SEC Whistleblower Blog

CFTC Whistleblower Office Provides Advice for Future Whistleblowers

October 30, 2012
Commodity Futures Trading Commission (“CFTC”) Whistleblower Office Director Vincente Martinez submitted an article to Law360 earlier this month about the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (“Dodd-Frank”).  Dodd-Frank created new incentive programs to reward and protect individuals who report...

SEC Whistleblower Office Completes Remarkably Successful First Year

October 29, 2012
The whistleblower office at the Securities and Exchange Commission (“SEC”) received almost 3,000 tips over its first 12 months of operation, according to an article in the Wall Street Journal.  Even more encouraging than that is that SEC Commissioner Luis Aguilar informed enforcement officials recently that the quality of the...

Whistleblower Language in Dodd-Frank Construed Broadly by Connecticut Court

October 5, 2012
Employees who report the fraudulent activities of their supervisors have received another favorable decision under the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (“Dodd-Frank”) , this time out of the United States District Court for the District of Connecticut. On September 25, 2012, in the case of Kramer...

Dodd-Frank Whistleblower Allowed to Proceed With Lawsuit Despite Timing Problems

October 4, 2012
Investment analyst Roseanne Ott will be allowed to proceed with her lawsuit against investment adviser Fred Alger Management, Inc. (“FAM” of “the Company”), alleging whistleblower retaliation in violation of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (“Dodd-Frank”). On September 27, 2012, the District...

Whistleblower Reporting in Futures Industry Slow to Materialize

October 1, 2012
Whistleblowers have been slow to catch on to the new whistleblower program at the Commodity Futures Trading Commission (“CFTC”), Thomson Reuters reported last week.  The CFTC and the Securities and Exchange Commission (“SEC”) were both required to set up whistleblower programs under the 2010 Dodd-Frank Wall Street Reform and...

SEC’s First Whistleblower Award An Encouraging Sign for Whistleblowers

August 23, 2012
A securities fraud whistleblower will receive nearly $50,000 from the U.S. Securities and Exchange Commission (“SEC”), the agency announced on Tuesday, August 21, 2012.  This represents the first payout under the new bounty provisions of the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”).  The SEC...

Dodd-Frank Whistleblower Provisions Not Extended to American Working Abroad

July 6, 2012
On June 28, 2012, the U.S. District Court for the Southern District of Texas dismissed a whistleblower lawsuit brought by a former employee of G.E. Energy (“GE”) who worked outside of the United States. In Asadi v. G.E. Energy (USA), LLC, Khaled Asadi alleged that GE terminated him in retaliation for reports he made to his...

Municipal Bond Regulations Expand Reach of SEC Whistleblower Program

June 6, 2012
Beginning in August 2012, federal regulators will be enforcing new regulations requiring greater oversight of the municipal bond market and the underwriters of municipal securities, according to a press release issued by the Municipal Securities Rulemaking Board (“MSRB”) this month.  A recent New York Times article described...

Whistleblower Participation Sought to Bolster Financial Fraud Task Force

May 31, 2012
A task force created by the Obama Administration in November 2009 to help hold accountable those responsible for the latest financial meltdown recently made a formal call to whistleblowers for information.  The Residential Mortgage-Backed Securities (“RMBS”) Working Group – an arm of the Financial Fraud Enforcement Task Force...

SEC Whistleblower Program Attracting High-Quality Tips, Director Says

May 1, 2012
In an interview with Thomson Reuters last Friday, the Director of the SEC Enforcement Division, Robert Khuzami, stated that the quality of tips being submitted to the SEC’s new Whistleblower Program has improved in recent months, probably due in part to more whistleblowers being represented by lawyers.  The SEC Whistleblower ...

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