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SEC Whistleblower Lawyer Blog

Articles Posted in Whistleblower award

On Tuesday, April 28, 2020, the Securities & Exchange Commission (“SEC”) stated that it had awarded more than $18 million to another whistleblower this year. Tuesday’s award marks the fifth (5th) award this month and the eleventh (11th) award this year.  In 2020, the SEC Whistleblower Office has been very active and is recognizing multiple whistleblowers for their assistance in preventing ongoing securities and investment frauds. These cases frequently involve people blowing the whistle on a variety of misconduct from wrongdoing at major brokerage firms to ponzi schemes.On Tuesday, April 28, 2020, the Securities & Exchange Commission (“SEC”) stated that it had awarded more than $18 million to another whistleblower this year. Tuesday’s award marks the fifth whistleblower award this month and the eleventh this year.

In 2020, the SEC Whistleblower Office has been very active and is recognizing multiple whistleblowers for their assistance in preventing ongoing securities and investment frauds. These cases frequently involve people blowing the whistle on a variety of misconduct from wrongdoing at major brokerage firms to ponzi schemes. Continue reading

On Thursday, April 16, 2020, the Securities & Exchange Commission (“SEC”) stated that it had awarded more than $27 million to a whistleblower who tipped officials to misconduct which occurred overseas, in part. This historical award “marks several milestones for the program,” according to Jane Norberg, Chief of the SEC’’s Office of the Whistleblower.On Thursday, April 16, 2020, the Securities & Exchange Commission (“SEC”) stated that it had awarded more than $27 million to a whistleblower who tipped officials to misconduct which occurred overseas, in part. This historical award “marks several milestones for the program,” according to Jane Norberg, Chief of the SEC’’s Office of the Whistleblower.

Following the whistleblower’s tip to the SEC, the whistleblower played a crucial role in assisting the Commission with their investigation. The whistleblower’s invaluable assistance helped the SEC save significant resources it would have expended otherwise. Continue reading

The CFTC (Commodities Futures Trading Commission) has announced that it will award over $1,000,000 to a whistleblower for providing a tip that helped to expose a scheme that violated the CEA (Commodity Exchange Act). According to the press release, the whistleblower gave information first through their employer’s compliance program to another regulator, then to the CFTC.The CFTC (Commodities Futures Trading Commission) has announced that it will award over $1,000,000 to a whistleblower for providing a tip that helped to expose a scheme that violated the CEA (Commodity Exchange Act).

According to the press release, the whistleblower gave information first through their employer’s compliance program to another regulator, then to the CFTC.

The scheme isn’t named, but the release states that the tip led to charges being filed by the CFTC. Continue reading

On Friday, November 15, 2019 The Securities and Exchange Commission (SEC) announced that a whistleblower award of more than $260,000 had been given to three people who jointly alerted the agency to a “well-concealed fraud targeting retail investors.” The SEC’s press release does not identify the fraud specifically, but does say that the whistleblowers were harmed investors themselves.On Friday, November 15, 2019 The Securities and Exchange Commission (SEC) announced that a whistleblower award of more than $260,000 had been given to three people who jointly alerted the agency to a “well-concealed fraud targeting retail investors.”

The SEC’s press release does not identify the fraud specifically, but does say that the whistleblowers were harmed investors themselves. Continue reading

If you worked for GPB Capital Holdings or a broker-dealer that sold it, and you have information that helps an SEC enforcement action, you could qualify to receive money from an SEC whistleblower award.  To be eligible for a whistleblower award, a person must provide the SEC with non-public information that is original and leads to a successful enforcement action. When the sanction is $1 million or more, a whistleblower award can range from 10% to 30% of the money collected.If you worked for GPB Capital Holdings or a broker-dealer that sold it, and you have information that helps an SEC enforcement action, you could qualify to receive money from an SEC whistleblower award.

To be eligible for a whistleblower award, a person must provide the SEC with non-public information that is original and leads to a successful enforcement action. When the sanction is $1 million or more, a whistleblower award can range from 10% to 30% of the money collected. 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

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