The Securities and Exchange Commission (SEC) has explained that “as investor demand for climate and other environmental, social, and governance (ESG) information soars, the SEC is responding with an all-agency approach” that reflects the risks and opportunities of ESG and climate investing. The agency is putting its policies into practice this year, and investigations are leading to increased enforcement. Continue reading
What You Need To Know About The CFTC’s Whistleblower Program
If you work in any area of commodity futures trading and see or know of wrongdoing within your industry, you could receive a substantial reward for your information. The Commodity Futures Trading Commission (CFTC) has a whistleblower program for commodity trade insiders who can provide material evidence or testimony of company violations involving the Commodity Exchange Act (CEA) and other securities and investment regulations. Continue reading
SEC Whistleblower Filings Are Confidential And Non-Reportable
The SEC’s recent press release about streaming company Gaia’s activities focuses on both securities violations and whistleblower retaliation. The company terminated one employee for reporting lower subscriber rates both internally and to the SEC. Continue reading
SEC Awards Whistleblower $279M Bounty—The Largest In Its History
The SEC announced an award of $279 million to an individual for substantial assistance in an enforcement action. It’s the largest award in the history of the SEC’s Whistleblower program. The previous record for an award was made in October of 2020, when a whistleblower received $114 million. Continue reading
Two Whistleblowers Receive SEC Bounty of $12M
In a recent press release, the SEC announced the award of $12 million to two whistleblowers who assisted in an enforcement action against a registered broker-dealer involved in wrongdoing.
The first whistleblower received a $9 million bounty after providing a tip that led to the SEC’s investigation. Without this information, the activity at the firm would have been “difficult to detect.” This whistleblower continued to provide information and assistance during the investigation. This included the identification of witnesses and “helping staff understand complex fact patterns and issues related to the matters under investigation.” Continue reading
CFTC Issues Warning About Romance Scams Involving Commodities and Derivatives
Although we most frequently blog about the SEC and its whistleblower program, other federal agencies also have their own. One of those agencies is the US Commodity Futures Trading Commission (CFTC), which oversees all types of futures markets. This independent agency governs derivative markets, which includes futures, swaps, and some types of options.
Begun as a trading exchange for agricultural commodities, the CFTC now oversees a wide variety of commodities, including digital, such as cryptocurrency and foreign exchange markets (FOREX) that deal in foreign currency exchange.
There are legitimate ways for experienced investors to delve into digital assets like these. But many are led to believe that they are investing in something digital when they are actually being defrauded. Increasingly, it’s one by one of the oldest methods in the book: fraudulent dating and romance.
Scott Silver And David Chase Are Guests Again On ‘Cut To The Chase’ Legal Podcast
Following their 2021 appearance, SEC whistleblower attorneys Scott Silver and David Chase were invited back to the ‘Cut To The Chase’ legal podcast to discuss SEC whistleblower program updates and the relevance of the program in recent news, including the collapse of FTX.
SEC Chairman Discusses $1BN In Whistleblower Bounties
The US Securities and Exchange Commission’s Whistleblower Program passed the $1 billion mark of awards in September of 2021. To mark the occasion, SEC Chair Gary Gensler discussed the significance of this milestone in an official SEC YouTube video. At the time, the SEC had paid out bounties of $1,074,010,519.76 to 207 individuals for their information and assistance. (The latest press releases have not indicated the number of whistleblowers who have been awarded bounties.) Continue reading
Joint Whistleblowers Collect $28 Million Bounty from SEC Enforcement Action
The SEC recently announced that it has awarded a bounty of more than $28 million to “joint whistleblowers” who offered information and assisted in a successful enforcement action. The order indicated that there were four individuals, who will each receive 25% of the total, or roughly $7 million each. Continue reading
Three SEC Whistleblowers Share $18 Million Bounty From SEC
After another successful enforcement action, the SEC has awarded $18 million to three whistleblowers who each contributed vital information.
SEC whistleblower #1 alerted the SEC that the entity was engaging in fraudulent activity. They offered valuable information that led to the SEC’s investigation into a “fraudulent scheme.” Additionally, they provided the SEC staff with documentation and ongoing assistance throughout the investigation. The information gave SEC staff a substantial advantage that furthered the investigation and led to the success of the enforcement action. Continue reading