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SEC Whistleblower Program 2019 Annual Report Jan 6, 2020

The U.S. Securities and Exchange Commission’s (“SEC”) Whistleblower Program released its Fiscal Year (FY) 2019 Annual Report (the “Report”) to Congress on November 15, 2019. According to the Report, the number of whistleblower reports and the total value of whistleblower awards continued at elevated levels during FY 2019 (which ended...

The SEC Proposes to Expand the Definition of Accredited Investor to Allow More Access to Private Offerings Dec 20, 2019

The Securities and Exchange Commission (“SEC”) recently proposed amendments to the definition of “accredited investor” and the definition of “qualified institutional buyer” in order to expand the list of people and institutions currently capable of investing in the private capital markets, which includes fast-growing startups, private equity funds, hedge funds...

DOJ Obtains Record-Breaking $1.4 Billion Settlement in Opioid Drug False Claims Act Case Jul 15, 2019

Reckitt Benckiser Group plc, a British pharmaceutical company and global consumer goods conglomerate (“RB Group”) will pay a record-breaking $1.4 billion to resolve its potential civil and criminal liability related to its marketing of Suboxone, an opioid addiction treatment drug. The settlement is the largest opioid drug case recovery ever...

Avoiding or Reducing FINRA Fines With “Extraordinary Cooperation” Jul 15, 2019

The Financial Industry Regulatory Authority (“FINRA”) issued Regulatory Notice 19-23 (the “Notice”) on July 11, 2019 to update its guidance regarding the circumstances by which an individual or firm could influence an enforcement investigation and potentially avoid enforcement fines by exhibiting “extraordinary cooperation”. The Notice provides supplemental guidance on what can...

Proposed New FINRA Rule on Firms with a Significant History of Misconduct May 3, 2019

The proposed rule could require a high-risk firm to deposit a specific amount of cash or qualified securities into a separate account at a bank or clearing firm, which could not be withdrawn without FINRA’s prior written consent. The proposal also aims to preserve funds for payment of arbitration awards. According...

$54 Million Awarded to Two Whistleblowers by the SEC-Total Awarded Now Over $320 million Sep 6, 2018

The Securities and Exchange Commission (“SEC”) awarded $39 million to one whistleblower and $15 million to another whistleblower in the same case whose assistance and critical information helped the SEC bring an important enforcement action, bringing the agency’s total payout for the program to more than $320 million.. The $39 million...

Moss & Gilmore Guide JetSuite in Strategic Expansion Capital Investment by Qatar Airways and Follow-On By JetBlue Apr 10, 2018

Qatar Airways made a strategic equity investment in JetSuite, Inc., one of the largest and fastest growing private jet companies in the U.S. Certain other investors, including JetBlue Airways, also participated. Click here for Forbes article Click here for PR Newswire press release...

By: Ray Moss

DOJ Recovers More Than $3.7 Billion from False Claims Cases in 2017 - Moss & Gilmore Recovers Over 10% of all FCA Whistleblower Awards in 2017 Jan 3, 2018

The United States Department of Justice (“DOJ”) announced that in its fiscal year ending 2017, it collected more than $3.7 billion in settlements and judgements from civil cases involving false claims and fraud against the government. The government also paid out $392 million to FCA whistleblowers. Moss & Gilmore obtained for...

SEC 2017 Report to Congress: $160 Million in Total Awards; 83% of Whistleblowers First Reported Fraud to Employers Nov 20, 2017

The Securities and Exchange Commission (“SEC”) recently released its 2017 Annual Report to Congress for its Whistleblower Program (“Report”). According to the Report, since the inception of the Whistleblower Program, the SEC has received tips from whistleblowers in 114 countries outside the United States. In FY 2017, the SEC’s Office...

WSJ Reports Increasing Acceptance in Company Culture for Whistleblowing Nov 20, 2017

According to a recent Wall Street Journal article, reporting wrongdoing inside organizations is gaining more acceptance. A recent survey of 2,500 large company senior and middle managers in the U.S., Hong Kong, France and Germany indicates that 47% of these managers have reported wrong doing or have seen others reporting...