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SEC Whistleblower Awards Keep Rolling In

Posted 09/17/20

a silver whistle on top of a stack of cash

Earlier this week, the SEC announced an award of more than $10 million "to a whistleblower whose information and assistance were of crucial importance to a successful SEC enforcement action." This brings the total tally under the SEC's Whistleblower Program to $520 million in awards to 94 whistleblowers since the first award in 2012. It also marks the latest in a flood of awards this year, including the $50...

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

How Whistleblowers Can Report Fraud Related to Clinical Trials

Posted 09/4/20

The COVID-19 pandemic has highlighted the importance of government-funded scientific and medical research, including clinical trials of vaccines, treatments, and more. We are all potentially at risk if there is fraud and abuse in clinical trials and other research. Individuals with knowledge of fraud and misconduct in federal grants and clinical trials may be able to bring a whistleblower action for that research...

Tagged in: COVID-19, FCA Federal, FDA Fraud, Financial and Investment Fraud, Grant and Research Fraud, Healthcare Fraud, Pharma Fraud, SEC Whistleblower Reward Program, Securities Fraud, Whistleblower Answers,

Catch of the Week: Interactive Brokers Pays $38 Million for Failures in Money-Laundering and Supervision

Posted 08/14/20

Brokerage firm Interactive Brokers LLC will pay $38 million in penalties to settle charges from multiple U.S. market regulators regarding its anti-money laundering practices, including alleged failures to file suspicious activity reports (SARs). The discount broker has paid an $11.5 million penalty to settle charges with the Securities and Exchange Commission over the deficiencies in its internal controls that...

Tagged in: Catch of the Week, CFTC Whistleblower Reward Program, Financial and Investment Fraud, Financial Institution Fraud, Importance of Whistleblowers, Money Laundering, Regulatory Violations, SEC Whistleblower Reward Program,

The FCPA’s Accounting Provisions Get a Fresh Look from the SEC

Posted 08/13/20

In the New York Law Journal this week, we published an article discussing a heartening trend in the SEC’s enforcement of the Foreign Corrupt Practices Act, a law that has yielded some of the largest SEC fines and recoveries: an increased willingness to ground enforcement actions in the accounting provisions of the FCPA. The FCPA broadly prohibits two different kinds of conduct. First, businesses may not bribe...

Tagged in: FCPA, Importance of Whistleblowers, SEC Whistleblower Reward Program, Whistleblower Eligibility, Whistleblower Protection Laws, Whistleblower Rewards,

What Potential Whistleblowers Need to Know About the Dodd-Frank Act

Posted 07/21/20

Topics Covered Here:

History of the Dodd-Frank Whistleblower Program
Understanding the Dodd-Frank Whistleblower Provisions
The Differences Between Dodd-Frank Whistleblower Cases and False Claims Act Cases

Tagged in: CFTC Whistleblower Reward Program, Financial and Investment Fraud, Fraud in CFTC-Regulated Markets, Importance of Whistleblowers, SEC Whistleblower Reward Program, Securities Fraud, Whistleblower Answers,

Constantine Cannon Attorneys Provide Comments on Model Whistleblower Award and Protection Act

Posted 07/2/20

Following in the footsteps of the hugely successful SEC Whistleblower Program, which recently announced its largest-ever reward of $50 million, the North American Securities Administrators Association (NASAA) has proposed a Model Whistleblower Award and Protection Act that would serve as a guide for states across North America who wish to enact a compelling whistleblower program to bolster their securities...

Tagged in: Anonymity, Importance of Whistleblowers, Retaliation, SEC Whistleblower Reward Program, Whistleblower Case, Whistleblower Eligibility, Whistleblower Rewards,

SEC Makes $50M Whistleblower Reward: LARGEST AWARD TO DATE

Posted 06/4/20

The SEC today announced a $50 million whistleblower award, the largest award to date to a single individual whistleblower under the SEC Whistleblower Program. This tops the $54 million award to two whistleblowers in September 2018 and the $50 million award to two whistleblowers in March 2018. It brings the total amount of awards under the program to more that a half-billion dollars. And it is just the latest in...

Tagged in: Importance of Whistleblowers, SEC Whistleblower Reward Program, Whistleblower Case, Whistleblower Eligibility, Whistleblower Rewards,

COVID Frauds of the Week: Misrepresented Mask Inventories and Medicare Fraud

Posted 05/1/20

Amid COVID-19-induced fear and hardship, fraud is on the rise. Already, the FTC has received over 18,000 reports of COVID-19 related fraud. In response, the SEC, CFTC, and other regulators announced they are on the lookout for pandemic-related fraud, and the DOJ warned would-be wrongdoers that it will not tolerate profiting off of public panic. This week, we focus on three enforcement actions brought by the...

Tagged in: Catch of the Week, COVID-19, Healthcare Fraud, Medicare, SEC Whistleblower Reward Program, Securities Fraud,

SEC Starts 2020 with Almost $12 million in Whistleblower Awards

Posted 04/9/20

Business sign saying "Come In We're Open" in white on blue background

Despite the Covid-19 pandemic, the SEC whistleblower program is very much open for business: the SEC has announced seven whistleblower awards in the past four months, including an award of over $7 million to a “tenacious” whistleblower who provided extensive and sustained assistance in connection with serious financial abuses despite suffering hardship. Under the program, whistleblowers – regardless of their...

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

Catch of the Week: SEC Hits Actor Steven Seagal for Improper ICO Promotion

Posted 03/6/20

This week’s Catch of the Week goes to the SEC for securing over $300,000 recovery from actor Steven Seagal in connection with his alleged failure to disclose payments he received for promoting an initial coin offering (ICO) conducted by Bitcoiin2Gen (B2G). The settlement is part of the SEC’s broader effort to combat the role of celebrities in promoting novel—and sometimes fraudulent—cryptocurrency...

Tagged in: Catch of the Week, Cryptocurrency, Financial and Investment Fraud, SEC Whistleblower Reward Program, Securities Fraud,

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SEC Whistleblower Awards Keep Rolling In

How Whistleblowers Can Report Fraud Related to Clinical Trials

Catch of the Week: Interactive Brokers Pays $38 Million for Failures in Money-Laundering and Supervision

The FCPA’s Accounting Provisions Get a Fresh Look from the SEC

What Potential Whistleblowers Need to Know About the Dodd-Frank Act

Constantine Cannon Attorneys Provide Comments on Model Whistleblower Award and Protection Act

SEC Makes $50M Whistleblower Reward: LARGEST AWARD TO DATE

COVID Frauds of the Week: Misrepresented Mask Inventories and Medicare Fraud

SEC Starts 2020 with Almost $12 million in Whistleblower Awards

Catch of the Week: SEC Hits Actor Steven Seagal for Improper ICO Promotion

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