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SEC Whistleblower Program 2022 Annual Report Shows Continued Strength of Program

Posted  11/28/22
Securities and Exchange Commission seal on building
Last week the SEC Whistleblower Office released its 2022 Annual Report, with office chief Creola Kelly saying that the SEC Whistleblower Program is “effectively incentivizing whistleblowers to make the often difficult decision to come forward with information about potential securities-law violations.” The data confirms that whistleblowers are making a big difference in protecting the markets and investing...

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

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Constantine Cannon Attorneys Explain How the Recent Conviction of Theranos COO Sunny Balwani Underlines the Need to Expand Whistleblower Rewards Programs

Posted  07/29/22
Hands in handcuffs behind back of white man in business suit
As Gordon Schnell and Max Voldman explain in Fortune, the Balwani conviction closed a chapter that began several years ago when whistleblowers at the company reported to the press and authorities what they saw as something very wrong in Elizabeth Holmes’ biotech startup.  They followed a path many whistleblowers have taken, risking their own careers and livelihoods, to stop what they saw as serious fraud and...

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

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SEC Keeps Crypto Fraud in Its Sights Through Expanded Enforcement Team

Posted  05/4/22
The SEC announced on May 3 that it was dramatically expanding its Cyber Unit and renaming the team the Crypto Assets and Cyber Unit.  The newly enlarged team will now include fully 50 enforcement personnel. The expanded team shows that the SEC is continuing to see crypto fraud as a major enforcement priority.  As the number of digital currencies continue to grow and the increasing number of new investors in the...

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

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Constantine Cannon Whistleblower Practice Group 2021 Roundup: Another Banner Year

Posted  04/21/22
Whistleblower Rewards
2021 was another banner year for Constantine Cannon’s whistleblower practice group, with three historic whistleblower successes, including the first-ever award under the Motor Vehicle Safety Whistleblower Act. This string of successes follows the firm's record-shattering 2020 year where our whistleblower team secured blockbuster settlements that recovered more than $600 million for the government and roughly $115...

Tagged in: Auto Safety, CC Lawyers, Dark Pools, FCA Federal, Healthcare Fraud, Importance of Whistleblowers, SEC Whistleblower Reward Program, Whistleblower Rewards,

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SEC Proposes Rule Amendments to Strengthen Whistleblower Program

Posted  02/22/22
SEC-building
The SEC recently announced proposed changes to its whistleblower program that would strengthen it for the years to come.  The proposals would roll back two controversial rule amendments that the SEC adopted in 2020, which significantly increased the uncertainty facing would-be whistleblowers.  Below we discuss the pros and cons of these new proposals, which would improve that status quo but have issues of their...

Tagged in: Legislation and Regulation News, SEC Whistleblower Reward Program,

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SEC Hits Crypto Firm BlockFi with $100 Million in Penalties

Posted  02/22/22
Assorted Crypto Coins
The SEC recently announced cryptocurrency financial institution BlockFi agreed to pay $100 million to resolve charges it violated securities laws. Half the penalties will go to the SEC, and the other half will go to 32 states that brought similar charges. The settlement represents the largest recorded penalties the Commission has ever imposed on a crypto firm. It also sends a clear message the SEC will not shy away...

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

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Precious Metals, Costly Fraud

Posted  02/4/22
stack of coins
Safeguard Metals LLC and its principal, Jeffrey Santulan a/k/a Jeffrey Hill were hit with multiple enforcement actions this week, alleging fraud in their sale of securities and commodities to investors they targeted to sell their existing securities and invest the proceeds into gold and silver coins.  The CFTC and 27 state security regulatory agencies jointly filed one action, and the SEC filed its own action.  Both...

Tagged in: Financial and Investment Fraud, Fraud in CFTC-Regulated Markets, Misrepresentations, Securities Fraud,

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Top Ten Financial and Healthcare Fraud Prison Sentences of 2021

Posted  01/28/22
handcuff and money
Individuals involved in financial and healthcare fraud schemes face not just civil liability, but also criminal penalties – including prison time. In 2021, the Department of Justice obtained substantial prison sentences in a myriad of cases involving healthcare and financial frauds, many of which involved convictions of the type of fraudulent schemes that whistleblowers report. Whistleblowers play an essential role...

Tagged in: Compounding Pharmacy Fraud, COVID-19, Criminal Proceedings, Education Fraud, Financial and Investment Fraud, Healthcare Fraud, Home Health and Hospice, Lack of Medical Necessity, Medicare, Money Laundering, Ponzi Schemes, Securities Fraud, Top 10,

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Top Ten Federal Financial Fraud Recoveries of 2021

Posted  01/21/22
Money with Gavel and Handcuffs
While 2021 may have felt like more of the same as the pandemic dragged on, it marked some new trends in federal financial fraud recoveries. As we predicted last year, the Anti-Money Laundering Act of 2020 has heralded some large recoveries against banks. The Act also established an Anti-Money Laundering Whistleblower Program, so that whistleblowers who report financial institutions engaging in money laundering –...

Tagged in: Antitrust General, Bribery and Bid-Rigging, Criminal Proceedings, Financial and Investment Fraud, FIRREA, Foreign Exchange, Market Manipulation and Trading Violations, Money Laundering, Price Fixing, Top 10,

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Top FCPA Recoveries of 2021

Posted  01/14/22
desk globe
We wish we could provide a list of the Top Ten FCPA recoveries of 2021.  But, in 2021, there were just four FCPA settlements announced by government enforcement agencies.  Following back-to-back years with billions of dollars in recoveries under the Foreign Corrupt Practices Act in 2020 and 2019 momentum has, unfortunately, stalled. The FCPA prohibits the payment of bribes to foreign officials made with the...

Tagged in: FCPA, Financial and Investment Fraud, International Whistleblowers, SEC Whistleblower Reward Program, Top 10,

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