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SEC Enforcement Actions

					
The  (SEC) is the United States agency with primary responsibility for enforcing federal securities laws. Whistleblowers with knowledge of violations of the federal securities laws can submit a claim to the SEC under the SEC Whistleblower Reward Program, and may be eligible to receive 聽monetary rewards and protection against retaliation by employers.


Below are summaries of recent SEC settlements or successful prosecutions. If you believe you have information about fraud which could give 聽rise to an SEC enforcement action and claim under the SEC Whistleblower Reward Program, please contact us to speak with one of our experienced whistleblower attorneys.

				

			

			
						
					
			

	
		
		

			

				
				
May 3, 2021

				 Sporting goods manufacturer Under Armour Inc. agreed to pay $9 million to resolve SEC allegations that the company engaged in聽 accounting fraud.聽 The SEC alleged that in an effort to meet analyst sales forecasts, Under Armour began to "pull forward" revenue by recognizing as current revenue orders that customers had placed for delivery in future quarters, and did not disclose this practice to investors.聽 				 					 

						
Tagged in:
													  Accounting Fraud, 
													  Financial and Investment Fraud, 
													  Securities Fraud, 
												
						

					
	
							
	
		
		
	


 			




	
		
		

			

				
				
April 23, 2021

				 The SEC has granted awards totaling more than $3 million to two whistleblowers whose information led to two separate enforcement actions.聽 The first whistleblower was awarded approximately $3.2 million for helping to conserve agency resources by identifying key issues to focus on and providing subject matter expertise.聽 The second whistleblower was awarded more than $100,000 for significant information and ongoing assistance that helped stop an ongoing fraud.聽 				 					 

						
Tagged in:
													  Anonymity, 
													  Financial and Investment Fraud, 
													  SEC Whistleblower Reward Program, 
													  Securities Fraud, 
													  Whistleblower Rewards, 
												
						

					
	
							
	
		
		
	


 			




	
		
		

			

				
				
April 19, 2021

				 Unregistered investment adviser Hai Khoa Dang has been ordered to pay a $2.2 million penalty and about $7,000 in disgorgement and interest for defrauding a retired couple who had been his clients for 20 years.聽 Dang allegedly informed the couple that he would invest their funds conservatively; unbeknownst to his clients, he then engaged in a risky options trading strategy that ultimately caused their funds to plummet from over $2.2 million to $27,000.聽 				 					 

						
Tagged in:
													  Financial and Investment Fraud, 
												
						

					
	
							
	
		
		
	


 			




	
		
		

			

				
				
April 15, 2021

				 The SEC has awarded two whistleblowers a joint award of over $50 million for providing information, voluminous documents, and substantial assistance that led to the return of tens of millions of dollars to harmed investors.聽 According to the SEC, the fraud scheme at issue involved highly complex transactions that would have been difficult for the agency to detect.聽 				 					 

						
Tagged in:
													  Anonymity, 
													  Financial and Investment Fraud, 
													  SEC Whistleblower Reward Program, 
													  Securities Fraud, 
													  Whistleblower Rewards, 
												
						

					
	
							
	
		
		
	


 			


 			




	
		
		

			

				
				
March 29, 2021

				 The SEC has awarded an anonymous whistleblower $500,000 based on recoveries in a covered action and a related action that resulted in the shut-down of an ongoing fraudulent scheme. The whistleblower first reported the alleged misconduct to their employer, using the employer鈥檚 internal compliance procedures.聽 Then, within 120 days of reporting the violations internally, the whistleblower submitted a TCR to the SEC.聽 According to the SEC, the whistleblower provided significant information that prompted it to open an investigation, and provided ongoing assistance to Commission staff.聽 Separately, the employer began an internal investigation and ultimately made a report to a government agency.聽 Because the whistleblower reported internally and to the SEC within 120 days of their internal report, the SEC applied its 鈥渟afe harbor鈥� rule and treated the whistleblower鈥檚 SEC submission as if it had been made on the day that the whistleblower reported internally.聽 				 					 

						
Tagged in:
													  Financial and Investment Fraud, 
													  SEC Whistleblower Reward Program, 
													  Securities Fraud, 
													  Whistleblower Case, 
													  Whistleblower Rewards, 
												
						

					
	
							
	
		
		
	


 			




	
		
		

			

				
				
March 26, 2021

				 David Boice, the co-founder and CEO of Trustify Inc., was sentenced to 8 years in prison and ordered to pay $18.1 million in restitution and $3.7 million in forfeiture following SEC charges that Boice misrepresented Trustify, an online marketplace purportedly designed to connect customers to a network of private investigators, as a successful business, fraudulently offering and selling over $18.5 million of securities to more than 250 individual and corporate investors.聽 Boice inflated company revenues in financial statements, fabricated customer relationships, forged correspondence purportedly from potential investors, and misrepresented the use of investor funds.聽 Trustify was placed in corporate receivership in 2019.聽 				 					 

						
Tagged in:
													  Criminal Proceedings, 
													  Financial and Investment Fraud, 
													  Misrepresentations, 
													  Securities Fraud, 
												
						

					
	
							
	
		
		
	


 			




	
		
		

			

				
				
March 9, 2021

				 The SEC will pay $1.5 million to an unidentified whistleblower who provided original information to the Commission regarding the whistleblower鈥檚 employer, causing them to open an investigation.聽 The whistleblower provided detailed written information, identified potential witnesses, and assisted throughout the investigation.聽 				 					 

						
Tagged in:
													  SEC Whistleblower Reward Program, 
													  Whistleblower Rewards, 
												
						

					
	
							
	
		
		
	


 			


 			




	
		
		

			

				
				
February 25, 2021

				 The SEC has awarded two whistleblowers two awards totaling more than $1.7 million.聽 Under the first award, one whistleblower received over $900,000 for providing significant evidence, including a critical declaration, that helped shut down an ongoing fraud scheme.聽 Under the second award, the whistleblower received over $800,000 for providing important information through an interview and documents that helped return millions to harmed investors.聽 				 					 

						
Tagged in:
													  Anonymity, 
													  Financial and Investment Fraud, 
													  SEC Whistleblower Reward Program, 
													  Securities Fraud, 
													  Whistleblower Rewards, 
												
						

					
	
							
	
		
		
	


 			


											

						

								

									
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