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Tag Archives: Securities and Commodities Fraud

CFTC Issues Its First Ever Whistleblower Award For Tip On Securities Violation

The Commodity Futures Trading Commission (CFTC) announced this week that the agency will make its first ever award to a whistleblower for a tip in relation to securities violations. The award was made by the CFTC under its two-year-old Whistleblower Program, which was put in place to encourage whistleblowers to come forward with information about […]

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Qui Tam Case Against Tremco, Inc., Alleging Defects In BURmastic Roofing Systems, Settles For $60 Million

A recently-unsealed False Claims Act lawsuit, brought by a qui tam whistleblower, against Tremco, Inc., has reportedly settled for approximately $60 million.  This case is particularly interesting, because the whistleblower alleged in his complaint not only that Tremco (and its parent company RPM International, Inc.) violated various rules governing federal contracts, but also that at […]

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New York Attorney General Sues Credit Suisse For Residential Mortgage-Backed Securities Fraud

On November 20, 2012, the New York Attorney General, Eric Schneiderman, along with the Residential Mortgage-Backed Securities (RMBS) Working Group filed a Martin Act complaint against Credit Suisse Securities LLC.  The complaint accuses Credit Suisse of deceiving investors about the quality of the mortgage loans which were part of the RMBS the company was selling. […]

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SEC Announces First Whistleblower Award Under Dodd-Frank Program

Yesterday, only one year after the United State Securities and Exchange Commission (SEC) whistleblower program was established, the SEC announced its first award under the new program.  The unidentified whistleblower will receive nearly $50,000 as his or her reward for helping the SEC stop a multi-million dollar fraud scheme. In 2010, the Dodd-Frank Wall Street […]

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MORTGAGE-FRAUD WHISTLEBLOWERS, UNCLE SAM WANTS YOU!

The Obama administration has created a task force charged with investigating fraud in connection with the packaging and sale of residential mortgage backed securities (RMBS).  Dubbed the Residential Mortgage-Backed Securities Working Group, the task force is a collaborative effort between the Securities and Exchange Commission, the Department of Justice, and many United States Attorneys’ Offices […]

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SEC Issues First Annual Report On Dodd-Frank Whistleblower Program

The U.S. Securities and Exchange Commission (SEC) has just issued its Annual Report on the Dodd-Frank Whistleblower Program, for Fiscal Year 2011.  Under the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), which was passed in 2010, the SEC is required to issue an annual report on its activities under the new securities […]

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SEC’S OFFICE OF THE WHISTLEBLOWER OFFICIALLY OPENS FOR BUSINESS

On August 12, 2011, the Securities and Exchange Commission’s (“SEC”) new Office Of The Whistlebower officially opened its doors and launched its website.  The official opening coincided with the effective date for the final rules implementing the whistleblower provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank Act”).  The Dodd-Frank Act created […]

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Hewlett Packard Reaches Agreement In Principle To Pay $50 Million To Settle False Claims Act Lawsuit

On August 2, 2010, Hewlett Packard (HP) announced that it had reached an agreement in principle with the U.S. Department of Justice to pay the Government $50 million to settle a lawsuit brought under the False Claims Act.  The lawsuit alleged that HP was involved in a scheme with Sun Microsystems, Inc. and Accenture PLC […]

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Insider Trading Whistleblowers Receive $1 Million Reward From SEC

Two whistleblowers recently received a $1 million reward from the Securities Exchange Commission (SEC) for providing information in connection with an insider trading case against the hedge fund Pequot Capital and its CEO Arthur Samberg.  The reward was part of a $28 million settlement to resolve allegations by the SEC that Mr. Samberg traded on […]

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Wall Street Reform Passes Congress, Increases Whistleblower Protections And Rewards

On July 15, 2010, Congress gave final approval of the Restoring American Financial Stability Act (H.R. 4173).  President Obama is expected to sign the bill into law next week.  The aim of the bill is to transform financial regulation in light of the 2008 financial crisis. The bill contains a number of whistleblower provisions designed […]

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