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 [...]
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 [...]
In light of the 2008 financial crisis – which was propelled primarily by corporate misconduct and serious Wall Street delinquency – the 2010 Dodd-Frank Act was created in order to not only police investor transgressions but to incentivize those with knowledge of possible securities fraud to come forward and report their information to confidential [...]
Like several other federal agencies, the Securities and Exchange Commission has implemented a whistleblower program allowing those with first-hand knowledge of fraud to come forward, report what they know, and enjoy protection from employer retaliation. As we have reported in the past, employees choosing to report fraud to internal compliance authorities do not enjoy the [...]
While healthcare fraud remains a top priority for the Department of Justice and other governmental agencies, several other areas of fraud are also on the rise – including misconduct against the Internal Revenue Service, Securities and Exchange Commission, and the Commodities Futures Trading Commission. All of these agencies recently implemented whistleblower regulations which were drafted [...]
In 2010, the Dodd Frank Act was enacted to further financial reform and bring about greater integrity from those working on Wall Street. One of the hallmark features of the Act involves the implementation of a whistleblower program designed to incentivize those with original information about securities fraud to come forward and disclose what they [...]
Under the 2010 Dodd Frank Act, the Securities and Exchange Commission was tasked with organizing and implementing a whistleblower program similar to the False Claims Act – which has proven widely successful since its inception in the 1800’s. As a result, the SEC worked tirelessly to create its Office of the Whistleblower (“OWB”) and has [...]
In recent years, Congress expressed interest in mimicking the federal False Claims Act in an effort to identify, punish, and deter acts of fraud against taxpayers, investors, and the federal government as a whole in other areas. As a result, the 2010 Dodd Frank Act, which was drafted to implement serious changes to Wall Street, [...]
In yesterday’s post, we introduced and began reviewing the recent report submitted to Congress by the SEC. It provides helpful details and insight into the whistleblower program advanced by the Dodd Frank Act as well as an analysis of fiscal year 2013 and the highlights therein, including a record-breaking $14 million whistleblower award unprecedented in [...]
As we reported last week, the Dodd-Frank Wall Street Reform and Consumer Protection Act has been highly integral in protecting investors and taxpayers as well as holding fraudulent investors and corporate managers responsible for their misdeeds. Earlier this month, the Securities Exchange Commission, an entity responsible for overseeing the securities exchange market, submitted its annual [...]
