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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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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...

March 26, 2019

The SEC made two whistleblower awards to anonymous whistleblowers in an undisclosed enforcement actions based on information provided by the whistleblowers that assisted the agency.  One whistleblower received an award of $37 million and the other received an award of $13 million. No further details were provided by the SEC, which protects the confidentiality of whistleblowers and does not disclose information that could reveal a whistleblower’s identity.  SEC

CFTC Pays Whistleblower Award for Related Action Brought by Another Federal Regulator

Posted  03/14/19
financial trading numbers
On March 4, 2019, the CFTC announced an award of $2 million to an anonymous whistleblower who was not an insider, but provided “critical information through independent analysis of market data” that lead to several million in recoveries by two regulatory agencies. Moreover, as the Order makes clear, the whistleblower’s $2 million award is based not just on the CFTC’s recovery, but also on a recovery in a...

Catch of the Week — Mobile TeleSystems settles FCPA claims for $850M

Posted  03/7/19
Pile of coins with miniature flag of Uzbekistan
Russian telecom giant Mobile TeleSystems PJSC (MTS) agreed to pay approximately $850 million to settle allegations the company violated the Foreign Corrupt Practices Act (“FCPA”) by bribing an Uzbek official, a relative of Uzbekistan’s president at the time. $100M will be paid to the SEC to resolve the charges and will be credited against a criminal fine and forfeiture of $850M based on related criminal...

Canada Makes First Securities Fraud Whistleblower Award

Posted  03/6/19
Canadian maple leaf flag in cloth with draping
The Ontario Securities Commission (OSC) announced last week roughly CAD $7.5 million in whistleblower awards to three individuals who reported violations of Ontario securities laws.  The awards are the first ever by a Canadian securities regulator.  In keeping with its commitment to protecting the confidentiality of whistleblowers, the OSC did not disclose any information that might reveal the whistleblowers'...

Top Ten Whistleblower Awards of 2018

Posted  01/25/19
Book text showing definition of Whistleblower
2018 was another banner year for whistleblowers. As the DOJ recently reported in its annual summary of False Claims Act recoveries, $2.1 billion of the $2.8 billion in settlements and judgments reported last year arose from lawsuits filed under the qui tam provisions of the False Claims Act. During the same period, the government paid out $301 million in whistleblower awards to the individuals who exposed the fraud by...

Top Ten SEC and CFTC Recoveries of 2018

Posted  01/18/19
Business man in suit pointing finger at "Top 10" heading
The SEC and CFTC were busy in 2018. In addition to its robust FCPA enforcement, the SEC recovered hundreds of millions of dollars from companies accused of defrauding investors, breaching fiduciary duties, and violating SEC rules. The SEC also awarded its largest-ever whistleblower awards in 2018. Likewise, the CFTC spent the last year cracking down on market manipulators, rooting out commodities fraud, and halting...

What the Government Shutdown Means for Whistleblowers

Posted  01/3/19
Lincoln Memorial behind fence with sign saying closed for shutdown
As of January 3, 2019, the federal courts are still open, and say they can stay open at least through January 11 by using available funds from court fee payments and other sources not dependent on new appropriations.  However, most Department of Justice civil attorneys have been furloughed.  Without attorneys from DOJ, cases involving the United States are not be able to proceed as they normally would. ...

Record-Breaking Year for the SEC Whistleblower Program: What the SEC Annual Report Tells Whistleblowers

Posted  11/16/18
In its 2018 Annual Report to Congress, the SEC Office of the Whistleblower described a “record-breaking year,” with a substantial increase in the number of tips received and the largest whistleblower awards to date.  While these numbers illustrate the benefits of the SEC Whistleblower Program, the SEC rightly says that it is “most proud” of the benefits the Whistleblower Program offers to investors, with over...
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