SEC Fraud

What is SEC Form TCR?

By Russell Paul Section 21F of the Securities Exchange Act of 1934 (“Exchange Act”) (15 U.S.C. §78u-6), entitled “Securities Whistleblower Incentives and Protection,” (often referred to as the SEC Whistleblower Statute) requires the Securities and Exchange Commission (the “Commission”) to pay awards, subject to certain limitations and conditions, to whistleblowers who provide the Commission [...]

False Claims Act’s “Alternate Remedy Provision” & The SEC Whistleblower Statute’s “Related Action” Provision

What is the False Claims Act Alternative Ready Provision? When a relator brings a false claims action in the name of the Government under the False Claims Act ("FCA"), the Government may elect to pursue its claim through any alternate remedy available to the Government, including any administrative proceeding, to determine a civil money penalty.  If any such alternate [...]

Anti-Retaliation Whistleblower Protection Under Dodd-Frank

Fifth Court States Whistleblower Protection if Whistleblower Reports to SEC or Internally to Company The Fifth Circuit ruled on June 17, 2013, that anti-retaliation provisions in Dodd-Frank only protect whistleblowers who disclose alleged fraud to the U.S. Securities and Exchange Commission and not just internally to the company. The case is Asadi v. GE Energy USA [...]

Enforceable Laws Under the SEC Whistleblower Program & Foreign Corrupt Practices Act

The SEC Whistleblower Program & Foreign Corrupt Practices Act The SEC Whistleblower Program provides monetary incentives for individuals to come forward and report possible violations of the federal securities laws to the SEC. The SEC Whistleblower Program also incorporates violations of the Foreign Corrupt Practices Act ("FCPA") as reportable misconduct to the SEC. The reason the SEC enforces violations [...]

SEC Whistleblower Statute: Section 922 of the Dodd-Frank Act

Securities and Exchange Commission Whistleblower Statute In response to the global financial crisis in 2008, Congress passed financial reform legislation known as the Dodd-Frank Act in 2010, which came into effect in August 2011. In addition to the sweeping new financial regulations, the Dodd-Frank Act contained whistleblower provisions to encourage and incentivize any natural person (not companies [...]

SEC Whistleblower Law and the Securities Whistleblower Act

The SEC Whistleblower Statute and Statute of Limitations In July 2010, the Dodd-Frank Wall Street Reform and Consumer Protection Act was signed into law by President Obama.  Section 922 of the Act states that the SEC will be required to pay a reward to individuals who provide original information to the SEC resulting in monetary sanctions exceeding $1 million in [...]

SEC Settles Fraud Case Regarding Restrictive Language With KBR, Inc.

Whistleblowers with knowledge of possible securities fraud are able to report this fraud confidentially under the relatively new whistleblower provisions of the 2010 Dodd Frank Act. If an employee opts to report the information directly to the government, he or she is thereafter protected from retaliatory maneuvers by the employer and can even seek [...]

SEC Announces Whistleblower Reward for Former Company Officer

Implemented by the 2010 Dodd Frank Act, the Securities and Exchange Commission (SEC) maintains a growing whistleblower program. Much like the False Claims Act, the SEC’s program is designed to offer confidential consideration of fraud claims, as well as incentives for successful prosecutions of costly and wasteful securities fraud. In today’s post, we discuss [...]

Securities Ratings Firm Standard & Poor’s Settles Fraud Charges for $58 Million

In a victory for the Securities and Exchange Commission, the securities ratings firm Standard & Poor’s has agreed to settle claims it fraudulently certified certain mortgage-backed securities as good investments, as well as claims the firm used a certain methodology to calculate risk with regard to commercial mortgage-based securities when, in fact, a different [...]

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