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Articles Posted in Whistleblower Program

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. CFTC & SEC Whistleblower Programs In 2010, Congress passed the Dodd-Frank Wall Street Reform and Consumer Protection Act, which established whistleblower programs for the SEC and the CFTC. Whistleblowers that report securities violations to the SEC or CFTC can receive a percentage of any recovery the government collects over $1 million in enforcement actions. Collections can include fines, disgorgement of ill-gotten gains, and restitution. The percentage of a whistleblower award can be anywhere from 10% to 30% depending on the information and assistance the whistleblower provides, the significance of the information, and whether the award will deter future fraud or violations.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. Scott represented the whistleblower with Boca Raton attorney James Sallah, who was also interviewed for the article. Whistleblower Complaint The whistleblower was a broker at Morgan Stanley Smith Barney when he and other brokers and financial advisors were told about the CitiFX Alpha trading program. Based on his belief that it was a sound investment, because of the false and misleading statements made to him, our client recommended the program to his clients in 2010 and 2011. His clients ended up losing a significant amount of their money, and the whistleblower later found out that the program had not been reviewed or approved by Morgan Stanley and that Citigroup had made false and misleading statements about the program’s risk. Scott Silver told the Daily Business Review (DBR) that “He was very disturbed about what he knew versus what the investors, his clients, the people who had entrusted him with their money, were seeing.”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.

Scott represented the whistleblower with Boca Raton attorney James Sallah, who was also interviewed for the article. Continue reading ›

Whistleblower1-300x200Silver 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.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.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 ›

Murphy’s-Misconduct-1024x1024-300x300The 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.

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