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Entries Tagged as 'SEC Whistleblower'

SEC Makes Another Whistleblower Payout — This Time at Maximum 30%

October 31st, 2013 · No Comments

TweetThe U.S. Securities and Exchange Commission (SEC) announced its second whistleblower award in a month, saying it will give the maximum 30% share of penalties in an unidentified case to a tipster who helped in the enforcement action. Coming after a huge $14 million award earlier in October, the more modest payout of more than $150,000 suggests that […]

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Tags: Dodd-Frank Act · SEC Whistleblower · Securities Fraud · Uncategorized

Federal Judge Rejects Asadi Limits on Whistleblower Protection

October 21st, 2013 · No Comments

TweetA federal judge ruled that the Dodd-Frank Act protects whistleblowers from retaliation even if they’re punished by an employer before bringing their concerns to the Securities and Exchange Commission (SEC). The ruling is the first explicit repudiation of July’s high-profile Asadi decision by the U.S. Court of Appeals for the Fifth Circuit, which held that […]

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Tags: Dodd-Frank Act · Sarbanes-Oxley · SEC Whistleblower · Uncategorized · Whistleblower Protection

SEC Whistleblower Program Makes Its Bones With $14 Million Award

October 3rd, 2013 · No Comments

TweetThe U.S. Securities and Exchange Commission (SEC) awarded an unnamed tipster more than $14 million, obliterating all doubt about the resolve of the agency’s whistleblower program. The SEC didn’t identify the underlying enforcement action in either its press release or a related order, but the award’s enormous size  indicates that the U.S. government may reap as […]

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Tags: Dodd-Frank Act · Retaliation · SEC Whistleblower · Securities Fraud

Fifth Circuit Narrows Definition of “Whistleblower” Under Dodd-Frank

July 19th, 2013 · No Comments

TweetBy holding the Dodd-Frank  Act to a literal reading of its language — and rejecting any consideration of the statute’s goals — a federal appeals court has set up a battle over who may claim protection as a corporate “whistleblower” under the law. “We start and end our analysis with the text of the relevant […]

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Tags: Dodd-Frank Act · Sarbanes-Oxley · SEC Whistleblower · Whistleblower Protection

Menendez Redux: Halliburton Whistleblower Finally Gets Retaliation Award

April 15th, 2013 · No Comments

TweetThe U.S. Department of Labor’s Administrative Review Board (ARB) revisited a long-running case, once again ruling against Halliburton, the oilfield services giant, for retaliating against a whistleblower who reported accounting irregularities to the U.S. Securities and Exchange Commission (SEC). The ARB awarded financial executive Anthony Menendez $30,000 in damages, plus costs and lawyers’ fees.

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Tags: Department of Labor ARB · Sarbanes-Oxley · SEC Whistleblower

Oregon Law Journal Publishes Commentary by R. Scott Oswald on SEC Enforcement Priorities and Potential Future Actions against Dark Pool Trading

January 7th, 2013 · No Comments

TweetOn December 20, 2012, whistleblower lawyer and managing principal of The Employment Law Group, P.C., R. Scott Oswald, published an article on the a recent U.S. Securities Exchange Commission (SEC) settlement that may encourage more enforcement actions against dark pool trading. According to Mr. Oswald, “dark pools facilitate large trades off the main exchanges” and “because […]

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Tags: SEC Whistleblower

SEC Whistleblower Program Receives Over 3,000 Whistleblower Tips in FY2012

November 27th, 2012 · No Comments

TweetThe Securities and Exchange Commission (SEC) this month released its “Annual Report on the Dodd-Frank Whistleblower Program,” which announced that in fiscal year 2012 the agency received a total of 3,001 tips from all fifty states, Washington, D.C., Puerto Rico and from forty-nine foreign countries. Under the new program, the first reward was issued on […]

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Tags: SEC Whistleblower

SEC Issues $50,000 as Part of First Whistleblower Program Award

August 30th, 2012 · No Comments

TweetThe Securities and Exchange Commission (SEC) announced last week that the first payout from the new SEC Whistleblower Program will be awarded to a whistleblower that helped the government stop a multi-million dollar fraud. The whistleblower will receive nearly $50,000, or thirty percent of the amount collected by the SEC. While the SEC did not […]

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Tags: SEC Whistleblower

Law360 Interviews The Employment Law Group® Managing Principal, R. Scott Oswald, on Potential Effects of Report Claiming that the SEC Inadvertently Disclosed a Whistleblower’s Identity

May 8th, 2012 · No Comments

TweetR. Scott Oswald, managing principal of The Employment Law Group® law firm, was recently interviewed by Law360 and provided commentary on a report that the U.S. Securities and Exchange Commission (SEC) may have inadvertently exposed the identity of a corporate whistleblower.  Last week the Wall Street Journal reported that the SEC had unintentionally revealed the […]

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Tags: SEC Whistleblower · The Employment Law Group, P.C.

R. Scott Oswald, Managing Principal of The Employment Law Group®, Publishes Article in The Washington Post on Recent Expansions of Employee Rights

April 11th, 2012 · No Comments

TweetR. Scott Oswald, managing principal of The Employment Law Group® recently published an article in The Washington Post discussing new expansions of employee rights in the areas of whistleblower protection and wage and hour law. In the piece, Mr. Oswald discussed recent developments in employee protection law that, if ignored, could result in penalties and […]

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Tags: Dodd-Frank Act · False Claims Act · Sarbanes-Oxley · SEC Whistleblower

SEC Whistleblower Chief Reportedly Pleased With High-Quality Leads Received Since Beginning of Whistleblower Rewards Program

March 15th, 2012 · No Comments

TweetAccording to a report this week in the Financial Times, the chief of the Securities Exchange Commission’s new Whistleblower Office, Sean McKessey, stated that the SEC has “received notes, audio recordings of conversations and simple recollections” of securities fraud and other wrongdoing since a new whistleblower reward program promising rewards for whistleblowers began last year. […]

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Tags: Dodd-Frank Act · Foreign Corrupt Practices Act · SEC Whistleblower

Former Executive Alleges that GE Retaliated against Him for Objecting to Company’s Efforts to Influence Iraqi Officials

February 17th, 2012 · No Comments

TweetKhaled Asadi, a former General Electric executive based in Iraq, filed a lawsuit in federal court in Houston, Texas, against General Electric (GE) on February 3, 2012, alleging that the company retaliated against him after he raised concerns about potential internal corruption. Asadi states in his complaint, that he was coerced to step down from […]

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Tags: Foreign Corrupt Practices Act · SEC Whistleblower

BNY Mellon Whistleblower Provides Information Aiding Several States’ Lawsuits

January 6th, 2012 · No Comments

TweetLast month, Louisiana Municipal Police Employees’ Retirement System (“LAMPERS”) filed a securities class action lawsuit in the U.S. District Court for the Southern District of New York against The Bank of New York Mellon Corporation (BNY Mellon) under the Securities Exchange Act of 1934. The lawsuit filed by LAMPERS, discussed in an article published by […]

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Tags: SEC Whistleblower

SEC Charges GlaxoSmithKline Unit with Defrauding Employees in Low Valuation Stock Buybacks

December 22nd, 2011 · No Comments

TweetLast week, the Securities and Exchange Commission (SEC) charged Stiefel Laboratories Inc. (Stiefel Labs), a subsidiary of GlaxoSmithKline PLC, and the company’s former chairman and chief executive officer Charles Stiefel with defrauding employees and company shareholders by allegedly making stock buybacks at significantly undervalued prices. The SEC alleges that Stiefel Labs failed to report certain […]

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Tags: SEC Whistleblower

SEC Uncovers Millions Lost in D.C. Area Ponzi Scheme

November 23rd, 2011 · No Comments

TweetThe Securities and Exchange Commission (SEC) charged North Bethesda resident Garfield M. Taylor and his associates with running a multi-million dollar Ponzi scheme in which he promised investors annual returns of about 20 percent with little or no risk.  Instead, Taylor lost investors money on highly risky options and used funds from new investors to […]

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Tags: SEC Whistleblower

SEC Whistleblower Reward Program Goes into Effect August 12

August 12th, 2011 · No Comments

TweetThe SEC Whistleblower Reward Program signed into law last year under theDodd-Frank Wall Street Reform and Consumer Protection Act is effective as from today, August 12, 2011. As the U.S. economy continues to struggle, compounded by a lowered Standard & Poor’s rating that sent the New York Stock Exchange and European markets spiraling, corporate whistleblower cases […]

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Tags: Dodd-Frank Act · SEC Whistleblower

SEC Adopts Favorable Rules for Whistleblowers

May 26th, 2011 · No Comments

TweetThe Securities and Exchange Commission is being praised by whistleblower advocates for issuing finalized rules that will effectively incentivize employees to disclose fraud and other securities law violations.  The Dodd-Frank Act – enacted in July of 2010 – established a new whistleblower program within the SEC, requiring the SEC to reward whistleblowers who provide original […]

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Tags: Dodd-Frank Act · SEC Whistleblower

SEC Issues Rules Favorable to Whistleblowers

May 26th, 2011 · No Comments

TweetThe Securities and Exchange Commission is receiving praise from whistleblower advocates for issuing finalized rules that do not require whistleblowers to report fraudulent or illegal activity internally to their employer, but instead allow whistleblowers to blow the whistle direct to the SEC. The Dodd-Frank Act established a new whistleblower program at the SEC, requiring the […]

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Tags: Dodd-Frank Act · SEC Whistleblower · The Employment Law Group, P.C. · Whistleblower Protection Act

TELG Quoted by Investment News About Proposal to Weaken SEC Whistleblower Reward Program

May 16th, 2011 · No Comments

TweetInvestment News reported that Rep. Michael Grimm, R-N.Y. circulated draft legislation that would require a whistleblower to first report fraud through an internal compliance program as a prerequisite to recovering an award before the whistleblower would be eligible for a reward from the SEC under the whistleblower reward provision of the Dodd-Frank Act.  TELG opposes […]

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Tags: Dodd-Frank Act · SEC Whistleblower · The Employment Law Group, P.C.

House Republicans Propose Weakening SEC Whistleblower Reward Program

May 16th, 2011 · No Comments

TweetInvestmentNews.com reported that Rep. Michael Grimm, R-N.Y., presented legislation that would require whistleblowers to first report fraud trough their employer’s internal compliance program before they would be eligible for a reward from the SEC under the Dodd-Frank Act. During a House Financial Services Subcommittee on Capital Markets hearing, the drafters related a concern that whistlblowers […]

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Tags: Dodd-Frank Act · SEC Whistleblower · The Employment Law Group, P.C.

SDNY Decision Broadly Construes Dodd-Frank Whistleblower Protection Provision

May 10th, 2011 · No Comments

TweetThe U.S. District Court for the Southern District of New York issued a good decision for whistleblowers providing much needed clarity on the scope of the anti-retaliation provision in Section 922(h), which prohibits retaliation for the following acts: (1) “providing information to the Commission in accordance with this section;” (ii) “initiating, testifying in, or assisting in any […]

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Tags: Dodd-Frank Act · SEC Whistleblower

Banker & Tradesmen Quotes TELG Attorney on SOX Ruling in Pezza

April 12th, 2011 · No Comments

TweetLaura Schreier wrote an article in Banker & Tradesmen titled Dodd-Frank Weighs Heavily on Mass. Whistleblower Case in which she discusses the recent U.S. District Court ruling in Pezza v. Investors Capital Corp. that Section 922(e) of the Dodd-Frank Act applies to pending cases.  Section 922(e) bans pre-dispute agreements in employment contracts that require Sarbanes-Oxley whistleblowers […]

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Tags: Dodd-Frank Act · Sarbanes-Oxley · SEC Whistleblower · The Employment Law Group, P.C.

The Employment Law Group® Attorney Quoted in ABA Journal Article on Dodd-Frank Whistleblower Protections

February 25th, 2011 · No Comments

TweetThe Employment Law Group® attorney Jason Zuckerman was quoted in an Ammerican Bar Association article titled SEC is Giving Whistle-blower Protection One Last Lick: “After the Bernard Madoff scandal broke the SEC had a lot of egg on its face,” says Jason Zuckerman, principal of [T]he Employment Law Group, a Washington, D.C.-based firm that represents […]

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Tags: Federal Whistleblower Legislation · SEC Whistleblower

Fiscal Times Quotes TELG Attorney About Dodd-Frank Whistleblower Provisions

February 8th, 2011 · No Comments

TweetIn an article in the Fiscal Times discussing the SEC’s proposed rules implementing the Dodd-Frank Act’s whistleblower provisions, Jason Zuckerman, an attorney at The Employment Law Group® law firm, asserted that all whistleblowers should be permitted to report fraud directly to the SEC: A key point of contention is whether the whistleblower should be required […]

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Tags: Dodd-Frank Act · SEC Whistleblower

Wall Street Journal Quotes TELG Principal on SEC Whistleblower Reward Program

November 19th, 2010 · No Comments

TweetIn an article about the whistleblower provisions of the Dodd-Frank Act, the Wall Street Journal quotes Jason Zuckerman, a principal at The Employment Law Group®, regarding defense counsels’ complaint that SEC rules do not prevent a whistleblower from both collecting an award under the SEC whistleblower reward program and also seeking compensation through a securities […]

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Tags: Dodd-Frank Act · SEC Whistleblower