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SEC Gives First Ever Whistleblower Award Under Rule That Incentivizes Internal Reporting

Posted  05/31/19
hand pointing to virtual compliance text
On May 24, the Securities & Exchange Commission announced that it awarded over $4.5 million to a whistleblower who both reported allegations of securities fraud at a company internally and shared this information with the SEC. This is the first time since the creation of its whistleblower rewards program that the SEC awards a claimant under Rule 21-F4(c)(3) of the Exchange Act, a provision designed to encourage...

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

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Ted Siedle is the rare SEC whistleblower who allows us to put a face to the name.

Posted  05/24/19
Ted Siedle Whistleblower Headshot
After two years of waiting, the recipient of what was the largest whistleblower award to date under the SEC Whistleblower Program when it was first announced in 2017, was finally paid by the SEC. This week, he received his share of a $50 million reward to two whistleblowers for exposing conflicts of interest at JP Morgan that led to a $267 million fine by the SEC. Last year, the whistleblower also received $30 million...

Tagged in: Anonymity, CFTC Whistleblower Reward Program, Importance of Whistleblowers, SEC Whistleblower Reward Program, Whistleblower Rewards,

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CFTC Makes Another Whistleblower Award

Posted  05/10/19
Commodity Futures Trading Commission seal on building
On Monday, the Commodity Futures Trading Commission (CFTC) announced a whistleblower award of roughly $1.5 million. It is the latest in a string of whistleblower awards from an agency that has made it very clear that after a slow start in implementing its whistleblower program it is finally open for whistleblower business. CFTC Enforcement Director James McDonald could not have been more direct on this point:...

Tagged in: CFTC Whistleblower Reward Program, Importance of Whistleblowers, SEC Whistleblower Reward Program, Whistleblower Eligibility, Whistleblower Rewards,

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DOJ to Corporate America — Embrace the Whistleblower

Posted  05/9/19
Hanging Folder with Compliance Tab
In a clear push to companies to tighten up their internal compliance efforts, the DOJ Criminal Division recently announced a remake of the agency's guidelines for corporate compliance programs. The document, titled "The Evaluation of Corporate Compliance Programs," updates a previous version of the guidelines and is designed to provide more insight and context into the steps DOJ expects companies to take to ensure...

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

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The Latest on Cryptocurrency, Offshore Tax Avoidance and Money-Laundering, and Whistleblowing: A Report from OffshoreAlert Miami 2019

Posted  05/3/19
Hanging Hundred Dollar Bills on Clothes Line
“A diverse collection of the hunters and the hunted.” That’s how the Wall Street Journal described the OffshoreAlert Conference in 2009. The 2019 conference was no different, bringing together those who work in the offshore industry, the government enforcers who try to stop the unscrupulous among them, and the asset recovery professionals who pursue lost funds. Alongside them were whistleblowers and their...

Tagged in: CFTC Whistleblower Reward Program, Cryptocurrency, Financial and Investment Fraud, Importance of Whistleblowers, IRS Whistleblower Reward Program, Market Manipulation and Trading Violations, Money Laundering, Ponzi Schemes, SEC Whistleblower Reward Program, Securities Fraud, Tax Fraud,

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SEC and DOJ Charge former Roadrunner CFO with Accounting Fraud

Posted  04/5/19
Securities and Exchange Commission seal on building
On April 3, the SEC and DOJ both announced charges against Peter Armbruster, former CFO of Roadrunner Transportation Systems Inc., for allegedly participating in a securities and accounting fraud scheme that lost Roadrunner shareholders over $245 million. According to Assistant Attorney General Brian Benczkowski, Armbruster and his co-conspirators “used sham accounting entries, misstated accounts, and other means to...

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

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Two JP Morgan Whistleblowers Awarded Third-Largest Single SEC Award

Posted  03/29/19
JP Morgan Building with Building Lights On
Earlier this week, the U.S. Securities & Exchange Commission announced that two whistleblowers were awarded a combined $50 million for reporting securities fraud at JP Morgan. The anonymous whistleblowers, one of whom was described by his attorney as a “JP Morgan executive,” triggered the agency’s investigation and enforcement against the bank for failing to disclose to clients that the bank preferred to invest...

Tagged in: SEC Whistleblower Reward Program, Whistleblower Case, Whistleblower Rewards,

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CFTC Pays Whistleblower Award for Related Action Brought by Another Federal Regulator

Posted  03/14/19
financial trading numbers
On March 4, 2019, the CFTC announced an award of $2 million to an anonymous whistleblower who was not an insider, but provided “critical information through independent analysis of market data” that lead to several million in recoveries by two regulatory agencies. Moreover, as the Order makes clear, the whistleblower’s $2 million award is based not just on the CFTC’s recovery, but also on a recovery in a...

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

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Catch of the Week — Mobile TeleSystems settles FCPA claims for $850M

Posted  03/7/19
Pile of coins with miniature flag of Uzbekistan
Russian telecom giant Mobile TeleSystems PJSC (MTS) agreed to pay approximately $850 million to settle allegations the company violated the Foreign Corrupt Practices Act (“FCPA”) by bribing an Uzbek official, a relative of Uzbekistan’s president at the time. $100M will be paid to the SEC to resolve the charges and will be credited against a criminal fine and forfeiture of $850M based on related criminal...

Tagged in: Catch of the Week, FCPA, SEC Whistleblower Reward Program,

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Canada Makes First Securities Fraud Whistleblower Award

Posted  03/6/19
Canadian maple leaf flag in cloth with draping
The Ontario Securities Commission (OSC) announced last week roughly CAD $7.5 million in whistleblower awards to three individuals who reported violations of Ontario securities laws.  The awards are the first ever by a Canadian securities regulator.  In keeping with its commitment to protecting the confidentiality of whistleblowers, the OSC did not disclose any information that might reveal the whistleblowers'...

Tagged in: International Whistleblowers, SEC Whistleblower Reward Program, Tax Fraud,

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