Whistleblower gets more than half-million dollars for exposing misconduct in own company. Exposing Misconduct.


Whistleblower gets more than half-million dollars for exposing misconduct in own company

May 2, 2017

The United States Securities and Exchange Commission on Tuesday announced that a company insider has earned a whistleblower award of more than $500,000 for reporting information that prompted a SEC investigation into well-hidden misconduct that resulted in a SEC enforcement action. “This company employee saw something wrong and did the right thing by reporting what […]

SEC awards nearly $4 million to whistleblower

April 26, 2017

The Securities and Exchange Commission (SEC) announced an award of nearly $4 million to a whistleblower who tipped the agency with detailed and specific information about serious misconduct and provided additional assistance during the ensuing investigation, including industry-specific knowledge and expertise.

Not an inside job: How two analysts became SEC whistleblowers

April 25, 2017

Four years ago, two analysts who liked to swap notes on numbers they thought looked odd took a fateful step and tipped off U.S. regulators about a company that one of them had watched for months. Orthofix International NV (OFIX.O) caught one of the analysts’ attention in 2012. The Texas-based medical device maker kept hitting […]

SEC Cracking Down on Ponzi Schemes

April 23, 2017

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 cover up a $5 million investment loss. Rather […]

Dodd-Frank Act Claims, Non-SEC Whistleblowers, False Claims Act Appeal: Review of Recent Whistleblower Developments April 2017

April 20, 2017

Whistleblower Developments is a periodic report covering significant cases, decisions, proposals, and legislation related to whistleblower statutes and how they may impact your business. Recent developments include: Third Circuit Permits Former In-House Attorney to Pursue Dodd-Frank Act Claims Ninth Circuit Rules that Dodd-Frank Act Protects Non-SEC Whistleblowers Supreme Court Passes on Opportunity to Review Attempted […]

Law That Strengthens Protections For WA Gov’t Whistleblowers Signed Into Law

April 17, 2017

OLYMPIA, WA – With his signature today, Washington Governor Jay Inslee enacted a law that strengthens the protections for whistleblowers across state government. Substitute Senate Bill 5374 closes a loophole that may have discouraged state employees from reporting possible violations of state laws or rules. The bill was sponsored by Senator Randi Becker (R-Eatonville) and […]

Auditors’ and accountants’ guide to SEC whistleblower awards

April 14, 2017

The SEC Whistleblower Program has awarded more than $150 million to 42 whistleblowers. Under the program, the SEC issues awards to individuals who provide original information that leads to enforcement actions resulting in monetary sanctions of more than $1 million. Whistleblowers’ awards range from 10 percent to 30 percent of the resulting monetary sanctions. The […]

Scope of the Dodd-Frank Act’s Whistleblower Protection

April 12, 2017

As part of its comprehensive reform of the U.S. financial regulatory system, the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 enhanced and expanded pre-existing protections and bounty incentives to encourage whistleblowing, including those contained in the Sarbanes-Oxley Act (SOX). It did so by amending the Securities Exchange Act of 1934 (Exchange Act) […]

Feds order $5.4M whistleblower award to ex-Wells Fargo wealth manager

April 9, 2017

Federal regulators announced the largest individual whistleblower award believed to be related to the Wells Fargo fraudulent accounts scandal and ordered the bank to pay $5.4 million in back wages to a former wealth manager in Los Angeles and to reinstate him. The Occupational Safety and Health Administration said last week that the adviser has […]

United States: Employment: Ninth Circuit Rules Dodd-Frank Applies To Whistleblowers Who Have Not Reported To The SEC

April 7, 2017

Last month, the Ninth Circuit ruled that Dodd-Frank protects whistleblowers who report wrongdoing internally rather than to the Securities and Exchange Commission. The case involved a former employee of Digital Realty Trust, Inc. who alleged that he was fired after internally reporting on possible violations of US securities laws. Digital Realty argued that the plaintiff […]

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