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Page 15 of 15

SEC Puts Its Money Where Its Mouth Is With $14M Whistleblower Award

Posted  10/3/13
By Gordon Schnell It has been more than two years since the SEC Whistleblower Office officially opened its doors.  Born out of the Dodd-Frank Act, it was created to help usher in a new day of more aggressive enforcement at an agency that up until recently many believed was very much asleep at the switch.  But with all of the fanfare surrounding the new office, and the flood of whistleblower tips that have poured...

Tagged in: Ponzi Schemes, SEC Whistleblower Reward Program,

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Survey Reports Rampant Misconduct in Hedge Fund Industry

Posted  05/3/13
By Whistleblower Insider A recent survey of hedge fund professionals commissioned by the law firm Labaton Sucharow, HedgeWorld and the Hedge Fund Association, revealed some disappointing statistics regarding the prevalence of fraud and misconduct in the hedge fund industry.  Among the more notable findings, about a third of the professionals surveyed (30%) have witnessed misconduct in the workplace; more than a...

Tagged in: SEC Whistleblower Reward Program,

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SEC Whistleblower Program Continues to Gain Steam With No Signs of Slowing Down

Posted  11/30/12
By Jason Enzler The SEC just released its second annual report on its whistleblower program (available here).  While there are no major surprises, there are some interesting facts to take away and even some trends that can be deduced.  Consistent with our report in a previous post, the number of attorneys staffing the SEC’s Whistleblower Office has doubled.  See Business Is Booming At The SEC Whistleblower...

Tagged in: Insider Trading, SEC Whistleblower Reward Program,

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Everything You Want to Know About the Foreign Corrupt Practices Act and More

Posted  11/16/12
By Jason Enzler In a move that should help both businesses and those seeking to combat fraud, the SEC and DOJ jointly released a 120-page guide on the Foreign Corrupt Practices Act (FCPA) on Wednesday.  The guide does not represent any changes to the law or new trends in its enforcement, but it does gather in one place an easy-to-read discussion of the law and its prohibitions, answers to hypothetical scenarios,...

Tagged in: FCPA, SEC Whistleblower Reward Program,

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A Tale of Two Whistleblower Offices -- The Very Different Approaches of the SEC and IRS

Posted  10/26/12
By Gordon Schnell By now, we all have heard about the $104 million awarded to former UBS banker Bradley Birkenfeld for blowing the whistle on the Swiss banking giant's scheme to help thousands of Americans use offshore accounts to cheat the IRS.  See The IRS Whistleblower Office Gets Serious With Record Setting Award.  It was the largest whistleblower award on record and particularly notable as it came from an...

Tagged in: IRS Whistleblower Reward Program, SEC Whistleblower Reward Program,

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The SEC Whistleblower Office is Open for Business

Posted  08/28/12
By Gordon Schnell and Marlene Koury With the payment of its first whistleblower reward last week, the SEC has declared loud and clear that its recently created Whistleblower Office is officially open for business.  Click here for SEC press release.   While relatively modest in amount -- only $50,000 for now -- what is particularly notable about the award is that it represented 30 percent of the total amount the...

Tagged in: SEC Whistleblower Reward Program,

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SEC Continues its Crusade Against Foreign Bribery

Posted  08/10/12
By Gordon Schnell The reinvigorated efforts of the Securities and Exchange Commission (SEC) to fight foreign bribery continue to pay off.  This week, the SEC announced that the drug giant, Pfizer, has agreed to pay $60 million to settle criminal and civil charges that its subsidiaries bribed foreign officials in Europe and Asia in order to win business there.  Under the Foreign Corrupt Practices Act (FCPA), it...

Tagged in: FCPA, SEC Whistleblower Reward Program,

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Business is Booming at the SEC Whistleblower Office as Tips Continue to Flood In

Posted  06/29/12
By Jason Enzler The SEC’s Whistleblower Office is busy these days as tips continue to stream into the agency.  Thomas Sporkin, the chief of the SEC’s Office of Market Intelligence, the unit that assesses the credibility of these tips, recently stated that the agency is receiving an average of seven tips per day, with about 2 or 3 of them meriting investigation.  Many of these tips are coming from senior...

Tagged in: SEC Whistleblower Reward Program,

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