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...
The SEC has granted a nearly $2 million award to a whistleblower whose early tip allowed the agency to freeze assets associated with fraudulent conduct, prevent the dissipation of investor funds and allow investors to recover most of their money. The whistleblower’s tip also ultimately led to a successful enforcement action. SEC
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...
An anonymous whistleblower will receive $18 million based on a successful enforcement action by the SEC. The whistleblower’s SEC submission, which was made after the individual repeatedly reported the problem internally, initiated the SEC investigation resulting in the recovery. SEC
A whistleblower has been awarded $5 million for providing information to the SEC, despite ongoing hardships from reporting internally. The information eventually led to a successful enforcement action. This is the seventh award issued by the SEC in the last month. SEC
The SEC has announced that its largest whistleblower award so far this year and sixth largest overall since the inception of its whistleblower program has been awarded to an individual who alerted the agency to fraud that was partly committed overseas. The whistleblower, who will receive $27 million, reportedly contributed significantly to the agency’s enforcement efforts by providing critical investigative leads. SEC
SEC Starts 2020 with Almost $12 million in Whistleblower Awards
Posted 04/9/20
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...
The SEC has announced that an anonymous whistleblower who provided information to the agency, despite implied threats from the wrongdoer, has been awarded $2 million. According to the SEC, the information provided would have been difficult for the agency to obtain otherwise and significantly aided in an ongoing investigation. SEC
A whistleblower working in compliance and internal audits has been awarded $450,000 by the SEC. After efforts to report misconduct internally failed to make a positive impact, the whistleblower reported the same misconduct to the SEC, which helped focus an ongoing investigation and ultimately led to a successful enforcement action. SEC
Two whistleblowers have received awards totaling over $570,000 for their roles in recent enforcement actions by the SEC. According to the press release, the first whistleblower received approximately $478,000 and the second whistleblower received approximately $94,000. In keeping with agency practices, the whistleblowers’ identities have not been revealed. SEC