In financial industry, two of the principal agencies tasked with ensuring the U.S. financial markets’ stability and integrity are the U.S. Securities and Exchange Commission (SEC) and the U.S. Commodity Futures Trading Commission (CFTC). The CFTC ensures that commodity futures and options exchanges have policies that protect investors in the market and ensure fair trading free from fraud and manipulation. Continue reading ›
Law.com and Daily Business Review interviewed Scott Silver, Silver Law Group’s managing partner, regarding a $1.8M SEC whistleblower award he helped secure for a client. The client provided crucial information that led the SEC to recover millions of dollars for investors.
Silver Law Group represents a Securities and Exchange Commission (SEC) whistleblower who was awarded $1.8 million by the SEC for providing information that led to the collection of millions of dollars from two brokerage firms.
The Commission said in a press release that our client, an insider, “provided information that would have been difficult to detect in the absence of the tip and provided extraordinary assistance to SEC staff resulting in the return of money to investors.” Continue reading ›
The Commodities Futures Trading Commission (CFTC) Whistleblower Office has issued an alert to the public regarding how people can make themselves eligible for financial awards and protections while helping to stop violators of the Bank Secrecy Act (BSA).
The CFTC Whistleblower Program will pay 10%-30% of monetary rewards to eligible persons who provide original information about violations, if that information leads to a successful action that results in over $1 million in monetary sanctions. The CFTC Whistleblower program has been successful and millions have been awarded. Continue reading ›
On August 29, 2019, the SEC (Securities and Exchange Commission) announced an award of over $1.8 million for a whistleblower “whose information and assistance were critically important to the success of an enforcement action involving misconduct committed overseas.”
According to a press release from the SEC, the whistleblower alerted the agency to the violations and helped greatly during the investigation. The whistleblower, who was not identified, gave sworn testimony, reviewed documents, and gave ongoing new information that helped move the investigation forward. Continue reading ›
The Securities and Exchange Commission recently announced that the agency has awarded two more individuals funds totaling $54 million under the SEC’s Whistleblower Program.
The first individual was awarded $39 million, and the second was awarded $15 million. Both offered information and assistance that resulted in enforcement actions. The $39 million award is the second largest award in the program’s history.
After voluntarily providing the SEC with “original, timely, and credible information that leads to a successful enforcement action,” individuals may be eligible for monetary awards. For sanctions exceeding $1 million, whistleblowers may be awarded as much as 10% to 30%. Whistleblowers are a great help to an investigation, and can supply valuable information that might not otherwise be available.