Alexion Pharmaceuticals agrees to pay $21 million to settle SECcharges of foreign bribes for Soliris to Turkish and Russian officials

The Securities and Exchange Commission today announced that Boston-based pharmaceutical company Alexion Pharmaceuticals Inc. has agreed to pay more than $21 million to resolve charges that it violated the books and records and internal accounting controls provisions of the Foreign Corrupt Practices Act (FCPA). According to the SEC’s order, two Alexion subsidiaries made payments to […]

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Man committing ponzi scheme on his phone.

Ponzi Schemes and the SEC Whistleblower Program

A Ponzi scheme is a form of fraud in which investors in a fake firm are paid with the money from other investors. The investors in Ponzi schemes are led to believe that the money they receive is a result of the firm’s investment acumen, when it is actually paid using later investors’ initial investments. […]

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Man with whistle, signifying whistleblower.

Recent SEC Whistleblower Awards Highlight the Prevalence of Employer Retaliation

Under the SEC Whistleblower Program, a whistleblower may be entitled to additional compensation if he or she reports a violation internally before submitting the information to the SEC. The original justification for this requirement was that internal reporting mechanisms tend to be effective at detecting and stopping fraud. Unfortunately, however, recent SEC whistleblower awards demonstrate […]

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SEC issues its largest whistleblower award-$50 Million on Bank of New York Mellon over-charges case. BNY pays $700 million

The US Securities and Exchange Commission has paid its largest-ever whistleblower award $50 million. The Wall Street Journal, which conducted an investigation about the wrongdoing, reported the whistleblower is a trader from Bank of New York Mellon (BKPRC) who alerted the SEC about the bank’s reported pattern of “overcharging big clients on currency trades.” The trader assisted […]

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Securities & exchange Commission orders Morningstar Credit Ratings to pay $3.5 million for conflict of interest violations

The Securities and Exchange Commission today charged New York-based credit rating agency Morningstar Credit Ratings LLC for violating a conflict of interest rule designed to separate credit ratings and analysis from sales and marketing efforts. Morningstar has agreed to pay $3.5 million to settle the charges. The SEC’s order finds that from mid-2015 through September […]

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Despite COVID-19 crisis Securities & Exchange Commission whistleblower actions and awards mount

Despite the COVID-19 crisis, the Securities & Exchange Commission has continued to increase multi-million dollar awards awards under its Dodd-Frank whistleblower program. Since January 21, 2020, when the CDC confirmed the first case of COVID-19 in the United States, the SEC has issued 12 whistleblower awards totaling approximately $64 million. Some of the highlights of these awards […]

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Whistleblower

What Is the SEC Whistleblower Program?

The U.S. Securities and Exchange Commission (SEC) is the federal agency that is responsible for regulating the country’s stock and options markets. The SEC relies on individuals who possess specific information to help them pursue sanctions against those who commit certain types of fraud. The people who come forward to help the SEC are called […]

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Securities & Exchange Commission issues $5 million award to whistleblower who reported fraud

The Securities and Exchange Commission today announced a $5 million award to a whistleblower who provided significant information that led to successful enforcement action.  The whistleblower provided critical evidence of wrongdoing, which helped save time and resources in the SEC’s investigation, and the whistleblower suffered a unique hardship as a result of raising concerns internally. […]

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