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SEC Whistleblower Reward Program

This archive displays posts tagged as relevant to the SEC Whistleblower Reward Program. You may also be interested in the following pages:

Page 1 of 32

SEC Awards $12 Million To Three Whistleblowers

Posted  10/11/24
SEC logo on building

Yesterday (October 10), the Securities and Exchange Commission (SEC) announced a $12 million award to be shared among three whistleblowers "who provided critical information and assistance in an SEC enforcement action."

The award follows a string of large whistleblower awards in July — August: August 26 ($24 million); August 23 ($98 million); July 26 ($37 million); and July 17 ($37 million). There had been no other...

Tagged in: SEC Whistleblower Reward Program,

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SEC Settles Charges Against (Yet Another) Company for Claims It Violated Whistleblower Protection Rules with Agreements Limiting the Ability to Report to SEC

Posted  10/1/24
Securities Exchange Commission Logo on Building

The SEC recently announced settled charges against investment adviser GQG Partners LLC over claims it entered into agreements that made it harder for individuals to report potential violations to the SEC. This is yet another example of the SEC enforcing whistleblower protections and going after companies that try to inhibit reporting to the SEC.

In this case, the SEC charged that GQG asked potential employees to sign...

Tagged in: SEC Whistleblower Reward Program,

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SEC Awards Another Whistleblower $37 Million

Posted  07/29/24
pile of money
Last Friday (July 26), the Securities and Exchange Commission (SEC) announced a whistleblower award of more than $37 million. It comes less than two weeks after the SEC announced another $37 million award. Prior to that, it had been several months since the agency had issued any whistleblower awards, a relative dry spell for an agency that up to that point had been extremely prolific in its whistleblower...

Tagged in: SEC Whistleblower Reward Program, Whistleblower Rewards,

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Top Ten Whistleblower Recoveries for 2023

Posted  01/22/24
Top Ten Blue Stamp
2023 was another big year for whistleblowers, helping the government recover billions of dollars in dozens of fraud enforcement actions.  As usual, virtually all these whistleblower-prompted recoveries were under the government's three primary whistleblower rewards programs -- the False Claims Act, the SEC Whistleblower Program, and the CFTC Whistleblower Program.  Successful whistleblowers under each of these...

Tagged in: CFTC Whistleblower Reward Program, FCA Federal, SEC Whistleblower Reward Program, Top 10, Whistleblower Case, Whistleblower Rewards,

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Top FCPA Recoveries of 2023

Posted  01/19/24
Mix of Foreign Currency Scattered Around
The Foreign Corrupt Practices Act (FCPA) bars payments to foreign officials for any kind of business advantage, such as securing government contracts or other kinds of favorable business treatment.  The statute covers any form of consideration including gifts, meals, travel, and entertainment.  It also imposes strict record-keeping and internal control requirements to prevent falsifying company books and records...

Tagged in: Ballsy Bribes, Bribery and Bid-Rigging, Falsifying Invoices, FCPA, SEC Whistleblower Reward Program, Securities Fraud, Top 10,

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Top Ten SEC and CFTC Whistleblower Awards for 2023

Posted  01/16/24
Anonamous Person on Phone Pointing to Book with Charts and Numbers
It was a relatively quiet year for the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) in their payout of whistleblower awards under their respective whistleblower programs.  Under the SEC Program and CFTC Program -- both enacted under the Dodd-Frank Wall Street Reform and Consumer Protection Act -- whistleblowers who provide information that leads to a successful government...

Tagged in: CFTC Whistleblower Reward Program, Fraud in CFTC-Regulated Markets, SEC Whistleblower Reward Program, Securities Fraud, Top 10, Whistleblower Case, Whistleblower Rewards,

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December 22, 2023

Seven whistleblowers will receive over $28 million combined for providing information that significantly contributed to an SEC investigation. The group, comprised of a single claimant and two sets of joint claimants, provided significant and detailed information at crucial points in the investigation, saving the SEC staff considerable time and resources. SEC

Tagged in: SEC Whistleblower Reward Program, Whistleblower Rewards,

Better Markets Heralds SEC Whistleblower Program as a Model To Follow

Posted  12/14/23
Better Markets -- a nonpartisan nonprofit promoting the public interest in financial reform and the economy -- just released (on December 7) a report on the SEC Whistleblower Program, touting it as a $6 billion success story.  In announcing its findings, Better Markets did not spare its high praise for the whistleblower program, highlighting "just how critical [it] has been as a law enforcement tool, allowing the SEC...

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

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September 29, 2023

Registered investment adviser D. E. Shaw & Co. L.P. has agreed to pay $10 million to settle charges of violating the whistleblower protection rule of the Securities Exchange Act of 1934.  According to the SEC, between 2011 and 2019, the company required new employees to sign agreements prohibiting them from disclosing information to anyone outside the company without company authorization, a court order, or as required by law.  Between 2011 and 2023, the company also required about 400 departing employees to sign releases stating they had not filed complaints with any federal agency before they were able to receive benefits.  SEC

Tagged in: Importance of Whistleblowers, SEC Whistleblower Reward Program,

September 29, 2023

Interactive Brokers Corp., an introducing broker, and Interactive Brokers LLC, a futures commission merchant, has been ordered to pay $20 million to the CFTC and $35 million to the SEC to resolve charges of failing to maintain and preserve records.  The records included communications through unapproved channels, such as text and WhatsApp, which employees at all levels used and which the company failed to maintain and preserve.  The SEC also resolved charges against other firms for similar misconduct, including Robert W. Baird & Co. Inc. ($15 million); William Blair & Company LLC and William Blair Investment Management LLC ($10 million); Nuveen Securities LLC ($8.5 million); Fifth Third Securities Inc. ($8 million); and Perella Weinberg Partners LP, Tudor, Pickering, Holt & Co. Securities LLC, and Perella Weinberg Partners Capital Management LP ($2.5 million).  CFTC; SEC

Tagged in: Financial Institution Fraud, Fraud in CFTC-Regulated Markets, SEC Whistleblower Reward Program,

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