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 CFTC Whistleblower program today announced the launch of a news portal, event schedule, and FAQ for its whistleblower program on its website This new portal will contain industry news, CFTC Events and a FAQ covering the Whistleblower program and information on submitting a whistleblower tip and claiming awards…
The SEC recently declined to pay a whistleblower award to a claimant that sought the SEC’s review of its stance on payouts stemming from information provided prior to the Dodd-Frank Act’s enactment in 2010. In an SEC Order, the claimant provided whistleblower information to the SEC in 2007, three years…
New York Attorney General Eric Schneiderman announced a whistleblower-initiated $40 million settlement with Alabama-based investment firm Harbert Management Corp. over unpaid state income taxes claimed instead in lower-tax Alabama. The dispute arose out of 2015 whistleblower allegations that members of Harbert failed to pay millions of dollars in taxes. New…
The SEC announced it was awarding a company insider a whistleblower award of more than $500,000 for reporting information that prompted an SEC investigation into well-hidden misconduct that resulted in an SEC enforcement action. The whistleblower award is the second award announced by the SEC in as many weeks, bringing…
The SEC announced an award of almost $4 million to a whistleblower who provided detailed, specific information about serious securities misconduct and provided ongoing assistance throughout the ensuing investigation. According to the SEC order, the SEC recommended that the whistleblower receive an award because the individual voluntarily provided original information…
When the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank Act”) was enacted in July 2010, the act implemented numerous protections for investors and consumers. One of the indirect benefits was the implementation of whistleblower laws, which allows individuals to come forward and anonymously report securities violations. The Dodd-Frank…
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 SEC announced an award of over $7 million split among three (3) whistleblower who helped the SEC litigate an investment scheme. The SEC began their investigation when one of the whistleblowers provided a tip to the SEC. The initial whistleblower will receive more than $4 million for his initial…
Firm managing $5.1 trillion is forced to change improper employee whistleblower policy Until recently, the world’s largest investment management firm forced ex-employees to sign away their rights to potential whistleblower awards in order to receive employee separation package payments. BlackRock, Inc., which has 30 offices in 70 countries, was charged…