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Top Ten Federal Financial and Healthcare Fraud Prison Sentences of 2022

Posted  02/2/23
Financial and healthcare fraud often can carry stiff monetary penalties for entities facing government enforcement, as shown on our other Top Ten Lists. Whistleblowers reporting wrongful conduct under one of the federal whistleblower reward laws sometimes find that criminal authorities are as interested in their allegations as civil enforcement agencies and authorities. Fraud can also result in criminal charges and...

Tagged in: Criminal Proceedings, Financial and Investment Fraud, Healthcare Fraud, Ponzi Schemes, Tax Fraud, Top 10, Visa Fraud,

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Top Ten SEC and CFTC Recoveries of 2022

Posted  02/1/23
stock market numbers
In 2022, the SEC and CFTC redoubled their efforts to preserve market integrity and shut down financial frauds.  Both in size and composition, the agencies’ major recoveries look quite different from a year prior.  2021 was all about crypto, with four of the top ten recoveries relating to crypto offerings or exchanges.  With the recent collapse of the crypto market—exposing some of the biggest frauds since the...

Tagged in: Accounting Fraud, Cryptocurrency, Financial and Investment Fraud, Fraud in CFTC-Regulated Markets, SEC Whistleblower Reward Program, Securities Fraud, Top 10,

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Top Ten Whistleblower Awards of 2022

Posted  02/1/23
2022 was a big year for whistleblowers, who once again recouped billions of government dollars and in turn received hundreds of millions in whistleblower rewards.  This year’s top rewards came from various government whistleblower programs, including the qui tam provisions of the federal False Claims Act, various state False Claims Act programs, and the Dodd-Frank SEC Whistleblower Program. Below is a...

Tagged in: FCA Federal, Importance of Whistleblowers, SEC Whistleblower Reward Program, Top 10, Whistleblower Rewards,

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Top Ten FCPA Recoveries of 2022

Posted  01/13/23
International Currency
In recent years, the United States government has recovered billions of dollars going after companies that bribe foreign officials in order to further their business interests, a practice that violates the Foreign Corrupt Practices Act (FCPA). Two principal United States government agencies, the Department of Justice and the Securities and Exchange Commission, investigate and prosecute FCPA violations. Whistleblowers...

Tagged in: CFTC Whistleblower Reward Program, Criminal Proceedings, FCPA, Financial and Investment Fraud, SEC Whistleblower Reward Program, Top 10,

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SEC Whistleblower Program 2022 Annual Report Shows Continued Strength of Program

Posted  11/28/22
Securities and Exchange Commission seal on building
Last week the SEC Whistleblower Office released its 2022 Annual Report, with office chief Creola Kelly saying that the SEC Whistleblower Program is “effectively incentivizing whistleblowers to make the often difficult decision to come forward with information about potential securities-law violations.” The data confirms that whistleblowers are making a big difference in protecting the markets and investing...

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

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Constantine Cannon Attorneys Explain How the Recent Conviction of Theranos COO Sunny Balwani Underlines the Need to Expand Whistleblower Rewards Programs

Posted  07/29/22
Hands in handcuffs behind back of white man in business suit
As Gordon Schnell and Max Voldman explain in Fortune, the Balwani conviction closed a chapter that began several years ago when whistleblowers at the company reported to the press and authorities what they saw as something very wrong in Elizabeth Holmes’ biotech startup.  They followed a path many whistleblowers have taken, risking their own careers and livelihoods, to stop what they saw as serious fraud and...

Tagged in: FCA Federal, Importance of Whistleblowers, SEC Whistleblower Reward Program, Whistleblower Rewards,

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SEC Keeps Crypto Fraud in Its Sights Through Expanded Enforcement Team

Posted  05/4/22
The SEC announced on May 3 that it was dramatically expanding its Cyber Unit and renaming the team the Crypto Assets and Cyber Unit.  The newly enlarged team will now include fully 50 enforcement personnel. The expanded team shows that the SEC is continuing to see crypto fraud as a major enforcement priority.  As the number of digital currencies continue to grow and the increasing number of new investors in the...

Tagged in: Cryptocurrency, Financial and Investment Fraud, Securities Fraud,

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Constantine Cannon Whistleblower Practice Group 2021 Roundup: Another Banner Year

Posted  04/21/22
Whistleblower Rewards
2021 was another banner year for Constantine Cannon’s whistleblower practice group, with three historic whistleblower successes, including the first-ever award under the Motor Vehicle Safety Whistleblower Act. This string of successes follows the firm's record-shattering 2020 year where our whistleblower team secured blockbuster settlements that recovered more than $600 million for the government and roughly $115...

Tagged in: Auto Safety, CC Lawyers, Dark Pools, FCA Federal, Healthcare Fraud, Importance of Whistleblowers, SEC Whistleblower Reward Program, Whistleblower Rewards,

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SEC Proposes Rule Amendments to Strengthen Whistleblower Program

Posted  02/22/22
SEC-building
The SEC recently announced proposed changes to its whistleblower program that would strengthen it for the years to come.  The proposals would roll back two controversial rule amendments that the SEC adopted in 2020, which significantly increased the uncertainty facing would-be whistleblowers.  Below we discuss the pros and cons of these new proposals, which would improve that status quo but have issues of their...

Tagged in: Legislation and Regulation News, SEC Whistleblower Reward Program,

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SEC Hits Crypto Firm BlockFi with $100 Million in Penalties

Posted  02/22/22
Assorted Crypto Coins
The SEC recently announced cryptocurrency financial institution BlockFi agreed to pay $100 million to resolve charges it violated securities laws. Half the penalties will go to the SEC, and the other half will go to 32 states that brought similar charges. The settlement represents the largest recorded penalties the Commission has ever imposed on a crypto firm. It also sends a clear message the SEC will not shy away...

Tagged in: Cryptocurrency, Financial and Investment Fraud, Securities Fraud,

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