As we’ve blogged many times, the SEC pays whistleblowers monetary awards out of funds collected from companies and individuals that violate securities law through administrative fines and other sanctions. Since 2012, when the first award was made, the SEC has awarded $1.2 billion to 245 whistleblowers. Continue reading
SEC Whistleblower attorneys Scott Silver and David Chase were recently the featured guests on ‘Cut To The Chase’ podcast to discuss the SEC whistleblower program and their work representing whistleblowers. Continue reading
David Chase, managing partner of The Law Firm of David R. Chase P.A. and a and publisher of www.secwhistleblowerlawyers.net, appeared on Bloomberg TV News to discuss GameStop (GME) stock’s recent meteoric increase in price.
The Securities and Exchange Commission (SEC) alleges that Collectors Café, an online memorabilia auction company, and its CEO Mykalai Kontilai, illegally tried to stop investors from reporting misconduct to the government in violation of the SEC’s whistleblower protection rules.
The SEC already sued Kontilai and Collectors Café for operating a “fraudulent $23 million securities offering based on false statements to investors.” Continue reading
On June 24, 2019, the Commodity Future Trading Commission (CFTC) announced an award of approximately $2.5 million to a whistleblower who assisted in an enforcement action against Cargill Inc.
This award evidences the importance that the CFTC places on reliable whistleblowers who prove to be essential resources in combating corporate misconduct. Without the whistleblower’s valuable information, this investigation, like many others, would remain unresolved. Continue reading
![On June 24, 2019, the Commodity Future Trading Commission (CFTC) announced an award of approximately $2.5 million to a whistleblower who assisted in an enforcement action against Cargill Inc.In November 2017, the CFTC ordered Cargill Inc., a global agricultural, commodity and financial services business headquartered in Minnesota, and its business, Cargill Risk Management, to pay a $10 million civil monetary penalty for violating the Commodity Exchange Act and CFTC regulations. In its November 2017 order, CFTC stated, "[i]n particular, Cargill was reluctant to disclose its mark up on certain complex swaps because of a concern that such transparency might ultimately reduce its revenue. As a result of this concern, Cargill chose to provide a mark that was based on a termination or 'unwind' value that included a portion of Cargill’s estimated revenue during the first sixty calendar days of the swap, and also credited the counterparty with a portion of its estimated revenue if the counterparty terminated the swap during that same period." The CFTC’s Order also highlighted Cargill’s failure to supervise its employees in relation to these fraudulent swaps.](https://www.secwhistleblowerlawyers.net/wp-content/uploads/sites/270/2019/04/Money2-300x200.jpg)
On June 24, 2019, the Commodity Future Trading Commission (CFTC) announced an award of approximately $2.5 million to a whistleblower who assisted in an enforcement action against Cargill Inc.
In November 2017, the CFTC ordered Cargill Inc., a global agricultural, commodity and financial services business headquartered in Minnesota, and its business, Cargill Risk Management, to pay a $10 million civil monetary penalty for violating the Commodity Exchange Act and CFTC regulations. In its November 2017 order, CFTC stated, “[i]n particular, Cargill was reluctant to disclose its mark up on certain complex swaps because of a concern that such transparency might ultimately reduce its revenue. As a result of this concern, Cargill chose to provide a mark that was based on a termination or ‘unwind’ value that included a portion of Cargill’s estimated revenue during the first sixty calendar days of the swap, and also credited the counterparty with a portion of its estimated revenue if the counterparty terminated the swap during that same period.” The CFTC’s Order also highlighted Cargill’s failure to supervise its employees in relation to these fraudulent swaps. Continue reading
On June 3, 2019, the SEC announced that two individuals will share a $3M award after providing information that led to a successful action surrounding a securities law violation. Since they supplied this information jointly, they will each receive half of the award. The amount is 30% of the financial penalties imposed on their former employer, identified by The Wall Street Journal and legal counsel for both individuals Merrill Lynch. (The SEC does not identify whistleblowers, their company, or any identifying information.) Continue reading
On March 26, the SEC announced that it was going to award $37 million to a whistleblower who assisted in an enforcement action. This whistleblower provided the SEC with very important information.
This situation shows how important whistleblowers are to the SEC. This investigation, and other previous investigations, would have never come to resolutions without information from whistleblowers. Continue reading
On March 26, the SEC announced that it was going to award $13 million to a whistleblower who assisted in an enforcement action. This whistleblower provided the SEC with very important information which allowed the SEC to target widespread misconduct.
This situation shows how important whistleblowers are to the SEC. This investigation, and other previous investigations, would have never come to resolutions without information from whistleblowers. Continue reading
On March 26, the SEC announced that it was going to award a total of $50 million to two whistleblowers who assisted in an enforcement action. They provided the SEC with very important information which allowed the SEC to take action. One whistleblower was awarded $13 million, and the other one was awarded $37 million. The $37 million is the SEC’S third-highest award.
This situation shows how important whistleblowers are to the SEC. This investigation, and other previous investigations, would have never come to resolutions without information from whistleblowers. Continue reading
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