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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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Top Ten Federal Financial Fraud Recoveries of 2018

Posted  01/25/19
Wooden gavel and handcuffs on top of U.S. currency
While 2018 has been a banner year for FCPA, Tax, and SEC & CFTC recoveries, in the bottomless pit of financial frauds that hurt taxpayers, the government, consumers, investors, and the American economy, 2018 brought us additional stunning recoveries for violations related to residential-mortgage backed securities, international economic sanctions, consumer protection, anti-money-laundering, EB-5 investment fraud, and...

Tagged in: Accounting Fraud, Financial and Investment Fraud, Financial Institution Fraud, FIRREA, Foreign Exchange, Housing and Mortgage Fraud, Market Manipulation and Trading Violations, Misrepresentations, Money Laundering, Securities Fraud, Top 10, Visa Fraud,

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Top Ten Whistleblower Awards of 2018

Posted  01/25/19
Book text showing definition of Whistleblower
2018 was another banner year for whistleblowers. As the DOJ recently reported in its annual summary of False Claims Act recoveries, $2.1 billion of the $2.8 billion in settlements and judgments reported last year arose from lawsuits filed under the qui tam provisions of the False Claims Act. During the same period, the government paid out $301 million in whistleblower awards to the individuals who exposed the fraud by...

Tagged in: CFTC Whistleblower Reward Program, FCA Federal, FCA State, SEC Whistleblower Reward Program, Top 10, Whistleblower Rewards,

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Top Ten SEC and CFTC Recoveries of 2018

Posted  01/18/19
Business man in suit pointing finger at "Top 10" heading
The SEC and CFTC were busy in 2018. In addition to its robust FCPA enforcement, the SEC recovered hundreds of millions of dollars from companies accused of defrauding investors, breaching fiduciary duties, and violating SEC rules. The SEC also awarded its largest-ever whistleblower awards in 2018. Likewise, the CFTC spent the last year cracking down on market manipulators, rooting out commodities fraud, and halting...

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

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Top Ten Financial and Healthcare Fraud Prison Sentences of 2018

Posted  01/11/19
Hands gripping prison bars
Financial and healthcare fraud schemes can result not just in civil investigations and liability, but also in prison time for the individuals involved.  In 2018, the Department of Justice obtained substantial prison sentences in numerous cases involving healthcare and financial frauds, helping to bring justice to the patients, investors, or individuals harmed by criminal fraudsters.  Many of the fraudulent schemes...

Tagged in: Criminal Proceedings, Financial and Investment Fraud, Healthcare Fraud, Securities Fraud, Top 10,

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What the Government Shutdown Means for Whistleblowers

Posted  01/3/19
Lincoln Memorial behind fence with sign saying closed for shutdown
As of January 3, 2019, the federal courts are still open, and say they can stay open at least through January 11 by using available funds from court fee payments and other sources not dependent on new appropriations.  However, most Department of Justice civil attorneys have been furloughed.  Without attorneys from DOJ, cases involving the United States are not be able to proceed as they normally would. ...

Tagged in: CFTC Whistleblower Reward Program, FCA Federal, IRS Whistleblower Reward Program, SEC Whistleblower Reward Program,

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WATCH THIS SPACE: New U.S. Development Agency for High-Risk Investment in Developing Countries a Magnet for Fraud

Posted  12/21/18
Steel wheel pavers driving over fresh asphalt
Combine 60 billion U.S. dollars, newly authorized private investment, vulnerable foreign countries, and competition with Russia and China - What could go wrong? Amid the daily D.C. drama plaguing the fall of 2018, Congress quietly passed the Better Utilization of Investments Leading to Development (BUILD) Act to create a new U.S. development agency: the U.S. International Development Finance Corporation (IDFC). The...

Tagged in: FCA Federal, Financial and Investment Fraud, International Whistleblowers, Securities Fraud,

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Record-Breaking Year for the SEC Whistleblower Program: What the SEC Annual Report Tells Whistleblowers

Posted  11/16/18
In its 2018 Annual Report to Congress, the SEC Office of the Whistleblower described a “record-breaking year,” with a substantial increase in the number of tips received and the largest whistleblower awards to date.  While these numbers illustrate the benefits of the SEC Whistleblower Program, the SEC rightly says that it is “most proud” of the benefits the Whistleblower Program offers to investors, with over...

Tagged in: Financial and Investment Fraud, Importance of Whistleblowers, SEC Whistleblower Reward Program, Statistics,

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