August 23, 2012
SEC’s new whistleblower program gets big response
Since Congress created a strong whistleblower program at the Securities and Exchange Commission under the Dodd-Frank Act in July of 2010, tips have been pouring into the SEC in record numbers, according...
August 22, 2012
SEC grants maximum award to whistleblower
The Securities and Exchange Commission yesterday granted the first whistleblower award under the new program created by the Dodd-Frank Act. The reward totaled $50,000, or thirty percent of the SEC’s...
August 21, 2012
SEC announces first whistleblower award
The U.S. Securities & Exchange Commission has made its first whistleblower award. The SEC Whistleblower Office was established in August 2011, pursuant to the Dodd-Frank Act. According to the SEC...
July 26, 2012
Is there more corporate fraud, or is there more fraud being exposed by whistleblowers?
Eduardo Porter of the New York Times wrote an insightful article examining whether corporate corruption and fraud have increased in recent years. (See “The Spreading Scourge of Corporate Corruption.”)...
April 23, 2012
CFTC announces $14 million penalty in oil manipulation case
The Commodity Futures Trading Commission has announced that Optiver Holding BV, a Dutch company, two U.S. subsidiaries and several officers will pay $14 million to settle allegations of manipulating the...
January 24, 2012
Proposed legislation would gut SEC whistleblower program
A recently introduced House bill has the potential to seriously undermine the effectiveness of the Security & Exchange Commission’s new whistleblower program, according to attorneys at Phillips...
December 28, 2011
2012: Year of the Whistleblower
Top Five Predictions For Whistleblower Programs; Blockbuster Year Expected Despite Intense Corporate Opposition The increased reach of U.S. whistleblower laws and a growing interest overseas in whistleblower...
November 28, 2011
SEC’s Citigroup settlement blocked by judge – is this the future?
Judge Jed Rakoff has rejected a settlement between the Securities & Exchange Commission and Citigroup, saying that it “is neither fair, nor reasonable, nor adequate, nor in the public interest.”...
November 08, 2011
Firms commit securities fraud again and again, despite penalties and promises
As part of their settlements of securities fraud suits, many large Wall Street firms have signed agreements to never again violate antifraud laws. It may strike some as surprising that a promise not to...
August 18, 2011
Industry groups to challenge SEC whistleblower rules?
The New York Times reports that financial trade groups are considering suits challenging the Securities & Exchange Commission’s new whistleblower program. A July ruling by a federal appeals court...