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Virtu Agrees to Pay $2.5M to Settle SEC Lawsuit Concerning Customer Data

Posted  12/9/25
customer with tablet
By the Constantine Cannon Whistleblower Team Virtu Americas LLC recently agreed to pay a civil penalty of $2.5 million to the SEC to settle claims that Virtu violated securities laws by making materially false and misleading statements regarding information barriers to prevent misuse of customer data.[1]  This settlement and final judgment resolves a case that the SEC brought against broker-dealer Virtu Americas...

Tagged in: SEC Whistleblower Reward Program, securities violations,

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Former CEO and Chairman Bradley Heppner Accused of Fraud Scheme Targeting Public Company

Posted  11/19/25
computer showing financial chart
By the Constantine Cannon Whistleblower Team On November 4, federal prosecutors unsealed an indictment charging the founder and former CEO of the financial services startup Beneficient, Bradley Heppner, with securities fraud, wire fraud, conspiracy to commit securities fraud and wire fraud, false statements to auditors, and falsification of records.[1]

The Alleged Scheme

Prosecutors allege Heppner orchestrated a...

Tagged in: Securities Fraud, securities violations,

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Investment Fund Executive and Co-Conspirators Charged in $294 Million Securities Fraud Conspiracy

Posted  11/18/25
investments and finances on screen
By the Constantine Cannon Whistleblower Team On September 29, the DOJ announced that federal prosecutors arraigned Jeffrey Spotts, the former Chief Executive Officer and Portfolio Manager of Prophecy Asset Management LP, on criminal charges arising from an alleged multi-year scheme to defraud investors of approximately $294 million.

The Alleged Scheme

The charges stem from what authorities describe as a...

Tagged in: Securities Fraud,

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Whistleblower Question of the Week: What Can Future Whistleblowers Learn from Theranos Whistleblower Tyler Shultz?

Posted  11/12/25
Whistleblower Question of the Week
By the Constantine Cannon Whistleblower Team Our team thoroughly enjoyed listening to the whistleblowing journey of former Constantine Cannon client Tyler Shultz during his Keynote Speech at The Anti-Fraud Coalition’s 25th Annual Conference last week.1 We wanted to share some key takeaways for future whistleblowers from Shultz’s story as one of the central whistleblowers who exposed the truth behind

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

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Despite Government Shutdown, SEC Files Securities Fraud Complaint Against Startup’s Founder and CEO

Posted  10/31/25
desk with paperwork
By the Constantine Cannon Whistleblower Team On October 20, 2025, the SEC filed a complaint in the U.S. District Court for the Central District of California against Shiloh Luckey, the founder and CEO of ComplYant App Inc., a startup that provided tax software. According to the SEC, Luckey allegedly misled investors by making inflated and deceptive claims about ComplYant’s commercial success, as well as her...

Tagged in: SEC Whistleblower Reward Program, Securities Fraud,

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Constantine Cannon Partner Gordon Schnell Published in The Hill on the SEC's Mixed Messaging Towards Whistleblowers

Posted  10/29/25
SEC logo on building
By the Constantine Cannon Whistleblower Team Today, The Hill published an article by Constantine Cannon whistleblower partner Gordon Schnell on how the Securities and Exchange Commission (SEC) is sending a mixed message to whistleblowers with its recent spate of awards under the SEC Whistleblower Program.

Low-Dollar SEC Awards

Schnell points to the ten whistleblower awards the SEC has issued since Labor Day --

Tagged in: SEC Whistleblower Reward Program,

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Report: JPMorgan Paid $115M in Legal Fees for Former Frank CEO Charlie Javice and Co-Defendant Olivier Amar

Posted  10/22/25
money
By the Constantine Cannon Whistleblower Team We have been reporting on the high-profile securities fraud case involving Charlie Javice, the former CEO and founder of Frank, a startup that helped students with financial aid, and her former colleague Olivier Amar.  (More about the case here.) It was recently reported that JPMorgan, which acquired Frank for $175 million and was a victim of the fraud that led to...

Tagged in: SEC Whistleblower Reward Program,

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Constantine Cannon Partner Gordon Schnell Featured in Law.com on This Year’s Drop in SEC Whistleblower Awards

Posted  10/15/25
hundreds of dollars
On Tuesday (October 14), Constantine Cannon whistleblower partner Gordon Schnell was featured in Law.com on the significant drop in awards this year under the SEC Whistleblower Program.  In an article titled, SEC Whistleblower Awards Tumble to 6-Year Low, Signaling Closer Scrutiny and Stricter Standards1 Schnell provided his views on what is behind the relatively...

Tagged in: SEC Whistleblower Reward Program,

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In Their Own Words… SEC Chairman Paul Atkins on Protecting Whistleblowers

Posted  10/13/25
SEC logo on building
By the Constantine Cannon Whistleblower Team On October 7, 2025, SEC Chairman Paul Atkins gave a keynote address at the 25th Annual A.A. Sommer, Jr. Lecture on Corporate, Securities, and Financial Law at Fordham School of Law.1 Atkins’s speech centered around the Wells process, which is a process that usually occurs at the end of an investigation where SEC enforcement staff notify potential respondents or...

Tagged in: Importance of Whistleblowers, In Their Own Words, SEC Whistleblower Reward Program,

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Stream of SEC Whistleblower Awards Continues with Five New Awards -- But Payouts Remain Small

Posted  10/8/25
Securities and Exchange Commission building with logo zoomed in
By the Constantine Cannon Whistleblower Team It was just a month ago when we reported -- after a wave of SEC whistleblower awards -- that the SEC Whistleblower Program was alive and well.  Up until then, the SEC had been relatively sparse with its awards this year under the SEC Whistleblower Program and many had questioned whether the SEC’s support for the program was losing steam.  But with the SEC issuing...

Tagged in: SEC Whistleblower Reward Program,

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