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SEC Whistleblower Program awards $175 Million in 2020 Dec 2, 2020

The U.S. Securities and Exchange Commission’s (“SEC”) Whistleblower Program released its Fiscal Year (FY) 2020 Annual Report (the “Report”) to Congress on November 16, 2020. According to the Report, the SEC received over 6,900 whistleblower tips during FY 2020 (which ended September 30, 2020), which was a 31% increase from...

New SEC Rules and Deadlines Could Impact Thousands of Cases Nov 11, 2020

On November 5, 2020, rule changes to the SEC Whistleblower Program were published in the Federal Register. Although December 7, 2020 is the effective date of these rule changes, the new rules created several deadlines that apply retroactively, requiring SEC whistleblowers and their attorneys to be very attentive to and...

SEC Adopts Amendments That Ease Limits and Rules on Private Offering Exemptions Nov 10, 2020

The Securities and Exchange Commission (“SEC”) adopted amendments proposed in March 2020 in order to simplify, harmonize and modernize the private offering framework in an effort to promote capital formation while preserving investor protections. The amendments generally: establish more clearly the ability of issuers to move from one exemption to another; increase...

Record $114 Million Whistleblower Award Issued by SEC Oct 23, 2020

The Securities and Exchange Commission (“SEC”) announced a $114 million reward to a whistleblower, making it the highest award in the program’s history and eclipsing the next highest award made in June 2020 for $50 million. The $114 million award consists of an approximately $52 million award in connection with...

Recent Amendments to SEC Whistleblower Award Program Oct 5, 2020

The Securities and Exchange Commission (“SEC”) has adopted amendments to the whistleblower program rules that the SEC suggests are designed to provide greater clarity to whistleblowers and increase the program’s efficiency and transparency.   The SEC has awarded approximately $523 million to 97 individuals since the program began. In the past three...

Novartis Whistleblower Awarded $109 Million Jul 31, 2020

Novartis whistleblower, Oswald Bilotta, has been awarded $109 million by DOJ after an agreement in which the Swiss pharmaceutical company agreed to pay $629 million to settle claims accusing it of misrepresenting sponsored events as educational,  consisting of lavish events and expensive alcohol, with the intent of attempting to incentivize...

SEC Proposes Rules to Relax Exempt Offerings and Integration of Offerings Rules Mar 24, 2020

On March 4, 2020, the SEC proposed a series of amendments to Securities Act of 1933, as amended. The proposed amendments include amendments to Regulation A+, Regulation Crowdfunding, Regulation S and Regulation D Rules 506(b), 506(c), and 504 and include several non-exclusive safe harbors from integration that would increase the...

U.S. Attorney’s Office credited with over $169 million collected in civil and criminal actions in fiscal year 2019 - Northern District of Georgia Mar 17, 2020

Click here: https://www.stl.news/u-s-attorneys-office-credited-with-over-169-million-collected-in-civil-and-criminal-actions-in-fiscal-year-2019/312060/...

IRS Whistleblower Awards in 2019 Jan 14, 2020

The IRS made 181 awards to whistleblowers totaling more than $120 million with total recoveries of over $616 million. There was also a decrease in the total number of awards from FY 2018 to FY 2019 where awards dropped from 217 to 181, while conversely, the number of claims related to...

DOJ Recovers Over $3 Billion from False Claims Cases in 2019 Jan 13, 2020

The United States Department of Justice (“DOJ”) announced that in its fiscal year ending 2019, it collected more than $3 billion in settlements and judgements from civil cases involving false claims and fraud against the government. The government also paid out $265 million to FCA whistleblowers. Of the $3 billion recovered...