The Securities and Exchange Commission (SEC) whistleblower program is considered one of the more successful government initiatives around—especially when it comes to financial institutions and investing. It’s been so successful that Congress has created other whistleblowing programs closely modeled after the SEC’s. Despite the fanfare, many financial executives, corporate CEOs,…
Employers are prohibited from retaliating against whistleblower, but many employers do so anyway without regard for the employee’s rights or federal law. Gaia is a member-supported subscription streaming company that features videos for yoga, meditation, spirituality, mysticism, and other non-mainstream topics. The company was formerly known as Gaiam, a purveyor…
The cryptocurrency world is still reeling from the collapse of FTX, the crypto exchange that went bankrupt last December. Overnight, it seemed that billions had disappeared, and no one—notably not its CEO, Sam Bankman-Fried—seemed to know where the money had gone. It’s unclear if investors will ever see any money…
In our previous posts, we’ve examined the Securities and Exchange Commission’s (SEC) increased enforcement actions against what are called “special purpose acquisition companies” (SPACs). In our final post for the SPAC series, we’ll examine other issues in recent SEC enforcement actions, and some SPAC-related rules the SEC plans to implement.…
In our last post, we reviewed the basics of special purpose acquisition companies (SPACs), also called “blank check companies,” to understand why the Securities and Exchange Commission is so concerned about SPACs. This form of investment that wasn’t even on people’s radar a decade ago is now an SEC enforcement…
A “blank check company,” more formally known as a special purpose acquisition company (SPAC), was virtually unheard of ten years ago. However, as fewer companies have been able to launch initial public offerings (IPOs) on their own, SPACs skyrocketed in popularity. By 2020, half of all IPOs were tied to…
Congress passed the Dodd-Frank Act on July 21, 2010, in response to the SEC’s failure to identify several Ponzi schemes and other securities fraud that had bilked investors out of billions of dollars and adversely affected the U.S. economy. The Act included provisions to protect whistleblowers who report securities law…
The Securities and Exchange Commission (SEC) has explained that “as investor demand for climate and other environmental, social, and governance (ESG) information soars, the SEC is responding with an all-agency approach” that reflects the risks and opportunities of ESG and climate investing. The agency is putting its policies into practice…
If you work in any area of commodity futures trading and see or know of wrongdoing within your industry, you could receive a substantial reward for your information. The Commodity Futures Trading Commission (CFTC) has a whistleblower program for commodity trade insiders who can provide material evidence or testimony of…
The SEC’s recent press release about streaming company Gaia’s activities focuses on both securities violations and whistleblower retaliation. The company terminated one employee for reporting lower subscriber rates both internally and to the SEC. When Gaia began laying off employees later, it also required 23 other employees to sign severance…