DOJ FY2022 Annual Fraud Report Shows $2.2 Billion in Total Recoveries, with $1.9 Billion Thanks to Whistleblowers - But There are Reasons for Concern
The Department of Justice released its annual report of civil recoveries for fraud and false claims against the U.S., showing $2.2 billion in settlements and judgments for the fiscal year ending September 2022. The data released by DOJ show the critical role that whistleblowers play in securing these recoveries for the government: of the $2.2 billion recovered, $1.96 billion – 89% – was recovered in cases...
SEC Whistleblower Program 2022 Annual Report Shows Continued Strength of Program
Last week the SEC Whistleblower Office released its 2022 Annual Report, with office chief Creola Kelly saying that the SEC Whistleblower Program is “effectively incentivizing whistleblowers to make the often difficult decision to come forward with information about potential securities-law violations.” The data confirms that whistleblowers are making a big difference in protecting the markets and investing...
IRS Whistleblower Office Issues Delayed and Disappointing Annual Report on Whistleblower Program in Fiscal Year 2021
The IRS Whistleblower Office has released its required Annual Report to Congress, covering fiscal year 2021. Disappointingly, the report shows a continuing decline in proceeds collected as a result of submissions to the IRS Whistleblower Program and a continuing decline in awards paid to whistleblowers who reported tax fraud under the program. The report itself was submitted four months later than in previous years...
DOJ Announces $5.7 Billion in FCA Recoveries in Fiscal Year 2021, with Boost from Purdue Settlement Claim
DOJ has released its annual announcement of recoveries in civil cases involving fraud and false claims against the government, and the total recoveries are eye-popping: $5.65 billion in settlements and judgments. These recoveries make FY2021 the second largest year in False Claims Act history, and the largest since 2014.
As in prior years, healthcare fraud dominated, with more than $5 billion of the total...
SEC Whistleblower Program Reports Stunning 2021 Results
If you have been watching the SEC Whistleblower Program over the last year, you already know that this has been a bigyear, with the program passing one billion in total whistleblower awards as enforcement matters based on information from whistleblowers have resulted in orders for nearly $5 billion in monetary sanctions. This week, the SEC released its 2021 Annual Report on the SEC Whistleblower Program, and, even...
CFTC Whistleblower Program 2021 Annual Report Shows Continuing Strength of Program as it Manages Challenging Year
The Commodity Futures Trading Commission issued its required annual report to Congress covering the CFTC Whistleblower Reward Program. The report details the successes of the program over the 2021 fiscal year. Created by the Dodd-Frank Act, the CFTC Whistleblower Program pays awards to eligible whistleblowers who voluntarily provide the Commission with original information, about matters within the CFTC’s...
DOJ Reports Decline in Total Fraud Recoveries in 2020, but Whistleblower Efforts and Rewards Continue
In its annual report of recoveries in fraud and False Claims Act cases, the Department of Justicereported total recoveries of $2.2 billion for the fiscal year ending September 2020. These recoveries represent the lowest reported DOJ recoveries since 2008.
While it is the decline in recoveries that stands out, the 2020 DOJ fraud statistics do share some things in common with prior years. First, whistleblowers...
IRS Makes its 2020 Whistleblower Report to Congress: Mandatory Awards Hold Steady, but Long Delays Continue
2020 proved to be a difficult year for most people, but within the tumult of the year the IRS Whistleblower Office continued to work and on December 29, 2020 provided its annual report to Congress (for fiscal year ending September 30, 2020). The report showed a mixed bag of success and difficulties in addressing tax fraud and awarding whistleblowers.
The IRS Whistleblower Office made 169 awards to whistleblowers in...
SEC makes its annual whistleblower report to Congress – SPOILER ALERT: BEST YEAR EVER!
We already know it has been a banner year for the Securities and Exchange Commission's Whistleblower Program (fiscal year ending September 30). As we previously reported, the record-breaking year included roughly $175 million in awards to 39 whistleblowers, with 15 awards in the month of September alone. And this does not even include the $114 million blockbuster award the Commission made just three weeks ago,...