whistleblower bounty Archives

SEC Whistleblower Attorney: Benefits of Experienced Representation

SEC Whistleblower Program In its short history, the SEC Whistleblower Program has already awarded more than $154 million to whistleblowers. Under the program, the SEC will issue awards to whistleblowers if they provide original information that leads to successful enforcement actions with total penalties in excess of $1 million. A whistleblower is eligible to receive … Continued

CFTC Strengthens Anti-Retaliation Protections for Whistleblowers and Improves CFTC Whistleblower Award Program

On May 22, 2017, the Commodity Futures Trading Commission (CFTC) unanimously approved amendments to its whistleblower rules that strengthen anti-retaliation protections for whistleblowers, prohibit “gag clauses” in employment agreements, and improve the CFTC Whistleblower Award Program. James McDonald, the Director of the CFTC Division of Enforcement, said the CFTC’s “approval of these rules today will … Continued

Ponzi Scheme SEC Whistleblower Attorneys

SEC Cracking Down on Ponzi Schemes On April 14, 2017, a federal judge granted a bid by the SEC to force former head fund manager Francisco Illarramendi to pay nearly $27 million for his role in a Ponzi scheme. According to the court’s order, Illarramendi was the mastermind behind an elaborate five-year scheme to … Continued

SEC Enforcement Director Touts Success of SEC Whistleblower Program

In a speech to whistleblower lawyers about the SEC’s Whistleblower Program, SEC Enforcement Director Andrew Ceresney praised the early success of the Whistleblower Program. He noted that since the inception of the program, whistleblower tips to the SEC have led to $500 million in sanctions, and the has paid over $107 million to 33 SEC … Continued

CFTC Proposed Regulations Will Protect Whistleblowers and Prohibit Gag Clauses

In a marked shift from its 2011 rulemaking implementing the whistleblower reward provisions of the Dodd-Frank Act, the U.S. Commodity Futures Trading Commission (CFTC) has issued proposed regulations that would authorize the CFTC to take enforcement action for whistleblower retaliation and prohibit gag clauses in employment contracts that deter employees from providing information to the … Continued

SEC Whistleblower Turns Down $8.25M Whistleblower Award

Eric Ben-Artzi, a former risk officer at Deutsche Bank, blew the whistle on colleagues’ fraudulently inflating the value of the bank’s portfolio of credit derivatives. The SEC acted on Ben-Artzi’s tip and ultimately fined the bank $55 million. Due to the success of Ben Artzi’s disclosures in combatting fraud, the SEC has determined that … Continued

SEC Enforcement Action Clarifies Broad Scope of Anti-Gag Provision in Dodd-Frank Whistleblower Rules

Recognizing whistleblowers’ vital role in combating securities fraud, the SEC has issued a cease-and -desist order against BlueLinx Holdings Inc. for using overly broad confidentiality provisions in severance agreements that would likely deter employees from blowing the whistle. In particular, to receive severance BlueLinx employees had to waive the right to recover a whistleblower … Continued

CFTC Announces Second Whistleblower Award in 2016 as the Agency’s Whistleblower Reward Program Picks Up Steam

By Dallas Hammer Today the CFTC announced it has awarded a whistleblower $50,000 for information provided through its whistleblower award program. In 2010, the Dodd-Frank Act created whistleblower award programs at the SEC and CFTC to provide rewards for whistleblowers who report violations of the securities and commodities laws. This is the fourth award … Continued

Protections and Rewards for Cybersecurity Whistleblowers

What Laws Protect and Reward Whistleblowing About Cybersecurity? With cybersecurity becoming a topic of ever-increasing visibility and importance, information security professionals may ask what protection they have when they make potentially unpopular disclosures of cybersecurity issues. Though no whistleblower retaliation statute deals directly with the topic, the Sarbanes-Oxley Act will often protect cybersecurity professionals who … Continued

SOX Whistleblower Lawyer Co-Authors ABA Paper About Sarbanes-Oxley Whistleblower Protection

Sarbanes-Oxley Whistleblower Lawyer SOX whistleblower lawyer Jason Zuckerman co-authored the 2016 Annual Update on the Whistleblower Provisions of SOX for the Midwinter Meeting of the ABA Section of Labor and Employment Law Committee on Federal Labor Standards Legislation. Zuckerman has been a contributing author of this annual update on Sarbanes-Oxley whistleblower protections for twelve years. … Continued