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The Securities and Exchange Commission (SEC) announced that it has awarded over $1.1 million to a whistleblower whose “independent analysis led the staff to look at new conduct during an ongoing investigation.” Analysts, researchers and individuals who conduct their own independent analysis of publicly available information and identify violations of the securities laws may submit SEC whistleblower claims despite not having any inside or private information not generally available to the public. Many times, it takes a unique perspective to look at all the pieces of the puzzle to demonstrate that a company is violating the federal securities laws or someone is operating a Ponzi scheme. Our lawyers work with these unique whisteblowers to help make sure that the analysis is maximized to get the SEC’s attention. We then work with the whistleblower and the SEC to make sure the claim is properly reviewed.   A November 13, 2020 press release said the “whistleblower's information and exemplary assistance helped the agency bring an emergency action preventing further investor harm. This whistleblower examined publicly available materials and conducted an analysis that revealed important new insights into the securities law violations, which helped the SEC protect investor assets from dissipation by the wrongdoer.”The Securities and Exchange Commission (SEC) announced that it has awarded over $1.1 million to a whistleblower whose “independent analysis led the staff to look at new conduct during an ongoing investigation.”

Analysts, researchers and individuals who conduct their own independent analysis of publicly available information and identify violations of the securities laws may submit SEC whistleblower claims despite not having any inside or private information not generally available to the public. Continue reading

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On November 3, 2020, the SEC (Securities and Exchange Commission) announced in a press release that it had awarded more than $28 million to a whistleblower who “provided significant information that aided the SEC in bringing a successful enforcement action.” The SEC protects whistleblowers’ confidentiality and does not reveal identifying information about them. The only details the SEC has revealed about the whistleblower are that they reported information internally and “saved the staff time and resources by providing testimony and identifying a key witness.” Though nothing else is revealed about this award, the SEC states that whistleblowers can receive between 10% and 30% of the money collected when the sanction is $1 million or more. For this whistleblower to receive $28 million, that means the SEC collected a sanction somewhere between about $93 million and $280 million.On November 3, 2020, the SEC (Securities and Exchange Commission) announced in a press release that it had awarded more than $28 million to a whistleblower who “provided significant information that aided the SEC in bringing a successful enforcement action.”

The SEC protects whistleblowers’ confidentiality and does not reveal identifying information about them. The only details the SEC has revealed about the whistleblower are that they reported information internally and “saved the staff time and resources by providing testimony and identifying a key witness.” Continue reading

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The Securities and Exchange Commission (SEC) announced a $114 million whistleblower award, which is the highest in the program’s history. The whistleblower’s information and help led to a successful enforcement action. The SEC’s press release states that the massive award is made up of a $52 million award related to the SEC case and a $62 million award from actions by another agency, which is not named. To understand just how large this award is, the SEC recently announced that it had a record fiscal year with $175 million awarded to 39 whistleblowers. This award is $114 million to a single whistleblower. The next biggest award was $50 million, made to an individual in 2020. SEC Chairman Jay Clayton said “Whistleblowers make important contributions to the enforcement of securities laws and we are committed to getting more money to whistleblowers as quickly and efficiently as possible.” Scott Silver, Esq. a leading SEC Whistleblower attorney, commented “This large award highlights the success of the SEC whistleblower program and the recognition that those who report fraud, especially those who work inside some of Wall Street’s largest investment banks, can be confident that the SEC will work with whistleblowers and their counsel to rectify wrongdoing and protect the whistleblower.”The Securities and Exchange Commission (SEC) announced a $114 million whistleblower award, which is the highest in the program’s history. The whistleblower’s information and help led to a successful enforcement action.

The SEC’s press release states that the massive award is made up of a $52 million award related to the SEC case and a $62 million award from actions by another agency, which is not named. Continue reading

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On September 30, 2020 the Securities and Exchange Commission (SEC) announced that it had awarded nearly $5 million to four whistleblowers who provided information on wrongdoing to the SEC that led to a successful enforcement action. The SEC has awarded $175 million to 39 whistleblowers this fiscal year, which is more than in any previous year. Stephanie Avakian, Director of the Division of Enforcement said “Today marks the end of a record-setting year for the whistleblower program. We’ve made significant strides to further streamline and accelerate the evaluation of claims under the rules, substantially increasing the rate at which whistleblower claims are evaluated and awards are issued.” The SEC’s press release states that one of the whistleblowers was awarded almost $2.9 million for “alerting the Commission to hard-to-detect violations. The whistleblower provided critical information and supporting evidence that conserved SEC time and resources.”On September 30, 2020 the Securities and Exchange Commission (SEC) announced that it had awarded nearly $5 million to four whistleblowers who provided information on wrongdoing to the SEC that led to a successful enforcement action. The SEC has awarded $175 million to 39 whistleblowers this fiscal year, which is more than in any previous year.

Stephanie Avakian, Director of the Division of Enforcement said “Today marks the end of a record-setting year for the whistleblower program. We’ve made significant strides to further streamline and accelerate the evaluation of claims under the rules, substantially increasing the rate at which whistleblower claims are evaluated and awards are issued.” Continue reading

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The Commodities Futures Trading Commission (CFTC) has announced a whistleblower award without revealing the dollar amount of the award in order to protect the whistleblower’s identity. The CFTC may be making a habit of withholding the amount of whistleblower awards. Whistleblower attorney Scott Silver calls it “An important additional step that insulates whistleblowers from being identified and facing personal and professional retaliation.” CFTC Whistleblower Award On September 4, 2020, the CFTC announced that a whistleblower provided a tip that helped to stop fraudulent activity that was harming investors. According to the CFTC’s website, their whistleblower program “provides monetary incentives to individuals who report possible violations of the Commodity Exchange Act that lead to a successful enforcement action, as well as privacy, and anti-retaliation protections for whistleblowers.”The Commodities Futures Trading Commission (CFTC) has announced a whistleblower award without revealing the dollar amount of the award in order to protect the whistleblower’s identity.

The CFTC may be making a habit of withholding the amount of whistleblower awards. Whistleblower attorney Scott Silver calls it “An important additional step that insulates whistleblowers from being identified and facing personal and professional retaliation.” Continue reading

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On Thursday, June 4, 2020, the Securities & Exchange Commission (SEC) announced a $50 million whistleblower award, to a whistleblower who assisted authorities with a currency trading investigation. The whistleblower, Grant Wilson, a former trader at Bank of New York Mellon Corp., notified the SEC, over a decade ago, that the bank was engaging in a pattern of overcharging big customers for currency trades.On Thursday, June 4, 2020, the Securities & Exchange Commission (SEC) announced a $50 million whistleblower award, to a whistleblower who assisted authorities with a currency trading investigation.

The whistleblower, Grant Wilson, a former trader at Bank of New York Mellon Corp., notified the SEC, over a decade ago, that the bank was engaging in a pattern of overcharging big customers for currency trades. Continue reading

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On July 21, 2010, the Dodd-Frank Act was signed into law, establishing one of the most critical pieces of reform legislation, regarding securities and commodities actions worldwide. The purpose of the Act was to promote transparency, financial stability and improve accountability in the financial markets following the 2008 financial crisis.On July 21, 2010, the Dodd-Frank Act was signed into law, establishing one of the most critical pieces of reform legislation, regarding securities and commodities actions worldwide. The purpose of the Act was to promote transparency, financial stability and improve accountability in the financial markets following the 2008 financial crisis.

The Act also created the SEC’s Whistleblower’s Program, which enacted three primary types of new whistleblower laws: Continue reading

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On Tuesday, April 28, 2020, the Securities & Exchange Commission (“SEC”) stated that it had awarded more than $18 million to another whistleblower this year. Tuesday’s award marks the fifth (5th) award this month and the eleventh (11th) award this year. In 2020, the SEC Whistleblower Office has been very active and is recognizing multiple whistleblowers for their assistance in preventing ongoing securities and investment frauds. These cases frequently involve people blowing the whistle on a variety of misconduct from wrongdoing at major brokerage firms to ponzi schemes.On Tuesday, April 28, 2020, the Securities & Exchange Commission (“SEC”) stated that it had awarded more than $18 million to another whistleblower this year. Tuesday’s award marks the fifth whistleblower award this month and the eleventh this year.

In 2020, the SEC Whistleblower Office has been very active and is recognizing multiple whistleblowers for their assistance in preventing ongoing securities and investment frauds. These cases frequently involve people blowing the whistle on a variety of misconduct from wrongdoing at major brokerage firms to ponzi schemes. Continue reading

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On Thursday, April 16, 2020, the Securities & Exchange Commission (“SEC”) stated that it had awarded more than $27 million to a whistleblower who tipped officials to misconduct which occurred overseas, in part. This historical award “marks several milestones for the program,” according to Jane Norberg, Chief of the SEC’’s Office of the Whistleblower.On Thursday, April 16, 2020, the Securities & Exchange Commission (“SEC”) stated that it had awarded more than $27 million to a whistleblower who tipped officials to misconduct which occurred overseas, in part. This historical award “marks several milestones for the program,” according to Jane Norberg, Chief of the SEC’’s Office of the Whistleblower.

Following the whistleblower’s tip to the SEC, the whistleblower played a crucial role in assisting the Commission with their investigation. The whistleblower’s invaluable assistance helped the SEC save significant resources it would have expended otherwise. Continue reading

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The CFTC (Commodities Futures Trading Commission) has announced that it will award over $1,000,000 to a whistleblower for providing a tip that helped to expose a scheme that violated the CEA (Commodity Exchange Act). According to the press release, the whistleblower gave information first through their employer’s compliance program to another regulator, then to the CFTC.The CFTC (Commodities Futures Trading Commission) has announced that it will award over $1,000,000 to a whistleblower for providing a tip that helped to expose a scheme that violated the CEA (Commodity Exchange Act).

According to the press release, the whistleblower gave information first through their employer’s compliance program to another regulator, then to the CFTC.

The scheme isn’t named, but the release states that the tip led to charges being filed by the CFTC. Continue reading

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