SEC Whistleblower Blog

FCPA Whistleblower Victory Preserved by Supreme Court Cert. Denial

October 9, 2014
The United States Supreme Court this week declined to review a decision concerning the Foreign Corrupt Practices Act of 1977 (“FCPA”), which makes it illegal for American citizens to bribe foreign officials to assist in obtaining or retaining business.  The petition for certiorari challenged a decision by the U.S. Court of...

SEC Whistleblower Receives $30 Million Whistleblower Award

September 26, 2014
The Securities and Exchange Commission (“SEC”) announced earlier this week that it expected to issue an award of over $30 million to a single anonymous whistleblower for original information the whistleblower provided that led to an SEC enforcement action.  The award represents the SEC’s largest whistleblower award since the...

Ninth Circuit Upholds $10 Million Penalty in SEC Suit Against CEO

September 17, 2014
A three-judge panel from the U.S. Court of Appeals for the Ninth Circuit recently upheld a the U.S. District Court for the Central District of California’s order granting summary judgment in favor of the Securities and Exchange Commission (“SEC”) and levying $10 million in penalties against Brookstreet Securities Corp.’s former...

SEC Waives Voluntary Rule to Award $400,000 to Whistleblower

August 7, 2014
On July 31, 2014, the U.S. Securities and Exchange Commission (SEC) announced in a press release that an anonymous whistleblower would be awarded over $400,000 after reporting fraud to the SEC. The whistleblower first encouraged the company to address the issue internally. Once it became clear that the company would not be...

SEC Denies Whistleblower Award Claims Due to Late Filing

August 5, 2014
On July 23, 2014, the U.S. Securities and Exchange Commission (SEC) released an order denying a whistleblower’s claim for awards.  In order to qualify for awards from the SEC’s Whistleblower Program, whistleblowers must submit award applications to the Office of the Whistleblower within 90 days of the date of the respective...

Wall Street Journal Reports on SEC Whistleblowers

August 4, 2014
On July 29, 2014, the Wall Street Journal (WSJ) released a detailed news report concerning the Securities and Exchange Commission (SEC) Whistleblower Program.  The WSJ obtained demographic information about the 6,500 people who have submitted whistleblower claims to the SEC since the start of its whistleblower program in mid-...

Smith & Wesson Agrees to Pay $2 Million to Settle FCPA Charges

August 1, 2014
On July 28, 2014, the U.S. Securities and Exchange Commission (SEC) charged Smith & Wesson Holding Corporation with violating the Foreign Corrupt Practices Act (FCPA).  According to the SEC’s claims, the firearms manufacturer had employees make illegal payments to foreign officials in attempts to secure contracts overseas...

GAP Starts Petition to Support Financial Whistleblowers

July 28, 2014
On July 24, 2014, Louis Clark, President and Corporate/Financial Accountability Director for the Government Accountability Project (GAP), launched a petition to SEC Chair Mary Jo White asking the SEC to strengthen its Whistleblower Program.  Since the passage of the Dodd-Frank Act in 2010, financial corporations have made...

SEC Pursues Enforcement Action Against Violators of the FCPA in 2014

July 15, 2014
According to Gibson Dunn’s 2014 Mid-Year FCPA Update, the Department of Justice (DOJ) and the U.S. Securities and Exchange Commission (SEC) have been aggressively pursuing enforcement actions against both individuals and companies who violate the Foreign Corrupt Practices Act (FCPA).  According to the report, the FCPA’s anti-...

SEC Takes Enforcement Actions Against Ponzi Schemes

June 17, 2014
In recent months, the U.S. Securities and Exchange Commission (“SEC”) has taken several enforcement actions against individuals and entities who perpetrate investment scams on unwitting investors, which are commonly referred to as “Ponzi” or “pyramid” schemes.  The SEC has noted that “curtailing Ponzi schemes and holding...

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