Cornice of old national bank, representing Deutsche Bank and whistleblowers

CFTC Issues Record $30 Million Fine for Spoofing to Deutsche Bank

Record Fine Against Deutsche Bank The CFTC announced enforcement actions against three banks and six individuals for spoofing at the end of January. The three banks, Deutsche Bank, UBS, and HSBC, were charged with spoofing in precious metals futures contracts trading on the Commodity Exchange, Inc. (COMEX). The fine against Deutsche Bank was the largest...

Photo of a Federal Court House and Post Office, representing Bipartisan Budget Act and to exemplify the debate in collected proceeds

Key Whistleblower Changes in Bipartisan Budget Act

Bipartisan Budget Act to Help End 2nd Federal Government Shutdown The Bipartisan Budget Act of 2018, passed overnight and signed this morning by President Trump to end the second federal government shutdown of this year, includes two key provisions for whistleblowers previously introduced by Senator Charles Grassley but removed from the January budget deal. For...

100 Us Dollar Banknotes, representing False Claims Act

False Claims Act Whistleblowers Paid $392 Million in Fiscal Year 2017

A Big Year for the False Claims Act The Department of Justice recovered more then $3.7 billion in settlements and judgments in Fiscal Year 2017 from the False Claims Act according to the press release issued last week. The majority of the funds recovered were in lawsuits initiated by whistleblowers. Qui tam lawsuits led to...

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Clarifying Collected Proceeds for IRS Whistleblowers

Definition of Collected Proceeds Dropped The Wall Street Journal reported yesterday that the reconciliation of the tax legislation has dropped the definition of collected proceeds for the IRS whistleblower program introduced into the Senate version that passed. The amendment was added by Senator Chuck Grassley, an advocate for whistleblowers and responsible for introducing the legislative...

Latest Settlement Reveals Mortgage Fraud Continued Years After Financial Crisis Ended

Mortgage Fraud Continues We are reaching the end of a decade since mortgage fraud hit its peak in 2007. However, the latest settlement by IberiaBank suggests that at least one lender continued aspects of mortgage fraud against the Federal Housing Administration (FHA) well after becoming informed of their wrongdoing. IberiaBank agreed to pay the United...

Photograph of a Labyrinth, representing the IRS whistleblower program

SEC Recovers Over $1 Billion from Whistleblower Tips

SEC Recovers Over $1 Billion Over the past week, the U.S. Securities and Exchange Commission has issued total rewards of over $20 million to three SEC whistleblowers. As a result, SEC enforcement actions involving whistleblowers have now recovered more than $1 billion in financial remedies against whistleblowers. The SEC whistleblower program has been accepting tips...

Bitcoin, representing cryptocurrencies like Plexcoin

SEC Cyber Unit Freezes 15 Million in Investor Funds Raised by PlexCoin

SEC Attempts to Halt ICO by PlexCoin The SEC today announced an enforcement action against the Initial Coin Offering (ICO) by PlexCoin. The SEC obtained a freeze on the purportedly $15 million in investor funds raised by PlexCoin from thousands of U.S. and international investors since August. According to the complaint filed by the SEC...

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Evaluating Cryptocurrencies for Potentially Big Whistleblower Cases

Cryptocurrency, led by bitcoin, has become a hot topic in the mainstream media recently. Both the CME and Nasdaq have announced plans to introduce trading in bitcoin futures. And the investing community continues to be split between those who believe it is the future of currency and those who believe it is a bubble or,...

Collected Proceeds Debate Continues in Regards to Title 26 in IRS Whistleblower Cases and Congress

The Debate in Collected Proceeds Still Continues The Justice Department has appealed a decision by the U.S. Tax Court last year to provide an IRS whistleblower reward based upon a criminal fine and civil forfeitures. The Government’s appeal to the D.C. Circuit attempts to reverse a favorable decision for whistleblowers on the definition of collected...

Magnifying Glass on Top of Document, representing accounting fraud

The Annual CFTC Whistleblower Report for 2017

2017 CFTC Whistleblower Report The CFTC has also issued its annual report to Congress on the Dodd-Frank Act whistleblower program during Fiscal Year 2017. The CFTC did not issue any whistleblower awards last year. However, it did amend the whistleblower rules and regulations through a period of public notice and comment rulemaking. The CFTC Whistleblower...

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