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Whistleblower Rewards

This archive displays posts tagged as including whistleblower rewards. You may also be interested in the following pages:

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Call to Albany: Time to reward insurance fraud whistleblowers

Posted  10/29/20
By Gordon Schnell, Max Voldman
Whistle on Wood
(Published in Times Union) Here is an idea for Albany. It would significantly strengthen the State's efforts to combat fraud, inject the State with tens of millions of dollars a year in added revenue, and most importantly, better protect the health and welfare of all New Yorkers. All it would entail is expanding New York's whistleblower rewards regime to include individuals exposing insurance fraud. New York...

SEC Makes Record Whistleblower Award of $114 Million

Posted  10/29/20
SEC-building
Following on the heels of a record-breaking year for SEC whistleblower awards, the SEC broke new ground yet again with its blockbuster award last week of $114 million.  It far exceeds the next highest award of $50 million the SEC made in June.  And it brings to $676 million to 108 whistleblowers the total tally to date of awards under the SEC Whistleblower Program. Other than its size, another notable feature...

Whistleblowing As a Civic Duty: Now Is the Time To Act

Posted  10/23/20
By Edward Baker
Whistleblower in Text
With voting in the 2020 election underway and the presidential debates behind us, now is a good time to reflect on the importance of civic duties to the preservation of American democracy.  Voting, paying taxes, serving on a jury, and registering with selective service are all examples of such duties—responsibilities which, if ignored or unfulfilled by enough individuals, will cause the institutional fabric holding...

October 22, 2020

Guild Mortgage Company, based in San Diego, has agreed to pay $25 million to resolve whistleblower-brought allegations of knowingly breaching material program requirements in connection with mortgages insured by the Federal Housing Administration (FHA).  As a participant of the FHA’s mortgage insurance program, Guild had the authority to originate and underwrite mortgages without government review for compliance with program rules. According to the former head of quality control, Kevin Dougherty, Guild failed to comply with those rules when it knowingly approved ineligible loans that later defaulted.  Dougherty will receive a relator’s share of nearly $5 million.  USAO SDCA

October 22, 2020

The SEC has awarded a record-breaking $114 million to a whistleblower whose tip and substantial, ongoing assistance helped lead to successful enforcement actions by the SEC and another agency.  This is the highest award in the history of the SEC whistleblower program, bypassing the next highest award, issued in June 2020, by over $60 million.  SEC

JPMorgan Chase Pays nearly $1 Billion in Fines for Market Manipulation of Precious Metals and U.S. Treasuries

Posted  10/16/20
By Carolina Gonzalez
investors on computers for market trading
JPMorgan Chase & Co. agreed to pay over $955 million to settle civil and criminal charges over a scheme involving fake trades in precious metals and U.S. treasuries designed to manipulate the market in an effort to enhance the bank’s profits and cut losses. The multi-agency enforcement action was brought by the Commodity Futures Trading Commission (CFTC), the Department of Justice (DOJ) and the Securities and...

October 14, 2020

Medical device maker Merit Medical Systems Inc. will pay $18 million to resolve claims first brought by a whistleblower under the False Claims Act that the company paid unlawful kickbacks to doctors and hospitals to induce them to use MMSI’s EmboSphere and QuadraSphere devices for embolization procedures.  MMSI was alleged to have offered hospitals and providers with millions of dollars in free advertising assistance, “educational” grants, and other services based on the providers’ past sales and to induce future sales.  The whistleblower, Charles J. Wolf, M.D., who will receive $2.65 million, was the Chief Compliance Officer for the company; according to DOJ, he repeatedly warned MMSI that its practices violated the Anti-Kickback Statue.  DOJ; USAO NJ; NC AG

A Better Approach to Fighting Fraud in West-Virginia: Bring in the Whistleblowers

Posted  10/12/20
By Gordon Schnell, Max Voldman
West-Virginia Capitol Building
(Guest Essay Published in the Dominion Post) As the saying goes, Mountaineers are always free in West Virginia.  Unfortunately, the cost of fraud is not.  And as evidenced by the eye-popping $50 million fraud settlement the federal government just secured from Wheeling Hospital, there is a lot of fraud going around these days.  The problem for the Mountain State is it does not have the proper tools to deal with...

SEC Has Record Year of Whistleblower Rewards

Posted  10/9/20
Securities and Exchange Commission logo with a stack of coins and cash on top
The SEC closed out its fiscal year (September 30) with an avalanche of whistleblower awards, doling out 15 awards for a total of more than $50 million in September alone.  Six of those awards were made on September 30, clearly highlighting the SEC's desire to trumpet the success of its whistleblower program for this record-breaking year. The SEC also seems to be standing strong in its continued messaging to...
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