Washington, D.C.  October 12, 2016. The Securities and Commodities Exchange(SEC) announced yesterday that fiscal year 2016, which ended on September 30, 2016, was a record year for SEC enforcement. The agency reached new highs in enforcement in all areas, especially for whistleblowers.
Continue Reading SEC Announces Record Year Standing Up for Whistleblowers

The Securities and Exchange Commission announced on September 29th that International Game Technology (IGT) has agreed to pay a $500,000 penalty for firing an exemplary employee for reporting issues with the company’s financial statements.
Continue Reading SEC Fines Casino Gaming Company $500K for Whistleblower Retaliation

There are more effective ways to protest lax enforcement of financial fraud

Last week, it was widely reported that Eric Ben-Artzi, a Deutsche Bank whistleblower stated he will refuse a portion of his whistleblower award from the U.S. Securities and Exchange Commission’s whistleblower program.   Mr. Ben-Artzi had worked at the bank as a vice president and he tells an all too-familiar story of a loyal corporate insider reporting serious fraud internally only to be betrayed by corporate compliance officials and then getting fired by management.

Mr. Ben-Artzi next reported the wrongdoing to the SEC and later formally asked the SEC in 2015 to grant him a monetary award for helping the SEC to fine Deutsche Bank. After being awarded more than $8 million he says he will refuse to accept a portion of that whistleblower award (but allow his ex-wife and attorney to collect a portion of his share) as a form of protest to the SEC’s collusion with Wall Street.

However, refusing the award makes little sense, because there are more effective ways the whistleblower can protest lax enforcement and corporate fraud.
Continue Reading Deutsche Bank Whistleblower Should Accept SEC Whistleblower Award

Washington, DC, November 16, 2015.  The SEC’s Office of the Whistleblower issued its annual report today highlighting the successes of the Office.  This includes payments of more then $37 million to whistleblowers in 2015 and a 30% increase in the amount of claims filed with the office.  The SEC also took enforcement action to ensure that corporations stop using restrictive nondisclosure agreements to keep regulatory violations hidden.


Continue Reading SEC Annual Report Highlights Success of International Whistleblower Program

The U.S. Commodity Futures Trading Commission announced yesterday that it will make an award of approximately $290,000 to a whistleblower for providing valuable information about violations of the Commodity Exchange Act (CEA).

Under the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, the CFTC’s Whistleblower Program provides monetary awards to persons who report violations of the CEA if the information leads to an enforcement action that results in more than $1 million in monetary sanctions.
Continue Reading Whistleblower to Receive $290,000 Award From CFTC

On August 4, 2015, the Securities and Exchange Commission (“SEC”) issued an interpretive rule to dispel confusion over whether employees who only report violations to their employer are protected by the Dodd-Frank whistleblower protection provision. The SEC will formally publish this interpretative rule in the Federal Register and it will operate as an amendment to the Dodd-Frank whistleblower rules. A copy of the SEC’s interpretative ruling can be found here.
Continue Reading SEC Says Employees Protected For Internal Whistleblowing