately opened an investigation. As…
The US Department of Justice is planning to launch its own whistleblower program using the same model as the Securities and Exchange Commission (SEC) and Commodities Futures Trading Commission (CFTC). They will offer financial incentives to individuals who report wrongdoing and are ineligible for other rewards. Deputy Attorney General Lisa…
The Commodity Futures Trading Commission’s Whistleblower Office has a new director, Brian Young. The announcement was made recently by CFTC’s chairman, Rostin Behnam. He comes from the Department of Justice (DOJ), where he was previously the acting director of litigation for the Antitrust Division. Brian Young started his career at…
The SEC (US Securities and Exchange Commission) has exacting criteria for both submission of whistleblower tips and their issuance of any financial bounties, including the amounts. How SEC Whistleblower Awards Are Determined The general rule for the award amount is 10% to 30% of all monetary fines collected from the…
The U.S. Supreme Court has found that a whistleblower is entitled to protection from retaliation under federal law, and not required to show proof or intent from their employers. The Court ruled in favor of whistleblower Trevor Murphy who was awarded $900K in a jury verdict in 2017 after his…
The SEC (Securities & Exchange Commission) has filed a summary judgment against two former employees of Bridgewater, NJ-based Synchronoss Technologies, Inc. They are the former CFO, Karen Rosenberger, and the former Synchronoss controller, Joanna Lanni. The two engaged in accounting misconduct that led to the company’s overstatement of revenue. This…
Scott Silver, has been selected as a top-rated securities litigation attorney by Super Lawyers for 2024. Scott was previously selected in 2021 and 2022. Lawyers ranked by Super Lawyers are generally considered to be the best lawyers in a particular practice area. Scott Silver formed a strategic alliance with attorney…