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Reporting to Government

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SEC Reaffirms its Policy of Reduced Awards for Tardy Whistleblowers

Posted  09/20/18
Last Friday, the SEC announced an award of more than $1.5 million to a whistleblower who "provided the SEC with vital information and ongoing assistance that proved important to the overall success of an enforcement action." SEC Press Release. This brings to 58 the total number of awards under the SEC Whistleblower Program, amounting to $322 million in whistleblower recoveries. Of course, following the SEC's strict whistleblower confidentiality provisions, the SEC...

Dodd-Frank's Anti-Retaliation Protections Apply Only to Whistleblowers Who Report to the SEC

Posted  02/23/18
By the C|C Whistleblower Lawyer Team In Digital Realty Trust, Inc. v. Somers, a 9-0 opinion by Justice Ginsburg, the Supreme Court held that the anti-retaliation provisions of the 2010 Dodd-Frank Act do not extend to employees who have reported internally but extend only to employees who have reported suspected securities law violations to the SEC. The Supreme Court's decision reversed the Ninth Circuit, and resolved a longtime circuit split....

Newly Released Government Accountability Project White Paper Responds To Security And Exchange Commission Rulings Penalizing Whistleblowers For Delay In Disclosing Corporate Fraud

Posted  02/3/16
By Jessica T. Moore Seemingly unexplained and arbitrary SEC rulings reducing whistleblower awards due to reporting “delays” have troubled those who work to expose fraud against investors.  See The Hill, SEC whistleblowers be warned, don’t delay in reporting fraud.  Now, an in-depth study from the Government Accountability Project details why such delays may occur.  The goals of the paper, Why Whistleblowers Wait: Recommendations to Improve the Dodd Frank Law’s SEC...

August 29, 2014

The SEC announced a whistleblower award of more than $300,000 to a company employee who performed audit and compliance functions and reported wrongdoing to the SEC after the company failed to take action when the employee reported it internally.  It is the first award for a whistleblower with an audit or compliance function at a company.  This particular whistleblower award recipient reported concerns of wrongdoing to appropriate personnel within the company, including a supervisor.  But when the company took no action on the information within 120 days, the whistleblower reported the same information to the SEC.  SEC

July 15, 2015

The New Mexico Attorney General announced the creation of the Fraud Recovery Strike Force, a unit in his office charged with aggressively investigating and pursuing litigation to protect New Mexico consumers, New Mexico taxpayers, and to recover public funds. The Fraud Recovery Strike Force is charged with investigating false claims and deceptive practices, and is partnering with whistle-blowers to expose abuse and corruption. The strike force will enforce state and federal law in order to recover millions of dollars fleeced from the public treasury and New Mexico’s economy at no additional cost to the taxpayer. Its efforts will be directed to high priority risk areas including securities fraud, investments with public employee retirement funds, health care fraud, and marketplace fraud. NM

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