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Top 10 SEC Recoveries for 2024

Posted  01/24/25
Securities Exchange Commission Logo on Building
It was not necessarily the biggest year for Securities and Exchange Commission (SEC) securities fraud recoveries, with only a handful in the hundred-million-dollar range and only one in the billions.  But it was a very active year nonetheless, with the SEC under Gary Gensler pursuing a very aggressive approach to enforcing the securities laws. With Gensler's recent departure, and Paul Atkins taking the reins, all...

Tagged in: SEC Whistleblower Reward Program, Securities Fraud, Top 10,

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$4.3B! DOJ Announces 10th and Final Distribution of Financial Recovery to 40,000+ Madoff Ponzi Scheme Victims

Posted  01/2/25
Department of Justice Seal Logo
On December 30, 2024, the government shared an important update on its Madoff Ponzi Scheme victim recovery distribution efforts. The Madoff Victim Fund (MVF) shelled out over $131.4 million to victims in its 10th and final round of distributions to victims of the Bernard L. Madoff Investment Securities LLC (BLMIS) fraud scheme. These funds will be distributed to over 23,000 victims around the world. With the...

Tagged in: Ponzi Schemes,

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AAR Corp. to Pay $55 Million to Settle FCPA Foreign Bribery Charges

Posted  12/23/24
person pocketing money in a business suit
On December 19, AAR Corp. agreed to pay $55 million to settle Department of Justice (DOJ) and Securities and Exchange Commission (SEC) charges of violating the Foreign Corrupt Practices Act (FCPA) by paying bribes to secure business from state-owned airlines in Nepal and South Africa.  Apparently, the Illinois-based aviation services company made roughly $24 million in profits from the bribery scheme. The FCPA...

Tagged in: DOJ Whistleblower Awards Pilot Program, SEC Whistleblower Reward Program,

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SEC Slaps Becton Dickinson with $175 Million Penalty for Misleading Investors About Alaris Infusion Pump

Posted  12/18/24
Stethoscope Placed Down
On December 16, the Securities and Exchange Commission (SEC) announced New Jersey-based medical device maker Becton Dickinson agreed to pay $175 million to settle charges of (i) misleading investors regarding its Alaris infusion pump, and (ii) overstating its income by ignoring the costs of fixing multiple software flaws with the pump.  The pump delivers fluids, medications, and blood to hospital patients and...

Tagged in: SEC Whistleblower Reward Program,

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Another Clinical Trial Fraud Success for Government Enforcement: Bring on the Clinical Trial Fraud Whistleblowers

Posted  12/11/24
colorful drugs
On December 10, the Department of Justice (DOJ) announced the latest clinical trial fraud enforcement success with the conviction of two chief executives for lying to investors about the supposed promise of an investigational drug called leronlimab their companies were promoting to treat HIV and COVID-19.  It follows two recent Securities and Exchange (SEC) actions against biopharma companies and their executives for...

Tagged in: Clinical Trial Fraud, Pharma Fraud, SEC Whistleblower Reward Program,

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Trump Nominates Paul Atkins to Lead SEC -- What Will It Mean for Whistleblowers?

Posted  12/9/24
Securities Exchange Commission Logo on Building
On Wednesday (December 4), President-elect Donald Trump nominated Paul Atkins to take over the helm of the Securities and Exchange Commission (SEC) when Gary Gensler steps down in January.  Trump posted the announcement on his Truth Social platform where he hailed the incoming SEC Chief as "a proven leader for common sense regulations," who "believes in the promise of robust, innovative capital markets that are...

Tagged in: SEC Whistleblower Reward Program,

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What a sham(e)! Two Defendants Sentenced to Prison for Cryptocurrency Ponzi Scheme “IcomTech”

Posted  12/9/24
Cryptocurrency
United States Attorney for the Southern District of New York, Damian Williams, announced that defendants David Brend (50, of Tampa, Florida) and Gustavo Rodriguez (48, of North Hollywood, California) were sentenced to prison for 10 years and 8 years, respectively, for their involvement in a cryptocurrency Ponzi scheme named IcomTech. The sentences were given by the Honorable Jennifer L. Rochon after a two-week trial...

Tagged in: Cryptocurrency, Ponzi Schemes,

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SEC Issues Annual Whistleblower Report Showing Continued Strength of Whistleblower Program

Posted  12/4/24
SEC logo on building
The Securities and Exchange Commission (SEC) recently issued its Annual Report to Congress detailing the results of the SEC Whistleblower Program over the past fiscal year.  Under the SEC’s program, individuals who provide information to the agency concerning potential securities violations that leads to a successful enforcement action may receive up to 30% of any government recovery. Here are the highlights of...

Tagged in: SEC Whistleblower Reward Program, securities violations,

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SEC Announces Settled Charges Against Pharma Company and Executives for Misleading Investors about FDA Clinical Review of Drugs

Posted  12/3/24
Securities and Exchange Commission seal on building
The SEC continues to go after pharmaceutical companies for securities law violations in connection with misleading investors.  The most recent example is the SEC’s settled charges against a publicly traded biotherapeutics company called Kiromic BioPharma, Inc. (KRBP), the company’s former CEO, and its former chief financial officer. In this case, Kiromic was working on developing two cancer fighting drugs...

Tagged in: FDA Fraud, SEC Whistleblower Reward Program, Securities Fraud,

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SEC Chair Gary Gensler to Step Down

Posted  11/22/24
Securities and Exchange Commission building with logo zoomed in
Yesterday (November 21), the Securities and Exchange Commission (SEC) announced current SEC Chair Gary Gensler will leave the agency on January 20, 2025 when President-elect Donald Trump takes office.  Gensler’s departure is no surprise as Trump has made it clear he would be appointing someone else to take over as the SEC’s top cop.  No doubt, Gensler’s replacement will bring to the agency a very different...

Tagged in: SEC Whistleblower Reward Program,

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