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,...
Record-Setting Submissions: CFTC Whistleblower Program 2020 Annual Report Documents Increasing Popularity of Program
Every year, the Commodity Futures Trading Commission is required to report to Congress about the CFTC Whistleblower Reward Program, created by the Dodd-Frank Act, which pays awards to eligible whistleblowers who voluntarily provide the Commission with original information, about matters within the CFTC’s jurisdiction, that leads to the recovery of more than $1 million in monetary sanctions. This week, the CFTC...
DOJ 2019 Fraud Statistics Tell Story of the Critical Role of Whistleblowers
The Department of Justice released its annual report of civil recoveries for fraud and false claims against the U.S., showing recoveries over $3 billion in settlements and judgments for the fiscal year ending September 2019. The data released by DOJ show the critical role that whistleblowers play in securing these recoveries for the government: of the $3 billion recovered, over $2.2 billion – 72% – was recovered...
SEC Whistleblower Program 2019 Annual Report Tells Story of Significant Impact - Despite Beginning the Year with a Government Shutdown
In its 2019 Annual Report to Congress, the SEC Office of the Whistleblower described its program as continuing to have a “significant impact” on enforcement and investor protection efforts. In the fiscal year that ended in September 2019, the SEC Whistleblower Program received the second highest number of tips in program history, and issued the third largest whistleblower award to date.
CFTC Whistleblower Program Annual Report Shows Program Open for Business, yet Challenges Persist
Fifteen million dollars is how much the United States Commodity Futures Trading Commission’s (CFTC) Whistleblower Program paid whistleblowers in FY 2019 according to the agency’s annual report to Congress. This amount includes:
$7 million to one individual whistleblower;
Over $2 million to a non-insider whistleblower who provided independent analysis of market data; and,
Recent legislation marks a potential huge step forward for the IRS Whistleblower Program, which offers rewards of 15 to 30% of government recoveries to whistleblowers who report tax avoidance. The Taxpayer First Act (TFA), which came into force on July 1, 2019 introduced key reforms that should benefit whistleblowers reporting tax evasion and underreporting.
A few months ago, the IRS Whistleblower Office released...
Tax whistleblowers and those who believe that no one should be able to lie, cheat, or buy their way out of paying their tax bills got some good news in the IRS Whistleblower Office’s report last month on the 2018 fiscal year. Notably, the IRS issued 217 whistleblower awards totaling over $312 million, a nearly tenfold increase over the prior year. That’s an enormous shot in the arm for what should be a highly...