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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:

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Calling all FCPA Whistleblowers — The CFTC Wants You!

Posted  06/19/19
Businessmen Holding Foreign Currency in an Envelope
If you have information on Foreign Corrupt Practices Act (FCPA) violations in the commodities or derivatives markets, the Commodity Futures Trading Commission (CFTC) wants to hear from you. The agency made this clear in a recently-issued CFTC "Whistleblower Alert" calling on all FCPA whistleblowers to step forward and report what they know. The agency even dangled the potential for monetary rewards for those...

Blowing the Whistle on Data Breaches and Cybersecurity Flaws

Posted  06/14/19
Computer Security Profession Sitting at Her Computer Desk
With increasing dependence on technology, cybersecurity has emerged as a critical issue for customers, investors, and government regulators. Data breaches and other cybersecurity incidents can have devastating effects. In 2018, the Council of Economic Advisers estimated that malicious cyber activity cost the U.S. economy up to $109 billion dollars in 2016 alone. Typically, the public only learns of such flaws and...

June 3, 2019

The SEC made a $3 million whistleblower award to be shared by multiple anonymous whistleblowers who jointly submitted a tip to the SEC Whistleblower Program regarding their employer.  The tip, reporting an alleged securities law violation that impacted retail investors, led to a successful enforcement action by the SEC.  The SEC also noted that the whistleblowers had undertaken significant efforts to report the issues internally and seek to have them corrected.  SEC

SEC Gives First Ever Whistleblower Award Under Rule That Incentivizes Internal Reporting

Posted  05/31/19
hand pointing to virtual compliance text
On May 24, the Securities & Exchange Commission announced that it awarded over $4.5 million to a whistleblower who both reported allegations of securities fraud at a company internally and shared this information with the SEC. This is the first time since the creation of its whistleblower rewards program that the SEC awards a claimant under Rule 21-F4(c)(3) of the Exchange Act, a provision designed to encourage...

May 24, 2019

The SEC announced an award of more than $4.5 million to an anonymous whistleblower.  The whistleblower sent an anonymous tip to the company alleging significant wrongdoing, and also submitted the same information to the SEC within 120 days of reporting it to the company. The company opened an internal investigation as a result of the whistleblower's tip, and subsequently self-reported to the SEC and another agency, resulting in a recovery by the government.  SEC

Ted Siedle is the rare SEC whistleblower who allows us to put a face to the name.

Posted  05/24/19
Ted Siedle Whistleblower Headshot
After two years of waiting, the recipient of what was the largest whistleblower award to date under the SEC Whistleblower Program when it was first announced in 2017, was finally paid by the SEC. This week, he received his share of a $50 million reward to two whistleblowers for exposing conflicts of interest at JP Morgan that led to a $267 million fine by the SEC. Last year, the whistleblower also received $30 million...

CFTC Makes Another Whistleblower Award

Posted  05/10/19
Commodity Futures Trading Commission Logo
On Monday, the Commodity Futures Trading Commission (CFTC) announced a whistleblower award of roughly $1.5 million. It is the latest in a string of whistleblower awards from an agency that has made it very clear that after a slow start in implementing its whistleblower program it is finally open for whistleblower business. CFTC Enforcement Director James McDonald could not have been more direct on this point:...

DOJ to Corporate America — Embrace the Whistleblower

Posted  05/9/19
Hanging Folder with Compliance Tab
In a clear push to companies to tighten up their internal compliance efforts, the DOJ Criminal Division recently announced a remake of the agency's guidelines for corporate compliance programs. The document, titled "The Evaluation of Corporate Compliance Programs," updates a previous version of the guidelines and is designed to provide more insight and context into the steps DOJ expects companies to take to ensure...

The Latest on Cryptocurrency, Offshore Tax Avoidance and Money-Laundering, and Whistleblowing: A Report from OffshoreAlert Miami 2019

Posted  05/3/19
Hanging Hundred Dollar Bills on Clothes Line
“A diverse collection of the hunters and the hunted.” That’s how the Wall Street Journal described the OffshoreAlert Conference in 2009. The 2019 conference was no different, bringing together those who work in the offshore industry, the government enforcers who try to stop the unscrupulous among them, and the asset recovery professionals who pursue lost funds. Alongside them were whistleblowers and their...

Two JP Morgan Whistleblowers Awarded Third-Largest Single SEC Award

Posted  03/29/19
JP Morgan Building with Building Lights On
Earlier this week, the U.S. Securities & Exchange Commission announced that two whistleblowers were awarded a combined $50 million for reporting securities fraud at JP Morgan. The anonymous whistleblowers, one of whom was described by his attorney as a “JP Morgan executive,” triggered the agency’s investigation and enforcement against the bank for failing to disclose to clients that the bank preferred to invest...
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