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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,

Is the privatization of whistleblower programs a trend?

Posted 12/3/21

Tether is a type of cryptocurrency known as a “stablecoin.” That means, in theory, that anyone buying Tether is promised Tether holds an equal amount of U.S. currency to back up your crypto purchases. There’s just one problem with that: no one has seen any proof that Tether actually holds anywhere close to sufficient currency to back up the billions in stablecoins traded. All Tether has offered is an...

Tagged in: Cryptocurrency, Financial and Investment Fraud, 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,

CFTC’s Largest-Ever Whistleblower Award Edges out SEC and IRS Awards and Acts as a Calling Card for the CFTC Whistleblower Reward Program Globally

Posted 11/8/21

As we’ve reported in two recent blog posts, the Commodity Futures Trading Commission’s recent award of $200 million to a whistleblower announced on October 21 is certainly the largest the CFTC has ever made, but also the largest award made under any federal whistleblower-reward program to a single whistleblower, including the False Claims Act. To appreciate the significance of this award, we wanted to give it...

Tagged in: CFTC Whistleblower Reward Program, Financial and Investment Fraud, Fraud in CFTC-Regulated Markets, International Whistleblowers, 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,

CFTC Whistleblower Program 2021 Annual Report Shows Continuing Strength of Program as it Manages Challenging Year

Posted 11/1/21

The Commodity Futures Trading Commission issued its required annual report to Congress covering the CFTC Whistleblower Reward Program. The report details the successes of the program over the 2021 fiscal year. Created by the Dodd-Frank Act, the CFTC Whistleblower Program pays awards to eligible whistleblowers who voluntarily provide the Commission with original information, about matters within the CFTC’s...

Tagged in: CFTC Whistleblower Reward Program, Financial and Investment Fraud, Fraud in CFTC-Regulated Markets, Legislation and Regulation News, Statistics,

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,

The New ENABLERS Act May Be a Backdoor Way to Expand the Anti-Money Laundering Whistleblower Program

Posted 10/14/21

Hundred dollars bills pinned to clothes line

In The Hill this week, I argue that the newly proposed ENABLERS Act is a lot more powerful than even its authors seem to realize. The proposed law would effectively expand the Bank Secrecy Act to apply the same reporting requirements currently imposed on banks to all sorts of actors who enable (get it?) money laundering: lawyers, investment advisers, accountants, art dealers, public relations firms, and the like. ...

Tagged in: Financial and Investment Fraud, Financial Institution Fraud, Legislation and Regulation News, Money Laundering, Tax Fraud, Whistleblower Eligibility,

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Top Ten SEC and CFTC Recoveries of 2021

Top Ten Whistleblower Awards of 2021

Is the privatization of whistleblower programs a trend?

SEC Whistleblower Program Reports Stunning 2021 Results

SEC Names New Whistleblower Chief

CFTC’s Largest-Ever Whistleblower Award Edges out SEC and IRS Awards and Acts as a Calling Card for the CFTC Whistleblower Reward Program Globally

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

CFTC Whistleblower Program 2021 Annual Report Shows Continuing Strength of Program as it Manages Challenging Year

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

The New ENABLERS Act May Be a Backdoor Way to Expand the Anti-Money Laundering Whistleblower Program

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