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SEC Chair Gives Big Shout Out for Whistleblowers

Posted  05/1/15
[caption id="" align="alignright" width="288"] Photo Credit: sec.gov[/caption] By the C|C Whistleblower Lawyer Team Yesterday, SEC Chair Mary Jo White spoke at Northwestern University Law School on the invaluable role of the corporate whistleblower and the still burgeoning SEC whistleblower program that she describes as a "game changer" for government enforcement.  Here is her summary of the program's many...

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

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In Their Own Words -- McKessy

Posted  04/30/15

-- The SEC will protect whistleblowers “against retaliatory conduct and make significant financial awards to whistleblowers who suffer employment hardships as a result of reporting possible securities law violations.”

Sean McKessy, Chief of the SEC’s Office of the Whistleblower, in a statement regarding the SEC’s first award to a whistleblower for retaliation.  Click here for more.

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

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SEC Announces First Award to Whistleblower in Retaliation Case

Posted  04/30/15
By the C|C Whistleblower Lawyer Team The SEC awarded $600,000 to a whistleblower who suffered "unique hardships, including retaliation" as a result of blowing the whistle on misconduct at hedge fund advisory firm Paradigm Capital Management.  The award is the maximum the SEC pays to whistleblowers – 30 percent of the amount the SEC recovers – and represents the first time the SEC has made an award to a...

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

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Whistleblower Spotlight -- Halliburton Whistleblower Tony Menendez

Posted  04/30/15
By the C|C Whistleblower Lawyer Team This week's "Whistleblower Spotlight" features Tony Menendez, the former accounting executive at Halliburton who the company publicly "outed" after he complained to the SEC about what he saw as the company's multi-billion dollar accounting transgressions.  An in-depth profile of Menendez published last week by ProPublica and Marketplace provides tremendous insight into what...

Tagged in: SEC Whistleblower Reward Program, Whistleblower Case, Whistleblower Rewards, Whistleblower Spotlight and Interviews,

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DOJ Catch Of The Week -- Deutsche Bank

Posted  04/24/15
This week's Department of Justice "catch of the week" goes to Deutsche Bank AG.  Yesterday, the German-based bank and its UK-based subsidiary DB Group Services (UK) Limited agreed to pay more than $2.5 billion to settle US and UK charges relating to their role in manipulating the London Interbank Offered Rate (LIBOR).  LIBOR is a leading benchmark interest rate used in financial products and transactions around the...

Tagged in: Catch of the Week, Fraud in CFTC-Regulated Markets, Market Manipulation and Trading Violations,

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SEC Awards Compliance Officer Whistleblower Over A Million Dollars

Posted  04/23/15
By the C|C Whistleblower Lawyer Team The SEC announced an award of more than a million dollars to a compliance officer who had a reasonable basis to believe that disclosure to the SEC was necessary to prevent imminent misconduct from causing substantial financial harm to the company or investors. This is the second award the SEC has made to an employee with internal audit or compliance responsibilities, after the...

Tagged in: SEC Whistleblower Reward Program, Securities Fraud, Whistleblower Eligibility, Whistleblower Rewards,

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SEC Enforcement Spotlight — BlackRock Advisors

Posted  04/21/15
By the C|C Whistleblower Lawyer Team BlackRock Advisors LLC agreed to pay a $12 million penalty to settle SEC charges it breached its fiduciary duty by failing to disclose a conflict of interest created by the outside business activity of a top-performing portfolio manager.  The firm also must engage an independent compliance consultant to conduct an internal review.  See SEC Press Release According to the...

Tagged in: Regulatory Violations, Securities Fraud,

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SEC Charges KBR with Violating Whistleblower Protection Rule

Posted  04/2/15
By the C|C Whistleblower Lawyer Team The SEC yesterday announced its first enforcement action against a company for including improperly restrictive language in confidentiality agreements that had the potential to stifle whistleblowers.  According to the SEC, Houston-based global technology and engineering firm KBR Inc. violated Dodd-Frank Rule 21F-17 whistleblower protections by requiring witnesses in internal...

Tagged in: Employment Issues, SEC Whistleblower Reward Program, Whistleblower Protection Laws,

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SEC Awards Half a Million to Whistleblower under Exception to Dodd-Frank

Posted  03/5/15
By The C|C Whistleblower Lawyer Team The SEC announced a whistleblower award between $475,000 and $575,000 to a former company officer who reported original, high-quality information about the company's securities fraud.  The award is notable because it is the first award to an officer who learned about a fraud through another employee rather than firsthand. Under Dodd-Frank, officers, directors, trustees, or...

Tagged in: SEC Whistleblower Reward Program,

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Department of Defense Moves To Bar Anti-Whistleblower Confidentiality Provisions

Posted  02/12/15
By the C|C Whistleblower Lawyer Team Not all companies have embraced the rise of whistleblowers as a vehicle to root out fraud within their ranks.  In fact, many companies have gone in the exact opposite direction, doing everything they can to discourage whistleblowers from stepping forward.  One popular mechanism a growing number of companies are using to silence would-be whistleblowers are so-called...

Tagged in: Defense Contract Fraud, Employment Issues, FCA Federal, Legislation and Regulation News, SEC Whistleblower Reward Program,

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