David R. Chase and Scott Silver co-authored an article for the Daily Business Review that discusses how the Trump administration will impact the SEC Whistleblower Program.
Click here to read the full article.
David R. Chase and Scott Silver co-authored an article for the Daily Business Review that discusses how the Trump administration will impact the SEC Whistleblower Program.
Click here to read the full article.
New York-based investment advisors Two Sigma Investments LP and Two Sigma Advisers LP have settled SEC charges and repaid funds after a researcher made unauthorized changes to the firm’s investment models used to make investment decisions. Known collectively as “Two Sigma,” the firm paid $90 million in civil penalties to settle the SEC claims, then voluntarily repaid $165 million to affected funds and client accounts. Continue reading
If you have knowledge of a Ponzi scheme or other investment fraud, you may be able to help stop the fraud and earn financial compensation for yourself by submitting a whistleblower tip to the Securities and Exchange Commission (SEC). Continue reading
The SEC recently reached a $3 million collective settlement with seven public companies charged with violating whistleblower protection Rule 21F-17(a). This rule prohibits any actions by companies that impede an individual from communicating directly with the SEC staff about a possible securities law violation they observe. Continue reading
The SEC recently announced that it has awarded money to two whistleblowers for their information that led to an SEC enforcement action against a company as well as a related action against the same company by another federal agency. Both individuals voluntarily provided critical information that led to the successful enforcement actions. Continue reading
The SEC recently awarded two whistleblowers a total of $98M for original information they submitted that led to the opening of an investigation and a successful enforcement action involving misconduct.
The first whistleblower received the lion’s share of the bounty, which totaled over $87 million. For the second whistleblower, the award totaled over $16 million. Both awards were percentages of the financial sanctions collected in the case, which both included SEC actions as well as another enforcement action by a different federal agency. Continue reading
Billionaire investor and founder of Hayman Capital Management, Kyle Bass, succeeded in obtaining a reversal of the SEC’s denial of his bid to receive a whistleblower bounty for exposing fraud at United Development Funding (UDF), a Dallas-based land developer. Bass filed a whistleblower tip regarding UDF to the SEC after one of his analysts found proof that it was a Ponzi scheme. Continue reading
David R. Chase and Scott Silver co-authored an article for the Daily Business Review that advocates for short sellers being allowed to benefit from the SEC Whistleblower Program.
Click here to read the full article.
On June 17, 2024, the U.S. Securities and Exchange Commission (SEC) announced a $37 million dollar whistleblower award, marking this the first whistleblower award of 2024. While the Dodd-Frank Act mandates confidentiality regarding the whistleblower’s identity and enforcement action, this substantial award underscores the SEC’s ongoing commitment to investor protection. Continue reading
The SEC (US Securities and Exchange Commission) has exacting criteria for both submission of whistleblower tips and their issuance of any financial bounties, including the amounts.
The general rule for the award amount is 10% to 30% of all monetary fines collected from the entities in question based on a judgment in excess of $1 million. The money is not taken from investor funds. The fines and other civil penalties imposed on and collected from those involved in misconduct goes into the fund that pays the SEC’s whistleblower awards. Continue reading