On April 28, 2020, the Securities and Exchange Commission (“SEC”) announced an award of $18 million dollars to a whistleblower for providing the SEC with crucial information that was used as part of an enforcement action against a firm found to be in violation of federal securities laws.
In a March 26, 2019 press release, the Securities and Exchange Commission (“SEC”) announced awards to two whistleblowers under the Dodd-Frank Act, one receiving $37 million and the other $13 million, whose critical information led to a successful enforcement action…
On October 24, 2016, citing a recent increase in SEC enforcement actions pertaining to Rule 21F-17 of the Securities Exchange Act of 1934 (“Exchange Act”), the SEC issued a National Exam Program Risk Alert regarding examinations of investment advisers’…
Earlier this month, Health Net Inc. agreed to pay a $340,000 penalty for illegally using severance agreements that required employees leaving the company to waive their right to obtain monetary awards from the SEC’s whistleblower program. According to the…
The Securities and Exchange Commission (“SEC”) paid out an award totaling more than $325,000 to a former employee of an investment firm for supplying them with information regarding fraudulent activities at his former firm including specific information regarding the individuals…
The Securities and Exchange Commission (“SEC”) announced last week that it paid out over $3 million to a whistleblower. The payment marks the third highest award since the inception of the Office of the Whistleblower, which was established to administer…
A landmark case of whistleblower anti-retaliation enforcement has recently been settled between the Securities and Exchange Commission (“SEC”) and the advisory firm Paradigm Capital Management (“Paradigm”) and Candace King Weir (“Weir” the majority owner of paradigm) in the first case…
As part of its “Fiscal Year 2013 Agency Financial Report” released by the Securities and Exchange Commission (“SEC”) on December 17, 2013, the SEC discussed how the agency’s new and “more aggressive enforcement actions” fared in 2013. According to the…
The SEC Whistleblower Program (the “Program”), which became a final rule on August 12, 2011, provides incentives and protection to whistleblowers who provide the SEC with original information about violations of the federal securities laws. Under the Program, an “eligible…
On Wednesday, New York’s highest court rejected a claim by the former Chief Compliance Officer of Peconic Partners, LLC – a New York based hedge fund – that he was wrongfully terminated for confronting the fund’s majority owner, CEO and…