SEC Whistleblower Blog

Qualcomm Whistleblower Allegations Lead to SEC, DOJ Probes

February 2, 2012
The FCPA blog, a blog dedicated to providing news and views about the United States Foreign Corrupt Practices Act (“FCPA”), reported today that Qualcomm was facing an investigation by the Department of Justice (“DOJ”) and the Securities and Exchange Commission (“SEC”) relating to whistleblower allegations made in December 2009...

David J. Marshall Comments on SEC Insider Trading Settlement

January 26, 2012
The Securities and Exchange Commission (“SEC”) issued a press release earlier this week announcing that it had agreed to a settlement with a multi-billion dollar hedge fund advisory firm to settle insider-trading charges, just days after the SEC brought suit against the firm.  Diamondback Capital Management LLC has agreed...

SEC Whistleblowers Given 15 New Notices of Covered Action

January 17, 2012
The Securities and Exchange Commission (“SEC”) Office of the Whistleblower recently posted 15 new Notices of Covered Action (“NOCAs”) on the Commission’s website.  The SEC posts NOCAs when a company is penalized by monetary sanctions in excess of $1 million.  The Dodd-Frank Act created the SEC Whistleblower Program, which...

DOJ Announces Bribery Charges Against Siemens Executives

December 22, 2011
The Department of Justice (“DOJ”) announced in a press release last week that it was bringing charges against eight former executives and agents of Siemens AG and its subsidiaries for allegedly engaging in a decade-long scheme to bribe senior Argentine government officials to secure, implement and enforce a $1 billion contract...

SEC Chairman Urges Lawmakers to Delay Changes

December 21, 2011
Marketwatch.com reported last week that Mary Schapiro, the Chairman of the Securities and Exchange Commission (“SEC”), sent a letter to Representative Barney Frank, Democrat from Massachusetts, asking that lawmakers hold off on making changes to the new whistleblower program until there is proof that it is causing problems. ...

SEC Chairman Seeks Higher Fines to Deter Violators

December 14, 2011
The Chairman of the Securities and Exchange Commission (“SEC”), Mary Schapiro, recently sent a letter to Senators Jack Reed (D-RI) and Mike Crapo (R-ID), ranking members of the Senate banking committee’s subcommittee on securities, requesting an increase in the SEC’s authority to obtain monetary penalties from offenders. ...

Tax Court Protects Rights of IRS Whistleblowers to Retain Anonymity

December 13, 2011
In a decision that will be welcomed by Internal Revenue Service (“IRS”) whistleblowers, the United States Tax Court ruled on Thursday in Whistleblower 14106-10W v. Commissioner of Internal Revenue that the court would allow individuals reporting serious tax underpayments under U.S.C. § 7623 to appeal IRS award determinations...

New Survey Finds Most Workers Willing but Ignorant of Dodd-Frank

December 12, 2011
A newly published survey asked over 1,000 Americans questions regarding the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (“Dodd-Frank”).  As part of its comprehensive program to ensure corporate accountability and compliance, the Dodd-Frank Act created important new whistleblower protections and incentive...

Cohen of Bloomberg News Blasts Rep. Kingston Over CFTC Cuts

December 2, 2011
William D. Cohen of Bloomberg News wrote a scathing op-ed piece earlier this week, lambasting what he described as the “stealthy efforts” of Congressman Jack Kingston to limit funding to the Commodity Futures Trading Commission (“CFTC”).  Rep. Kingston, a Republican from Georgia and influential member of the House...

Whistleblowers Seek First Dodd-Frank SEC Bounties in Banking Cases

November 16, 2011
The Wall Street Journal published an article today about whistleblower rewards under the new provisions enacted under the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”).  In After Tip, the Claim For Reward, the Journal writes about Bank of New York Mellon Corp. (“BNY”) and State Street Corp., two...

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