CFTC’s $200M Whistleblower Award

CFTC

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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$1M Whistleblower Award to 3 Compliance Officers

CFTC

Three gutsy and persistent compliance professionals are all a bit richer today, after the Securities and Exchange Commission gave them a joint whistleblower award of more than $1 million for helping the agency to prosecute misconduct at their firm. As usual with SEC whistleblower awards, we don’t know much about the particulars — including who…

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Another Interesting SEC Award

CFTC

Earlier this week the Securities and Exchange Commission awarded $28 million to the person who blew the whistle on Panasonic Corp.’s extensive FCPA misconduct, which the company settled with U.S. regulators in 2018.  And why is this particular award so interesting? Because it’s one of those rare occasions when compliance professionals can see how an…

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An Interesting Whistleblower Award

CFTC

Here’s something you don’t see every day: two recipients of a whistleblower award from the Securities and Exchange Commission fighting over how to split $22 million between them. The SEC announced the award on Monday, and as usual, we know little about the case itself. Apparently the misconduct happened at a financial firm, which at…

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AML Reform and Whistleblowers

CFTC

I try to be as cynical as possible about Congress, but this week may be one of those rare times when lawmakers actually do something intelligent. They’re poised to overhaul the nation’s anti-money laundering laws in a dramatic way, with a potentially huge gift to compliance officers to boot. That overhaul is the Anti-Money Laundering…

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SEC Updates Whistleblower Awards Program

whistleblower

The Securities and Exchange Commission has, at long last, updated the rules for its whistleblower awards program. Among the changes: a presumption toward more generous awards at the lower end of the pay scale, restrictions on people who abuse the tipster process too often, and faster disposal of would-be tips that don’t meet the awards…

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Finally, SEC Voting on Whistleblower Reforms

whistleblower

The Securities and Exchange Commission will vote next week on reforms to its whistleblower rewards program, more than two years after the reforms were first proposed, and which still have the potential to complicate your pursuit of a strong speak-up culture. The vote is scheduled for Wednesday, Sept. 2. In theory compliance professionals will be…

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Whistleblower Award to Compliance Officer

whistleblower

Some compliance professional out there just received a $450,000 whistleblower award from the Securities and Exchange Commission — apparently after that person took his or her concerns to management, was ignored, and then brought those concerns to the SEC instead.  The SEC announced the award on Monday. As usual, we don’t know many details. A…

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SEC Tees Up Whistleblower Reforms

whistleblower

At long last, the SEC seems ready to vote on reforms to its whistleblower awards program, a contentious proposal that would cap the size of large awards while giving the SEC more discretion to hand out smaller awards.  The commission has scheduled an open meeting for next Wednesday, Oct. 23, to review and presumably adopt…

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Big: Senators Intro Whistleblower Fix

pre-taliation

A bipartisan group of senators has introduced legislation to undo the damage of the Digital Realty Trust decision from the Supreme Court last year, which said that employee whistleblowers must first report their allegations to the SEC if they want to claim whistleblower protections under the Dodd-Frank Act. This legislation from the Senate follows similar…

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