SEC Whistleblower Reward Program
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SEC Announces Record $30M Whistleblower Award
Posted 09/23/14
By the C|C Whistleblower Lawyer Team
Yesterday, the Securities and Exchange Commission announced an expected whistleblower award of more than $30 million. It will be the largest award to date under the SEC whistleblower program established in 2012 under the Dodd-Frank Act. It surpasses the $14 million award the SEC made to great fanfare roughly a year ago. The new award will also be the fourth award to a...
September 23, 2014
Constantine Cannon whistleblower lawyer Gordon Schnell quoted in Business Week and Bloomberg on the record $30 million SEC whistleblower award.SEC Settles First Whistleblower Retaliation Case; Warns There Will Be More
Posted 06/19/14
By Jason Enzler
The Securities and Exchange Commission announced another ground-breaking development for its whistleblower program earlier this week, releasing details on its first whistleblower retaliation case filed under the Dodd-Frank Act. In doing so, the SEC sent an unambiguous message: They are just getting started in going after companies that retaliate against whistleblowers.
At issue was...
A Sunny Report from the SEC Whistleblower Office
Posted 11/21/13
By Marlene Koury
The 2013 numbers are in for the Dodd-Frank whistleblower program and they are encouraging. The SEC released its 2013 Annual Report on the program earlier this week which revealed that tips – and rewards – have increased since 2012. The young whistleblower program is gaining steam and if it stays on course, it will no doubt be hugely successful in the coming years, perhaps even rivaling...
SEC Puts Its Money Where Its Mouth Is With $14M Whistleblower Award
Posted 10/3/13
By Gordon Schnell
It has been more than two years since the SEC Whistleblower Office officially opened its doors. Born out of the Dodd-Frank Act, it was created to help usher in a new day of more aggressive enforcement at an agency that up until recently many believed was very much asleep at the switch. But with all of the fanfare surrounding the new office, and the flood of whistleblower tips that have poured...
Survey Reports Rampant Misconduct in Hedge Fund Industry
Posted 05/3/13
By Whistleblower Insider
A recent survey of hedge fund professionals commissioned by the law firm Labaton Sucharow, HedgeWorld and the Hedge Fund Association, revealed some disappointing statistics regarding the prevalence of fraud and misconduct in the hedge fund industry. Among the more notable findings, about a third of the professionals surveyed (30%) have witnessed misconduct in the workplace; more than a...
SEC Whistleblower Program Continues to Gain Steam With No Signs of Slowing Down
Posted 11/30/12
By Jason Enzler
The SEC just released its second annual report on its whistleblower program (available here). While there are no major surprises, there are some interesting facts to take away and even some trends that can be deduced. Consistent with our report in a previous post, the number of attorneys staffing the SEC’s Whistleblower Office has doubled. See Business Is Booming At The SEC Whistleblower...
Everything You Want to Know About the Foreign Corrupt Practices Act and More
Posted 11/16/12
By Jason Enzler
In a move that should help both businesses and those seeking to combat fraud, the SEC and DOJ jointly released a 120-page guide on the Foreign Corrupt Practices Act (FCPA) on Wednesday. The guide does not represent any changes to the law or new trends in its enforcement, but it does gather in one place an easy-to-read discussion of the law and its prohibitions, answers to hypothetical scenarios,...
A Tale of Two Whistleblower Offices -- The Very Different Approaches of the SEC and IRS
Posted 10/26/12
By Gordon Schnell
By now, we all have heard about the $104 million awarded to former UBS banker Bradley Birkenfeld for blowing the whistle on the Swiss banking giant's scheme to help thousands of Americans use offshore accounts to cheat the IRS. See The IRS Whistleblower Office Gets Serious With Record Setting Award. It was the largest whistleblower award on record and particularly notable as it came from an...