Posts Tagged ‘whistleblower rewards’
Antitrust Whistleblower Program Launched
Another week, another whistleblower rewards program announced by the U.S. federal government. This time it’s the Antitrust Division at the Justice Department, which just launched its first-ever rewards program to dig up allegations of procurement fraud, price fixing, market allocation, and similar misconduct. The Division announced the rewards program on Tuesday in conjunction with the…
Read MoreA Telling SEC Whistleblower Award
Another week, another tantalizing whistleblower award from the Securities and Exchange Commission! This time around, the agency has doled out $20 million to some senior corporate officer who first tried to get the company to investigate a misconduct allegation internally, and then went to the SEC when the company took no action. The SEC announced…
Read MoreMore Thoughts on Whistleblower Awards
Today let’s revisit the Justice Department’s whistleblower awards program, first announced 10 days ago. Since then we’ve all had time to contemplate the program’s implications, several of which deserve compliance professionals’ attention. Let’s begin with the question most important to compliance professionals: Will the existence of this awards program drive would-be whistleblowers not to report…
Read MoreLessons From Whistleblower Award
The Securities and Exchange Commission issued a $37 million whistleblower award last week, and before the case fades from memory compliance officers should give it a close look; the details offer a useful glimpse into the importance of getting internal reporting systems right. The award was handed out on July 26, and as usual we…
Read MoreJustice Dept. Launches Whistleblower Program
The Justice Department is climbing aboard the whistleblower awards bandwagon, with a new program it plans to launch later this year offering monetary awards to whistleblowers akin to what numerous other federal agencies already do. Deputy attorney general Lisa Monaco made the announcement Thursday while speaking to the American Bar Association’s white-collar crime conference in…
Read MoreCFTC Seeks Help on Carbon Frauds
Here’s a new twist on whistleblower award programs run by government agencies: the Commodity Futures Trading Commission just published a bulletin calling for tips from the public about potential fraud in the market for carbon offsets. To the best of my recollection, that’s new. The CFTC and Securities and Exchange Commission have both encouraged tips…
Read MoreSEC Reforms Whistleblower Reforms
The Securities and Exchange Commission quietly voted last week to expand the ways that whistleblowers might win awards for reporting misconduct to regulators, and reversed previous rule changes from the Trump Administration that capped especially large awards. Neither development is a surprise, nor should they be particularly disruptive to the internal reporting programs that corporate…
Read MoreOn Whistleblowers and Access to Data
An interesting bit of whistleblower retaliation news for those who follow the subject: the co-founder of a cyberfraud prevention company that itself imploded in fraud two years ago has agreed to pay $97,000 to settle charges that he obstructed a corporate whistleblower by restricting that employee’s access to internal systems. The settlement, announced Tuesday by…
Read MoreStudy: Whistleblower Awards Cut Fraud Risk
Compliance professionals have another neato academic study to start your week, this one finding that the whistleblower provisions of the Dodd-Frank Act reduce the risk of accounting fraud at publicly traded firms by as much as 22 percent. Measuring the effect of Dodd-Frank’s whistleblower provisions has long been tricky business, because the law went into…
Read MoreCFTC’s $200M Whistleblower Award
Here’s news that will leave whistleblowers speechless: the Commodities and Futures Trading Commission just gave out the largest whistleblower award in U.S. history, a $200 million windfall reportedly going to a former Deutsche Bank executive who provided crucial help in unraveling the LIBOR rate-fixing scandal. The CFTC won’t confirm the whistleblower’s identity, but the person…
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