SEC Whistleblower Reward Program
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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...
Whistleblowers Help Uncover EB-5 Visa Fraud
Posted 04/17/17
By the C|C Whistleblower Lawyer Team
Approximately two weeks ago on April 5, authorities raided a business run by a California attorney and her father under suspicion of orchestrating a $50 million EB-5 visa scheme. The father and daughter owned a company called California Investment Immigration Fund LLC (“CIIF”). CIIF raised money from over one hundred Chinese investors for business projects. Under the EB-5...
January 23, 2017
The SEC announced an award of more than $7 million split among three whistleblowers who helped the SEC prosecute an investment scheme. One whistleblower provided information that was a primary impetus for the start of the SEC’s investigation. That whistleblower will receive more than $4 million. Two other whistleblowers jointly provided new information during the SEC’s investigation that significantly contributed to the success of the SEC’s enforcement action. Those two whistleblowers will split more than $3 million. SECJanuary 17, 2017
New York-based asset manager BlackRock Inc. will pay a $340,000 penalty to settle charges that it improperly used separation agreements in which exiting employees were forced to waive their ability to obtain whistleblower awards. According to the SEC’s order, more than 1,000 departing BlackRock employees signed separation agreements containing violative language stating that they “waive any right to recovery of incentives for reporting of misconduct.” BlackRock added the waiver provision in October 2011 after the SEC adopted its whistleblower program rules, and the firm continued using it in separation agreements until March 2016. SECFebruary 7, 2017
Partner Eric Havian quoted in the SF Chronicle, Federal law may prompt corporate whistle-blowers to act.Three Whistleblowers Split $7 Million SEC Award
Posted 01/23/17
By the C|C Whistleblower Lawyer Team
On January 23rd, the SEC Office of the Whistleblower announced an award in excess of $7 million to be split between three whistleblowers. The whistleblowers provided information to the SEC that allowed it to conclude an enforcement action related to an investment scheme. The involvement of the three whistleblowers was split. The first whistleblower provided information that...
January 23, 2017
The Securities and Exchange Commission announced an award of more than $7 million split among three whistleblowers who helped the SEC prosecute an investment scheme. One whistleblower provided information that was a primary impetus for the start of the SEC’s investigation. That whistleblower will receive more than $4 million. Two other whistleblowers jointly provided new information during the SEC’s investigation that significantly contributed to the success of the SEC’s enforcement action. Those two whistleblowers will split more than $3 million. SECFinancial Company HomeStreet Charged With Improper Accounting and Impeding Whistleblowers
Posted 01/20/17
By the C|C Whistleblower Lawyer Team
The SEC announced that Seattle-based financial services company HomeStreet Inc. has agreed to pay a $500,000 penalty to settle charges that it conducted improper hedge accounting and later took steps to prevent potential whistleblowers in violation of SEC Rule 21F-17, which prohibits taking actions to impede communication with the SEC.
According to the SEC’s order,...