Catch of the Week — SEC Hands Two Whistleblowers $54 Million
Posted 09/7/18
Anonymity
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July 16, 2018
The CFTC has announced its first whistleblower award to a foreign whistleblower. The award totals over $70K, but the investigation that resulted in the award is yet-to-be revealed. This is the second award made under the CFTC’s new whistleblower rules, after the largest award in CFTC history, paid on July 12, 2018. CFTCJuly 12, 2018
The CFTC announced an award of approximately $30 million to a whistleblower who voluntarily provided key original information that led to a successful enforcement action. The award is the largest award made by the CFTC’s Whistleblower Program to date and is the fifth award made by the program. Previously, the highest award amount paid to a CFTC whistleblower was in March 2016 of more than $10 million (see CFTC Press Release 7351-16, CFTC Announces Whistleblower Award of More Than $10 Million). CFTCJuly 27, 2017
The Securities and Exchange Commission today announced a whistleblower award of more than $1.7 million to a company insider who provided the agency with critical information to help stop a fraud that would have otherwise been difficult to detect. Millions of dollars were returned to harmed investors as a result of the SEC’s ensuing investigation and enforcement action. ''When whistleblowers tip the SEC, it not only can bring wrongdoers to justice but also relief to investors,'' said Jane Norberg, Chief of the SEC’s Office of the Whistleblower. ''This whistleblower's valuable information enabled us to stop further investor harm and ultimately return money to victims.'' Approximately $158 million has now been awarded to 46 whistleblowers who voluntarily provided the SEC with original and useful information that led to a successful enforcement action. SECJuly 27, 2017
The SEC made a whistleblower award of more than $1.7 million to an undisclosed company insider who provided the agency with critical information to help stop a fraud that would have otherwise been difficult to detect. The SEC reports that roughly $158 million has now been awarded to 46 whistleblowers who voluntarily provided the SEC with original and useful information that led to a successful enforcement action. SECJuly 25, 2017
The SEC made a whistleblower award of nearly $2.5 million to an undisclosed employee of a domestic government agency whose whistleblower tip helped launch an SEC investigation and whose continued assistance enabled the SEC to address a company's misconduct. SECJPMorgan Whistleblowers Set to Reap Record $61 Million Bounty
Posted 07/21/17
By the C|C Whistleblower Lawyer Team Two whistleblowers are apparently set to share a record $61 million award from the SEC for helping make the case that JPMorgan Chase & Co. failed to disclose to wealthy clients that it was steering them into investments that would be most profitable for the bank. The SEC issued letters notifying six whistleblower applicants of the preliminary decision. The letters said that two of...
How Two Wall Street Analysts Became SEC Whistleblowers
Posted 04/27/17
By the C|C Whistleblower Lawyer Team In 2012, an anonymous analyst noticed Texas-based medical device manufacturer Orthofix was outperforming expectations. The analyst suspected that something was off, as the company’s earnings reports showed its wholesale customers were taking longer than usual to pay Orthofix. The company’s executives blamed the delay on logistical problems at foreign offices. The analyst spent months tracking the company’s quarterly reports, earnings calls, and other information...
Protecting Whistleblower Anonymity
Posted 09/14/16
Introduction of Director of SEC Enforcement Andrew Ceresney; Panelist 2016 Taxpayers Against Fraud Education Fund, False Claims Act Annual Conference in Washington, DC.
$2 Million SEC Whistleblower Award To Be Split Among Three Whistleblowers — But The First To The Commission Gets The Most
Posted 03/10/16
The SEC has announced that its most recent whistleblower award, of almost $2 million, will be split among three whistleblowers — but not evenly. The first whistleblower, identified only as “Claimant 1,” will receive about $1.8 million. The other two whistleblowers will share about $130,000. The SEC whistleblower program was inspired by, and roughly based on, The False Claims Act (FCA), oft-described as “the federal government’s most powerful anti-fraud tool.” ...