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Top Ten SEC and CFTC Recoveries of 2021

Posted 01/7/22

As we recently detailed, 2021 proved to be a blockbuster year for whistleblowers under the CFTC and SEC Whistleblower Programs. Seven of the ten largest whistleblower awards of 2021 were made to SEC and CFTC whistleblowers, including a massive $200 million CFTC award that was roughly twice as large as all prior CFTC awards combined. In total, the SEC paid more awards—both in total dollars and individual...

Tagged in: Accounting Fraud, CFTC Whistleblower Reward Program, Cryptocurrency, Financial and Investment Fraud, Financial Institution Fraud, Fraud in CFTC-Regulated Markets, Misrepresentations, Money Laundering, Regulatory Violations, SEC Whistleblower Reward Program, Securities Fraud, Top 10,

Top Ten Whistleblower Awards of 2021

Posted 01/6/22

2021 was another banner year for whistleblowers, who once again collectively recovered billions of dollars for the government and hundreds of millions of dollars in whistleblower rewards under the various government whistleblower programs. This includes awards under the qui tam provisions of the federal False Claims Act and various state False Claims Act programs. It includes awards under the Dodd-Frank SEC...

Tagged in: Anti-Kickback and Stark, Auto Safety, CFTC Whistleblower Reward Program, FCA Federal, FCA State, Financial and Investment Fraud, Financial Institution Fraud, Healthcare Fraud, Importance of Whistleblowers, Medical Billing Fraud, Medicare, SEC Whistleblower Reward Program, Securities Fraud, Top 10, Whistleblower Case, Whistleblower Rewards,

SEC Whistleblower Program Reports Stunning 2021 Results

Posted 11/17/21

close up of capitol dome with United States flag

If you have been watching the SEC Whistleblower Program over the last year, you already know that this has been a big year, with the program passing one billion in total whistleblower awards as enforcement matters based on information from whistleblowers have resulted in orders for nearly $5 billion in monetary sanctions. This week, the SEC released its 2021 Annual Report on the SEC Whistleblower Program, and, even...

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

SEC Names New Whistleblower Chief

Posted 11/12/21

On November 5, 2021, the SEC announced that Nicole Creola Kelly would take over as Chief of the SEC’s Office of the Whistleblower. The Office of the Whistleblower oversees the agency’s hugely successful Whistleblower Program, which has awarded about $1.1 billion to 226 individuals over the last decade. Over the same period, those whistleblowers have helped the SEC obtain roughly $5 billion in financial...

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

Securities violation allegations for Trump SPAC again raises concerns on SPAC IPO model

Posted 11/3/21

Last year was the year of SPAC mergers. Inevitably, perhaps, this year is shaping up to be the year of SEC investigations. Just last week, we published a post about an SEC enforcement action against the Akazoo SPAC transaction after the target company was caught falsifying customer data. Moments later, a huge new SPAC fraud story broke: Donald Trump’s new media company’s recently announced SPAC merger may...

Tagged in: Financial and Investment Fraud, Insider Trading, Securities Fraud,

Akazoo Settlement with SEC Offers Lessons on Risks and Enforcement in SPAC Transactions

Posted 10/28/21

The Securities and Exchange Commission this week secured court approval of a $38.8 million settlement with music streaming business Akazoo S.A. – or, as the SEC pointedly describes the company, “a purported music streaming business,” because the company that publicly claimed to have millions of paying customers, in fact, had none. The settlement marks the second public announcement of an SEC recovery in an...

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

Whistleblower Reveals Facebook’s Lies: Will the SEC or Congress Act to Curtail Threats to Democracy and Teens from Social Media?

Posted 10/1/21

For anyone who cares about the future of liberal democracy, improving the mental health and well-being of children, ending the COVID-19 pandemic, or stopping drug cartels and human trafficking, the recent series in The Wall Street Journal titled “The Facebook Files” is a must-read. Based on a trove of internal documents shared by a Facebook whistleblower, as well as interviews with numerous current and former...

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

A Billion in the Bank and Still No End In Sight For SEC’s Warm Embrace of Whistleblowers

Posted 10/1/21

It has been only two weeks since the SEC passed the billion dollar mark in whistleblower awards under the agency's Whistleblower Program. By all accounts, there will be no end to the cavalcade of awards that brought us to this landmark event. Starting with the whistleblower payout that brought the total awards tally past the 10-figure threshold. It was a blockbuster $110 million award, the second largest to...

Tagged in: Anonymity, Financial and Investment Fraud, Importance of Whistleblowers, SEC Whistleblower Reward Program, Securities Fraud, Whistleblower Rewards,

The Evergrande Crisis Shows the Need for Greater Regulatory Oversight of the OTC Markets

Posted 09/23/21

The potential imminent collapse of China’s largest property builder, Evergrande, is shining a light on just how expensive homes in China’s big cities have become—and how much of a risk of a bubble there is, with potentially catastrophic effects on the global markets. A potential collapse would not just affect Chinese investors, although they may bear the brunt. Evergrande is traded over-the-counter in the...

Tagged in: Financial and Investment Fraud, Regulatory Violations, Securities Fraud,

SEC Awards $114 Million to Two Whistleblowers, Including an Apparent Outsider, Passing the $1 Billion Mark with a Bang

Posted 09/16/21

The SEC announced $114 million in whistleblower awards to two unnamed individuals whose information substantially contributed to an SEC enforcement action and two related actions by other enforcement agencies. With this award, the SEC can say it has issued more than $1 billion in awards to whistleblowers – truly, a milestone worth celebrating. As is typical with SEC press releases about whistleblower awards,...

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

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Top Ten SEC and CFTC Recoveries of 2021

Top Ten Whistleblower Awards of 2021

SEC Whistleblower Program Reports Stunning 2021 Results

SEC Names New Whistleblower Chief

Securities violation allegations for Trump SPAC again raises concerns on SPAC IPO model

Akazoo Settlement with SEC Offers Lessons on Risks and Enforcement in SPAC Transactions

Whistleblower Reveals Facebook’s Lies: Will the SEC or Congress Act to Curtail Threats to Democracy and Teens from Social Media?

A Billion in the Bank and Still No End In Sight For SEC’s Warm Embrace of Whistleblowers

The Evergrande Crisis Shows the Need for Greater Regulatory Oversight of the OTC Markets

SEC Awards $114 Million to Two Whistleblowers, Including an Apparent Outsider, Passing the $1 Billion Mark with a Bang

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