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CFTC Anoints New Whistleblower Chief

Posted  02/16/24
Commodity Futures Trading Commission Logo
Yesterday (February 15), the Commodity Futures Trading Commission (CFTC) named Brian Young as the new director of the CFTC’s Whistleblower Office.  In doing so, the agency officially filled the vacancy left when former director Chris Ehrman stepped down in July. Mr. Young has big shoes to fill as under Director Ehrman's tenure, the CFTC saw tremendous growth in its Whistleblower Program, which provides sizable...

CFTC Says Beware of Romance Scams

Posted  02/13/24
Three Red Heart Balloons Floating
With Valentine's Day upon us, the Commodity Futures Trading Commission (CFTC) last week (February 8) issued an Advisory Alert warning for those seeking romance to tread carefully on dating apps and social media.  Especially when it comes to strangers asking for financial support or giving investment advice. The CFTC urged particular caution with promotions for cryptocurrency investments because of the growing risk...

Top Ten Non-Healthcare False Claims Act Recoveries for 2023

Posted  01/30/24
People Pointing to Contracts Making Decision
It was another big year for DOJ enforcement under the False Claims Act, the government's primary fraud-fighting tool.  As usual, most of the recoveries were in the healthcare space with seven of the Top Ten recoveries involving various schemes to defraud Medicare and Medicaid.  See our Top Ten FCA and Top Ten Healthcare FCA listings. While healthcare recoveries dominated the Top Ten, two of the top five...

Top Ten SEC and CFTC Recoveries of 2023

Posted  01/24/24
Foreign Exchange Graph
It was an active year for fraud enforcement at the Securities and Exchange Commission (SEC) and Commodities Futures Trading Commission (CFTC).  Though by no means was it a record year for either regulator in terms of big-ticket wins.  Aside from the CFTC's $1.7 billion recovery from South African crypto company Mirror Trading for foul play with foreign currency transactions, the balance of the Top-10 recoveries was...

Top FCPA Recoveries of 2023

Posted  01/19/24
Mix of Foreign Currency Scattered Around
The Foreign Corrupt Practices Act (FCPA) bars payments to foreign officials for any kind of business advantage, such as securing government contracts or other kinds of favorable business treatment.  The statute covers any form of consideration including gifts, meals, travel, and entertainment.  It also imposes strict record-keeping and internal control requirements to prevent falsifying company books and records...

SEC Goes After JP Morgan for Violating Whistleblower Protection Rule

Posted  01/18/24
J.P. Morgan Logo on Building
Add JP Morgan Securities to the ever-expanding list of companies the Securities and Exchange Commission (SEC) has gone after for violating the agency's Whistleblower Protection Rule -- SEC Rule 21F-17(a).  This rule broadly prohibits companies from taking any action to impede or discourage whistleblowers from reporting suspected securities violations to the SEC.  Yesterday (January 16), the SEC announced the JP...

Top Ten SEC and CFTC Whistleblower Awards for 2023

Posted  01/16/24
Anonamous Person on Phone Pointing to Book with Charts and Numbers
It was a relatively quiet year for the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) in their payout of whistleblower awards under their respective whistleblower programs.  Under the SEC Program and CFTC Program -- both enacted under the Dodd-Frank Wall Street Reform and Consumer Protection Act -- whistleblowers who provide information that leads to a successful government...

Catch of the Week: SAP SE

Posted  01/16/24
Briefcase Full of Money
This week's Department of Justice (DOJ) Catch of the Week goes to SAP SE (SAP).  On Wednesday (January 10), the German-based software company agreed to pay roughly $220 million to settle DOJ and SEC charges of violating the Foreign Corrupt Practices Act (FCPA) through bribes to government officials in South Africa and Indonesia. The FCPA bars payments to foreign officials for any kind of business advantage, such...

Catch of the Week: Freepoint Commodities

Posted  12/18/23
Government contract fraud whistleblower
This week's Department of Justice (DOJ) Catch of the Week goes to Freepoint Commodities.  Last Thursday (December 14), the Connecticut-based commodities trading company agreed to pay roughly $98 million to settle government charges it violated the Foreign Corrupt Practices Act (FCPA) by paying bribes to Brazilian government officials.  The company also agreed to disgorge roughly $7.6 million to the Commodity Futures...

Whistleblower Spotlight: Jailed Iranian Activist Narges Mohammadi

Posted  12/14/23
red tape over person mouth
Whistleblowers come in all shapes and sizes.  Some they write movies about, gaining fame (and sometimes fortune) in the process.  Others go in the opposite direction, victimized for their temerity; for daring to sound the alarm when something rubs against their moral compass.  Still others speak their truth quietly, just getting the job done without fanfare or rebuke so they can sleep better at night.  Regardless...
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