For the first time, the SEC has made an award to a whistleblower who provided information that led to a related settlement by another agency—in this case, the Department of Justice.
The Occupational Safety and Health Administration will oversee worker retaliation claims for two new categories of whistleblowers—antitrust and anti-money laundering.
National Holdings has reached a proposed settlement in a lawsuit filed by a former chief compliance officer who alleged she was fired for investigating insider trading by the brokerage firm’s executives, although the firm denies the allegations.
GPB Capital Holdings allegedly defrauded more than 17,000 retail investors in a Ponzi-like scheme, then attempted to impede an employee from blowing the whistle on the illegal practices, according to the SEC.
The Securities and Exchange Commission has announced over $176 million in whistleblower awards in the first four months of the current fiscal year, already more than any other year in its history.
If we fail to improve our collective AML efforts, specialized law firms will offer an inviting incentive to those who blow the whistle on our continued failings, writes Martin Woods.
The Securities and Exchange Commission announced the award of $300,000 to a whistleblower with audit-related responsibilities, a rarity for the program.
Congress’ defense spending bill approved Friday includes amendments that could dramatically alter the fight against money laundering, in addition to a new BSA whistleblower program with some kinks to be worked out.
Beneficial ownership provisions contained in Congress’ defense spending bill should go a long way in the fight against money laundering, but holes in the bill’s proposed whistleblower program are open for criticism, says Aaron Nicodemus.
After four tries, Congress has finally passed a bill prohibiting employers from retaliating against whistleblowers who report violations of antitrust laws to the Department of Justice.
Many of the things I’d like to see in 2021 are directly related to regulatory changes we anticipate are coming under a Biden administration, but they’re mixed with a few lessons from the pandemic we hope carry into a post-COVID world.
The creation of an independent, competent “Ombuds” function could be used by companies to respond to certain key requirements in the EU’s Whistleblower Protection Directive.
CW reveals its list of five compliance wins from the year, including Samsung for its honesty, Volkswagen for successfully wrapping up its monitorship, 3M for stellar ethics, and more.
Careful consideration as to what new tone, direction, and priorities the SEC’s Division of Enforcement will take under Joe Biden can help you reduce compliance risk.
A $28 million whistleblower award announced Tuesday is the latest in an unprecedented stretch that has the SEC within reach of surpassing the record award total set in fiscal year 2020 just five weeks into FY2021.
The SEC announced the award of more than $10 million to a whistleblower whose “substantial” assistance throughout the course of an investigation was the sole driver behind a successful enforcement action.
A $114 million whistleblower payout announced Thursday is the highest ever awarded by the Securities and Exchange Commission, more than doubling the previous $50 million record set in June.
Democratic presidential nominee Joe Biden is no lock to win the presidency on Nov. 3. But it’s worth examining what compliance-related regulatory policies he’d support if he wins.
While Wells Fargo ends up with yet another “Failed It” this week, we salute the principled Deutsche Bank whistleblower whose refusal to accept “dirty money” cost him everything.
The former chief compliance officer for Merit Medical Systems will be paid $2.65 million for his role in uncovering a six-year kickback scheme that paid hospitals and doctors to purchase company products.
The record amount of whistleblower payouts by the SEC in fiscal year 2020 ($175M) happened because the agency made quickening the pace of awards a priority, whistleblower advocates say.
In this week’s “Nailed It or Failed It,” we take down EY and JPMorgan Chase for apparently ignoring whistleblowers and give the SEC a nod for rewarding them.
It’s no wonder the SEC recently issued new rules asserting its right to limit large whistleblower awards, because the agency handed them out in fiscal year 2020 at an unprecedented pace.
The Securities and Exchange Commission issued its 100th individual whistleblower award Monday when a tipster received $1.8 million for providing the agency with information that alerted staff to ongoing securities violations.
An internal whistleblower exposed a scheme by three executives of a Chicago-area engine manufacturer to improperly inflate revenue and cover their tracks by lying to company accountants and independent counsel.
More than two years after proposing them, the Securities and Exchange Commission approved a series of controversial amendments to its whistleblower program designed to make the issuance of awards more streamlined and efficient.
This installment looks back at Carnival’s history of environmental law convictions, plea agreements with the DOJ, criminal fines, and environmental compliance plans (yes, there is more than one).
More than a quarter of the SEC’s 94 whistleblower payouts since 2012 have come this fiscal year, the latest a more than $10 million award announced Monday.
JPMorgan Chase, Danske Bank, Deutsche Bank, and Bank of America all either “Nailed It” or “Failed It” this week.
A former attorney for AIG has alleged in a federal whistleblower lawsuit that he was fired after he complained about fraudulent activity related to an attempt to spin off a separate legal services company.
The SEC has announced nearly $4 million in whistleblower awards this week, though changes to agency’s tipster program set to be discussed Wednesday will once again hit the back burner.
In advance of her keynote at Compliance Week’s upcoming TPRM virtual event (Sept. 17-18), former SEC official Kara Brockmeyer discussed with CW the heightened risk third parties have during a pandemic and what companies can do about it.
The SEC had scheduled a Sept. 2 vote on controversial changes to its whistleblower program that, if passed, could weaken the agency’s prohibition of retaliation against whistleblowers and limit large rewards. The meeting has been canceled.
A Massachusetts-based pharmaceutical company will pay $20.75 million settle a whistleblower’s allegations that the company knowingly promoted misleading instructions for a skin lesion drug that caused doctors to submit false claims to Medicare.
Wells Fargo is now operating under a different regime, but what have the billions of dollars the bank has spent in attending to the compliance failures that arose out of its fake account scandal delivered? Not enough, posits Martin Woods.
A fresh podcast from the Theranos whistleblower and a new compliance association for Black practitioners get a round of applause from us this week, while a complicated case involving McDonald’s lands the company on both the “Nailed It” and “Failed It” lists.
An anonymous whistleblower’s complaint alleging sexual misconduct by fired McDonald’s CEO Steve Easterbrook prompted the company to file a lawsuit attempting to claw back some of the $41 million severance package it paid upon his ouster.
Sen. Chuck Grassley (R-Iowa) is working on legislation that would amend the False Claims Act in a way he says would strengthen the law’s core purpose of helping whistleblowers shine the light on wrongdoing and fraud.
The Commodity Futures Trading Commission awarded $9 million to a whistleblower whose “specific, credible, and timely tip’ led to a successful enforcement action. The payout is one of the five largest awarded by the regulator since 2014.
Evidence of kickbacks and bribes brought to light by a whistleblower and former chief compliance officer has led Merit Medical Systems to reach an estimated $18 million agreement in principle with the DOJ to settle False Claims Act allegations.
The Securities and Exchange Commission has paid out approximately $119 million to 20 whistleblowers in the past 10 months, a trend the agency continued with the latest announcement of a $3.8 million award.
Whistleblowers will receive a $16.7 million payday as part of a $122 million settlement between the Department of Justice and Universal Health Services.
Andy Hinton told CNBC he left his longtime position as vice president and chief compliance officer at Google in March as he looks toward a new role advising a startup that offers a whistleblower app.
A week after resolving FCPA investigations for $347 million, Swiss pharmaceutical drug maker Novartis will pay another $729 million in separate settlements related to kickback schemes.
A group of prominent Democratic legislators has proposed a whistleblower protection bill designed to help uncover fraud and waste in the trillions of dollars worth of coronavirus-relief funds allocated by Congress.
The Commodity Futures Trading Commission announced a whistleblower award of more than $6 million to a tipster who voluntarily provided original information that led the CFTC to bring a successful enforcement action.
The Securities and Exchange Commission announced its largest ever whistleblower award to a single individual at nearly $50 million while denying a second claimant a share of the bounty.
Financial crime expert Martin Woods explores what happens when the annual bonus causes employees to disregard their values for want of a dollar.
A look at a recent court case against car manufacturer Volkswagen once again places the company in the spotlight but, perhaps more importantly, offers some lessons in how to live up to shareholder expectations of good governance that protects their investment.
The next time someone tells you not to take notes during a meeting, think about why they’re making that request. It’s almost never a good idea to agree to it, writes financial crime expert Martin Woods.