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SEC Whistleblower Lawyer Blog

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The Securities and Exchange Commission (SEC) alleges that Collectors Café, an online memorabilia auction company, and its CEO Mykalai Kontilai, illegally tried to stop investors from reporting misconduct to the government in violation of the SEC’s whistleblower protection rules.  The SEC already sued Kontilai and Collectors Café for operating a “fraudulent $23 million securities offering based on false statements to investors.”The Securities and Exchange Commission (SEC) alleges that Collectors Café, an online memorabilia auction company, and its CEO Mykalai Kontilai, illegally tried to stop investors from reporting misconduct to the government in violation of the SEC’s whistleblower protection rules.

The SEC already sued Kontilai and Collectors Café for operating a “fraudulent $23 million securities offering based on false statements to investors.” Continue reading

On June 24, 2019, the Commodity Future Trading Commission (CFTC) announced an award of approximately $2.5 million to a whistleblower who assisted in an enforcement action against Cargill Inc.This award evidences the importance that the CFTC places on reliable whistleblowers who prove to be essential resources in combating corporate misconduct. Without the whistleblower’s valuable information, this investigation, like many others, would remain unresolved.On June 24, 2019, the Commodity Future Trading Commission (CFTC) announced an award of approximately $2.5 million to a whistleblower who assisted in an enforcement action against Cargill Inc.

This award evidences the importance that the CFTC places on reliable whistleblowers who prove to be essential resources in combating corporate misconduct. Without the whistleblower’s valuable information, this investigation, like many others, would remain unresolved. Continue reading

On June 24, 2019, the Commodity Future Trading Commission (CFTC) announced an award of approximately $2.5 million to a whistleblower who assisted in an enforcement action against Cargill Inc.In November 2017, the CFTC ordered Cargill Inc., a global agricultural, commodity and financial services business headquartered in Minnesota, and its business, Cargill Risk Management, to pay a $10 million civil monetary penalty for violating the Commodity Exchange Act and CFTC regulations. In its November 2017 order, CFTC stated, "[i]n particular, Cargill was reluctant to disclose its mark up on certain complex swaps because of a concern that such transparency might ultimately reduce its revenue. As a result of this concern, Cargill chose to provide a mark that was based on a termination or 'unwind' value that included a portion of Cargill’s estimated revenue during the first sixty calendar days of the swap, and also credited the counterparty with a portion of its estimated revenue if the counterparty terminated the swap during that same period." The CFTC’s Order also highlighted Cargill’s failure to supervise its employees in relation to these fraudulent swaps.On June 24, 2019, the Commodity Future Trading Commission (CFTC) announced an award of approximately $2.5 million to a whistleblower who assisted in an enforcement action against Cargill Inc.

In November 2017, the CFTC ordered Cargill Inc., a global agricultural, commodity and financial services business headquartered in Minnesota, and its business, Cargill Risk Management, to pay a $10 million civil monetary penalty for violating the Commodity Exchange Act and CFTC regulations. In its November 2017 order, CFTC stated, “[i]n particular, Cargill was reluctant to disclose its mark up on certain complex swaps because of a concern that such transparency might ultimately reduce its revenue. As a result of this concern, Cargill chose to provide a mark that was based on a termination or ‘unwind’ value that included a portion of Cargill’s estimated revenue during the first sixty calendar days of the swap, and also credited the counterparty with a portion of its estimated revenue if the counterparty terminated the swap during that same period.” The CFTC’s Order also highlighted Cargill’s failure to supervise its employees in relation to these fraudulent swaps. Continue reading

An anonymous tip from an employee led to an internal review as well as an SEC review that ended with the award of $4.5 million in May.The unidentified employee first sent the anonymous tip to the employer, alleging “significant wrongdoing.” The company then conducted its own investigation and self-reported its findings to the SEC, who then launched its own investigation into the allegations.An anonymous tip from an employee led to an internal review as well as an SEC review that ended with the award of $4.5 million in May.

The unidentified employee first sent the anonymous tip to the employer, alleging “significant wrongdoing.” The company then conducted its own investigation and self-reported its findings to the SEC, who then launched its own investigation into the allegations. Continue reading

On June 3, 2019, the SEC announced that two individuals will share a $3M award after providing information that led to a successful action surrounding a securities law violation. Since they supplied this information jointly, they will each receive half of the award. The amount is 30% of the financial penalties imposed on their former employer, identified by The Wall Street Journal and legal counsel for both individuals Merrill Lynch. (The SEC does not identify whistleblowers, their company, or any identifying information.)On June 3, 2019, the SEC announced that two individuals will share a $3M award after providing information that led to a successful action surrounding a securities law violation. Since they supplied this information jointly, they will each receive half of the award. The amount is 30% of the financial penalties imposed on their former employer, identified by The Wall Street Journal and legal counsel for both individuals Merrill Lynch. (The SEC does not identify whistleblowers, their company, or any identifying information.) Continue reading

Recently, the SEC announced that it has paid a $3M award to a group of whistleblowers who provided information to the agency about an alleged securities law violation that led to an SEC investigation. While the SEC gets a fair amount of attention for these kinds of cases, it’s not the only agency that not only investigates wrongdoing and pays whistleblowers for their help.The Commodity Futures Trading Commission (CFTC) is a federal governing agency that regulates commodity futures and option markets in the US. Although the futures market began primarily in the agricultural sector, the futures industry has become much more complex, and the agency’s mandate has been expanded since its inception in 1974.Recently, the SEC announced that it has paid a $3M award to a group of whistleblowers who provided information to the agency about an alleged securities law violation that led to an SEC investigation. While the SEC gets a fair amount of attention for these kinds of cases, it’s not the only agency that not only investigates wrongdoing and pays whistleblowers for their help.

The Commodity Futures Trading Commission (CFTC) is a federal governing agency that regulates commodity futures and option markets in the US. Although the futures market began primarily in the agricultural sector, the futures industry has become much more complex, and the agency’s mandate has been expanded since its inception in 1974. Continue reading

On March 26, the SEC announced that it was going to award $37 million to a whistleblower who assisted in an enforcement action. This whistleblower provided the SEC with very important information.On March 26, the SEC announced that it was going to award $37 million to a whistleblower who assisted in an enforcement action. This whistleblower provided the SEC with very important information.

This situation shows how important whistleblowers are to the SEC. This investigation, and other previous investigations, would have never come to resolutions without information from whistleblowers. Continue reading

On March 26, the SEC announced that it was going to award $13 million to a whistleblower who assisted in an enforcement action. This whistleblower provided the SEC with very important information which allowed the SEC to target widespread misconduct.On March 26, the SEC announced that it was going to award $13 million to a whistleblower who assisted in an enforcement action. This whistleblower provided the SEC with very important information which allowed the SEC to target widespread misconduct.

This situation shows how important whistleblowers are to the SEC. This investigation, and other previous investigations, would have never come to resolutions without information from whistleblowers. Continue reading

On March 26, the SEC announced that it was going to award a total of $50 million to two whistleblowers who assisted in an enforcement action. They provided the SEC with very important information which allowed the SEC to take action. One whistleblower was awarded $13 million, and the other one was awarded $37 million. The $37 million is the SEC'S third-highest award.On March 26, the SEC announced that it was going to award a total of $50 million to two whistleblowers who assisted in an enforcement action. They provided the SEC with very important information which allowed the SEC to take action. One whistleblower was awarded $13 million, and the other one was awarded $37 million. The $37 million is the SEC’S third-highest award.

This situation shows how important whistleblowers are to the SEC. This investigation, and other previous investigations, would have never come to resolutions without information from whistleblowers. Continue reading

us-dollars-money-300x300Trevor Murray, an ex-UBS AG analyst, is asking a New York federal judge to award him $3.2 in attorneys’ fees from a lawsuit he filed against his former employer. Murray is claiming that federal securities law requires the bank to allocate the funds to him.

Murray was victorious in his almost seven-year fight with the bank after he was allegedly fired in 2012 for his complaints. He was allegedly complaining that he was being pressured to falsify a report to better market conditions to boost UBS’ revenue numbers, in order to attract more investors. Both of the law firms that represented him in that case have asked for fees for their work.

Murray has stated that, since he’s won a jury verdict in this case, the Sarbanes-Oxley Act provides that his legal bills.

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