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December 22, 2023

Seven whistleblowers will receive over $28 million combined for providing information that significantly contributed to an SEC investigation. The group, comprised of a single claimant and two sets of joint claimants, provided significant and detailed information at crucial points in the investigation, saving the SEC staff considerable time and resources. SEC

Tagged in: SEC Whistleblower Reward Program, Whistleblower Rewards,

September 29, 2023

Registered investment adviser D. E. Shaw & Co. L.P. has agreed to pay $10 million to settle charges of violating the whistleblower protection rule of the Securities Exchange Act of 1934.  According to the SEC, between 2011 and 2019, the company required new employees to sign agreements prohibiting them from disclosing information to anyone outside the company without company authorization, a court order, or as required by law.  Between 2011 and 2023, the company also required about 400 departing employees to sign releases stating they had not filed complaints with any federal agency before they were able to receive benefits.  SEC

Tagged in: Importance of Whistleblowers, SEC Whistleblower Reward Program,

September 29, 2023

Interactive Brokers Corp., an introducing broker, and Interactive Brokers LLC, a futures commission merchant, has been ordered to pay $20 million to the CFTC and $35 million to the SEC to resolve charges of failing to maintain and preserve records.  The records included communications through unapproved channels, such as text and WhatsApp, which employees at all levels used and which the company failed to maintain and preserve.  The SEC also resolved charges against other firms for similar misconduct, including Robert W. Baird & Co. Inc. ($15 million); William Blair & Company LLC and William Blair Investment Management LLC ($10 million); Nuveen Securities LLC ($8.5 million); Fifth Third Securities Inc. ($8 million); and Perella Weinberg Partners LP, Tudor, Pickering, Holt & Co. Securities LLC, and Perella Weinberg Partners Capital Management LP ($2.5 million).  CFTC; SEC

Tagged in: Financial Institution Fraud, Fraud in CFTC-Regulated Markets, SEC Whistleblower Reward Program,

September 19, 2023

Commercial real estate firm CBRE, Inc., a subsidiary of CBRE Group, Inc., has agreed to pay $375,000 to settle charges of violating the SEC’s whistleblower protection rule between 2011 and 2022.  In order to receive separation pay, CBRE allegedly required over 800 of its departing employees to sign releases stating they had not filed complaints with any federal agency.  As part of its settlement with the SEC, CBRE has informed former employees who signed the release of their right to communicate with the government, as well as taken revised all of its releases to be in compliance with the whistleblower protection rule.  SEC

Tagged in: Importance of Whistleblowers, SEC Whistleblower Reward Program,

February 3, 2023

Video game company Activision Blizzard has agreed to pay $35 million to settle charges that alleged it failed to implement controls to collect and review internal complaints about workplace misconduct.  The company also violated a whistleblower protection rule by requiring former employees to provide notice if they received information requests from the SEC.  SEC

Tagged in: SEC Whistleblower Reward Program, Whistleblower Protection Laws,

January 13, 2023

The SEC has awarded more than $5 million to a whistleblower who first reported internally, and whose subsequent tip to the agency helped shape its investigation.  Based on the whistleblower’s information, agency staff were able to identify witnesses and effectively draft document and information requests.  SEC

Tagged in: Financial and Investment Fraud, SEC Whistleblower Reward Program, Whistleblower Rewards,

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