Category: News

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SEC Decreases Whistleblower Award to $325,000 for Delayed Reporting

The U.S. Securities and Exchange Commission announced another whistleblower award today. The reward of more than $325,000 went to a former employee of an investment firm who tipped the agency to detailed information of wrongdoing and specifically identified the individuals behind the fraudulent activity. Whistleblower Award Decreased Due to Delay As part of its press...
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Canada Advances Securities Whistleblower Program

The Ontario Securities Commission (OSC) has released the latest version of its proposal for rewards to securities whistleblowers in Canada. The proposal would authorize payments of between 5 and 15 percent of the total monetary sanctions imposed and/or voluntary payments made as a result of the whistleblower’s information. The new program would pay individuals an...
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Health Care Whistleblower Lawsuits Bring in Another $375 Million

This has been quite a week for settlement announcements in the world of the False Claims Act. In the past two days, the Department of Justice has announced an additional $375 million in settlements initiated by whistleblower lawsuits. This follows the earlier Novartis announcement that it would pay $390 million to resolve. Yesterday, the DOJ...
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Health Care Whistleblowers Account for 65% of False Claims Act Lawsuits

Whistleblowers provide most of the leads to the Justice Department concerning health care fraud every year. In FY 2014, 93 percent of the cases opened by the Civil Division were started by a qui tam complaint, according to the prepared remarks of Principal Deputy Assistant Attorney General Benjamin C. Mizer at the Pharmaceutical Compliance Congress...
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Novartis Reports $390 Million Settlement in Kickback Case

Novartis has reportedly agreed in principle with the Department of Justice to settle a whistleblower lawsuit brought under the False Claims Act for $390 million. The complaint filed by the DOJ in 2014 alleges that the company paid kickbacks to specialty pharmacies for prescriptions involving Myfortic and Exjade. The whistleblower filed the complaint informing the...
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CFTC Continues Pursuit of Spoofing

As the CFTC’s regulation of algorithmic trading draws near, the commodities regulator also seems to have stepped up its enforcement of the Dodd-Frank Act’s ban on spoofing, which is considered a form of market manipulation. This week, the first trial in a criminal prosecution of a high frequency trader using computer algorithms to manipulate the...
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What Jobs Drive Whistleblower Tips to the SEC?

At least one of the top three may surprise you. The Securities and Exchange Commission asks whistleblowers to provide information about their occupation when they submit a tip to the agency. Since 2011, when they launched the Office of the Whistleblower, more than 6500 people have filled out the form in the hopes of putting...
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Thank You, Whistleblowers!

Today is National Whistleblower Appreciation Day. We would like to take a moment to thank everyone who has come forward to report fraud and other misconduct over the years. We know that the decision can be a difficult one and it may have unfortunate consequences on your family and career. We thank you for nevertheless...
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