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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.

				

			

			
						
					
			

	
		
		

			

				
				
September 25, 2020

				 The SEC has made two awards totaling over $2.5 million to whistleblowers who provided information regarding overseas misconduct.聽 Both whistleblowers reported the misconduct to internal compliance systems before reporting to the SEC.聽 In the case of the first whistleblower, who received over $1.8 million, the internal report resulted in an internal investigation and subsequent report to the SEC.聽 Meanwhile, information from the second whistleblower, who received $750,000, resulted in a successful enforcement action.聽 				 					 

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

					
	
							
	
		
		
	


 			




	
		
		

			

				
				
September 24, 2020

				 BMW AG and two of its U.S. subsidiaries will pay $18 million to resolve charges that its public reporting inflated retail sales in the U.S. between 2015 and 2017, allowing it to meet sales targets.聽 This information, which BMW allegedly knew to be inaccurate, was then provided to investors in bond offerings by BMW鈥檚 U.S. subsidiary.聽 				 					 

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

					
	
							
	
		
		
	


 			


 			


 			




	
		
		

			

				
				
September 15, 2020

				 Online gaming and gambling platform Unikm, Inc. agreed to pay a $6.1 million penalty to resolve allegations that the company unlawfully sold unregistered securities in its initial coin offering of 鈥淯nikoinGold鈥� (UKG) tokens.聽 The recovered funds will be used to repay injured investors.聽 				 					 

						
Tagged in:
													  Cryptocurrency, 
													  Financial and Investment Fraud, 
													  Regulatory Violations, 
												
						

					
	
							
	
		
		
	


 			


 			




	
		
		

			

				
				
September 1, 2020

				 The SEC made a $2.5 million whistleblower award to two outsiders who submitted a whistleblower tip based on their detailed independent analysis of a company's public filings.聽 The whistleblowers provided helpful assistance during the investigation, and their submission ultimately led to several successful enforcement actions.聽 The SEC did not disclose their identity or the target of the underlying enforcement actions.聽 				 					 

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

					
	
							
	
		
		
	


 			




	
		
		

			

				
				
August 31, 2020

				 A whistleblower was awarded over $1.25 million by the SEC for promptly and expeditiously providing significant information that enabled the agency to initiate an enforcement action and recover millions of dollars for harmed investors.聽 The whistleblower's identity, and the nature of the underlying enforcement action, was not disclosed. 聽 				 					 

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

					
	
							
	
		
		
	


 			




	
		
		

			

				
				
August 28, 2020

				 Herbalife Nutrition Ltd. will pay over $123 million to resolve claims that the US-based company violated the Foreign Corrupt 91吃瓜网 Act by paying bribes to Chinese officials and other state-owned entities in order to secure required direct selling licenses, improperly influence Chinese investigations into Herbalife's business, and improperly influence Chinese state-owned and state-controlled media for the purpose of removing negative media reports about Herbalife. Herbalife admitted that over the course of ten years it falsified its books and records in order to provide corrupt payments and benefits to Chinese government officials.聽 To resolve criminal charges, Herbalife will enter into a deferred prosecution agreement and pay a $55 million criminal penalty; to resolve civil charges by the SEC, Herbalife will pay disgorgement and interest totaling approximately $67 million.聽 ; ; 				 					 

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

					
	
							
	
		
		
	


 			




	
		
		

			

				
				
August 25, 2020

				 Computer manufacturer Super Micro Computer, Inc. has agreed to pay a penalty of $17.5 million to resolve allegations that the company prematurely recognized revenue and understated expenses.聽 The SEC alleged that the company, including its former CFO, Howard Hideshima, pushed employees to maximize end-of-quarter revenue.聽 Hideshima agreed to pay disgorgement and penalties totaling $350,000.聽 				 					 

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

					
	
							
	
		
		
	


 			


											

						

								

									
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