Since the modernization of the FCA’s qui tam provisions in 1986, whistleblower-initiated actions have led to the recovery of over $52.7 billion, showcasing the substantial impact of these efforts on combating fraud. However, there has been criticism directed at the DOJ for not intervening in or dismissing robust whistleblower cases, as well as for not implementing the confidential reporting requirements mandated by the Anti-Money Laundering Act of 2020.
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A subsidiary of JPMorgan Chase has agreed to pay an $18 million fine to the Securities and Exchange Commission (SEC) for violating whistleblower protection rules. This penalty ranks as one of the largest imposed by the regulator for breaches of this particular rule.
The U.S. Securities and Exchange Commission (SEC) has awarded more than $28 million to seven whistleblowers whose insider information and assistance led to a successful enforcement action.
The U.S. Commodity Futures Trading Commission (CFTC) has awarded a total of $16 million to whistleblowers this year, with the majority of these tips involving cryptocurrency cases.
Whistleblower awards can range from 10 to 30 percent of the money collected when the monetary sanctions exceed $1 million.
In what is being hailed as a landmark case, the U.S. Securities and Exchange Commission (SEC) has paid a record $279 million to an anonymous whistleblower who provided “critical and timely” information that led to a successful enforcement action against a company that violated securities laws.
“We need the intelligence whistleblowers provide to identify and act on problems in the firms we regulate. We want to make sure we’re capturing and using the information provided by whistleblowers as effectively as possible, and to give them as much information as the law allows on how we have acted on their concerns.”
“All three whistleblowers provided valuable information and assistance, which played a critical role in the SEC bringing an enforcement action and returning millions of dollars to harmed investors.”
The Securities and Exchange Commission said the total amount of payouts under its whistleblower program had topped $1.35 billion after the agency awarded $20 million to a tipster for flagging wrongdoing.
The Securities and Exchange Commission has awarded a whistleblower with $20 million for providing new and critical information that led to the success of an enforcement action.
The program is 10 years-old and has arguably played a critical role in the Division of Enforcement’s ability to effectively detect wrongdoing, protect investors and the marketplace, and bring violators to justice.
As the U.S. Securities and Exchange Commission celebrated the National Whistleblower Day, Director of Enforcement Gurbir S. Grewal gave a speech praising the program and the people that come forward and are awarded for their tips and evidence.
The Securities and Exchange Commission on Friday said the total amount of payouts under its whistleblower program had topped $1.3 billion after the agency awarded $6 million to two tipsters for flagging wrongdoing.
The US Commodity Futures Trading Commission awarded $10 million to a whistleblower whose “original information” led the CFTC to open an investigation.
The US Securities and Exchange Commission awarded $4 million to several whistleblowers whose information resulted in enforcement actions.
The permanent bars imposed in these matters apply to any pending award application from the individuals at any stage of the review process, as well as to any future award application from the individuals.
The Securities and Exchange Commission on Friday said the total amount of payouts under its whistleblower program had topped $1.1 billion after the agency awarded $36 million to a tipster for flagging wrongdoing.
The SEC protects the confidentiality of whistleblowers and does not disclose any information that could reveal a whistleblower’s identity.
The SEC Whistleblower Program has allowed the SEC to recoup nearly $3 billion in monetary sanctions and the whistleblower program has awarded approximately $942 million to 186 individuals.