The SEC awarded more than $1.8 million to a whistleblower whose information and assistance were “critically important” to the success of an enforcement action involving misconduct committed overseas.
Whistleblowers
Posted inAccounting & Auditing
GE whistleblower report shines light on insurance liability
Recent whistleblower allegations against GE have put a spotlight on mounting liabilities that will hit corporate balance sheets when insurance accounting rules shift.
Posted inAccounting & Auditing
Is whistleblowing working? New claims raise questions
Sweeping, open allegations of fraud against major public companies raise fresh questions about the effectiveness of regulatory whistleblower programs.
Posted inAccounting & Auditing
GE rails against new whistleblower allegations of fraud
GE picks apart new whistleblower allegations of $38 billion accounting fraud. “Market manipulation—pure and simple,” says Chairman and CEO Larry Culp.
Posted inAccounting & Auditing
House considers creating PCAOB whistleblower program
The House is considering a bill that would give the PCAOB a whistleblower system under Sarbanes-Oxley like the one operated by the SEC.
Posted inTechnology
Cisco’s $8.6M settlement for security flaws has broader ramifications
Cisco has reached an $8.6 million settlement for knowingly selling video surveillance software with critical security vulnerabilities. It’s believed to be the first cyber-security whistleblower case of its kind successfully litigated under the False Claims Act.
Posted inWhistleblowers
Overseas whistleblowers continue to fuel SEC program
Foreign national whistleblowers play a strong role in the SEC’s whistleblower program, highlighted by the most recent award of $500,000 to an overseas informant. This latest payout appears to mark at least the 13th time the SEC has awarded an overseas whistleblower.
Posted inWhistleblowers
Novartis sets aside $700M in kickback case
Swiss pharmaceutical drug maker Novartis announced it has set aside $700 million for a potential settlement in a long-running lawsuit over allegations that the company paid hundreds of millions of dollars in kickbacks to doctors to induce them into prescribing drugs to patients to boost their sales.
Posted inRegulatory Enforcement
CFTC issues joint $2M whistleblower award
The Commodity Futures Trading Commission announced on July 1 an award of $2 million to two “model whistleblowers” who provided the agency with “significant information” that prompted the CFTC to open an investigation.
Posted inWhistleblowers
CFTC issues reduced whistleblower award of $2.5M
The Commodity Futures Trading Commission has awarded a whistleblower $2.5 million for assisting it in an investigation, but the award could have been larger if the report was made sooner, the CFTC said.