The Securities and Exchange Commission (the “SEC”) announced an award of more than $5.5 million to a whistleblower who provided pertinent information that helped the SEC uncover an ongoing scheme on January 6, 2017. According to the SEC’s order, the whistleblower was employed at the company involved in the wrongdoing. …
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…
The Securities and Exchange Commission (the “SEC’) announced on December 9, 2016 that it had awarded more than $900,000 to a whistleblower whose tip enabled the SEC to bring multiple enforcement actions against bad actors. The nearly-$1 million award is the second award announced by the SEC this week and…
The Securities and Exchange Commission (the “SEC’) announced on December 5, 2016 that it had awarded a whistleblower approximately $3.5 million for coming forward with information that led to an SEC enforcement action. The $3.5 million whistleblower award brings the total amount awarded to whistleblowers to $135 million to 36…
The sound of a whistle on Wall Street blew loudly this week for one informative whistleblower. What did that whistle sound like? It sounded like $20 million. On November 14, 2016, the Securities and Exchange Commission (“SEC”) announced an award of more than $20 million to a whistleblower who gave…
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…
The Securities and Exchange Commission announced on September 28, 2016 that Anheuser-Busch InBev agreed to pay $6 million to settle charges that the company violated the Foreign Corrupt Practices Act (FCPA) and attempted to silence a whistleblower who reported the misconduct. An SEC investigation found that the company used third-party…
The Securities and Exchange Commission announced on September 20, 2016 an award of over $4 million to a whistleblower. The whistleblower’s original information alerted the SEC to a fraud. The SEC whistleblower program was established by Congress in 2011 to incentivize whistleblowers with specific, timely and credible information about federal…
Insiders in the investment advice sector are starting to grow bolder and start a trend of notifying the SEC of bad-acting firms and principals. On August 30, 2016, the Securities and Exchange Commission announced another whistleblower award in the amount of more than $22 million. The amount is the second-largest…
Litigating a case can take a long time and accrues many costs and fees. Among those fees include filing costs, the cost of hiring an expert to testify, the cost of various office tasks such as printing and mailing, and many others. But the first cost that immediately comes to…