Search Query: #whistleblower

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.

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.

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.”