SEC Whistleblower Blog

MF Global Collapse Points to Importance of Dodd-Frank Whistleblower Provisions

November 10, 2011
The collapse of the brokerage firm MF Global last week has left analysts wondering whether it was the first of many to fall, and what could have been done to prevent it. As reported by the New York Times a week ago in its article “Oversight of Brokers Scrutinized,” questions over who is responsible for oversight of midsize...

In-House Counsel as Whistleblowers Under the SEC Whistleblower Program

November 4, 2011
When the Association of Corporate Counsel held its annual meeting last month in Denver, the agenda reflected growing concern among in-house lawyers that they may become the targets of investigation or even prosecution by the SEC or other regulators.  The ACC gathering of some 2,000 general counsels and other top legal...

SEC Adds to List of “Covered Actions” Eligible for Whistleblower Awards

November 2, 2011
On August 12, 2011, the day the SEC’s whistleblower program formally went into effect, the SEC Office of the Whistleblower began publishing Notices of Covered Action that alert potential whistleblowers to opportunities to claim awards under the new program.  The published notices describe all SEC actions that result in final...

The Wall Street Journal reports on SEC's increased negligence litigation efforts

October 4, 2011
In its September 30, 2011 article “At SEC, Strategy Changes Course” The Wall Street Journal is reporting that the Securities and Exchange Commission is making a noticeable effort to increase its oversight of financial misconduct on Wall Street. Whereas in the past the SEC has had a general policy of reserving litigation for...

Groupon, Inc. substantially revises income statement following accounting professor's tip to SEC whistleblower program

September 30, 2011
The deal-of-the-day website service Groupon, Inc. has substantially amended its income statement with the Securities and Exchange Commission ahead of its plans to go public, after a tip from an accounting professor to the SEC's new whistleblower program questioned the company's financial health and its compliance with...

Critics Unfair in Seeking to Undermine New SEC Whistleblower Program

September 14, 2011
The SEC’s new whistleblower program – officially just one month old on September 12, 2011 – has already attracted a large number of tips from insiders who have provided the Commission with information about securities violations. Whistleblower advocates are impressed with the job the SEC's new Office of the Whistleblower is...

Tax Whistleblower Reward Program

September 9, 2011
Readers of the SEC Whistleblower Blog will also be interested in learning about the whistleblower-reward program operated by the Internal Revenue Service. Like the SEC whistleblower program, which provides awards of 10% to 30% of amounts recovered by the SEC based on a whistleblower’s information about securities violations,...

CFTC releases new rules pursuant Dodd-Frank reforms, including whistleblower program

August 5, 2011
The Commodities Futures Trading Commission (CFTC), the US Government Agency which regulates the $601 trillion futures and options trading markets, voted 4-1 yesterday to adopt rules for its new whistleblower program, as well as for mandating that all transactions in those markets be recorded in a database.  These rules have...

SEC Whistleblowers Will Protect Investors and Earn Their Rewards

July 29, 2011
 July 28, 2011 – In an lengthy opinion piece published in today’s National Law Journal¸ whistleblower lawyers David J. Marshall and Alison Asarnow explain that the new SEC whistleblower program serves and important public interest in addressing securities violations and also provides the incentives that are needed to help...

SEC's New Tips Database and Whistleblower Program Underway

July 28, 2011
Reuters reported yesterday on the SEC’s new “Tips, Complaints, and Referrals” (TCR) Database, which the agency is now using to track tips provided to the SEC.  Reuters reports that tips entered into the $21 million system can be accessed by 2,300 SEC employees, a far cry from the system formerly used at the SEC, where tips...

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