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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 4, 2020

				 The SEC has granted a nearly $2 million award to a whistleblower whose early tip allowed the agency to freeze assets associated with fraudulent conduct, prevent the dissipation of investor funds and allow investors to recover most of their money.聽 The whistleblower鈥檚 tip also ultimately led to a successful enforcement action.聽 				 					 

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

					
	
							
	
		
		
	


 			




	
		
		

			

				
				
April 28, 2020

				 An anonymous whistleblower will receive $18 million based on a successful enforcement action by the SEC.聽 The whistleblower鈥檚 SEC submission, which was made after the individual repeatedly reported the problem internally, initiated the SEC investigation resulting in the recovery.聽 				 					 

						
Tagged in:
													  SEC Whistleblower Reward Program, 
													  Whistleblower Rewards, 
												
						

					
	
							
	
		
		
	


 			


 			




	
		
		

			

				
				
April 17, 2020

				 Italian oilfield services company Eni S.p.A. agreed to pay a total of $24.5 million in disgorgement and interest to resolve charges that it violated the Foreign Corrupt 91吃瓜网 Act.聽 Eni, which has ADRs listed on the NY Stock Exchange, is alleged to have used its subsidiary, Saipem S.p.A. to make payments of $215 million under sham agreements with an intermediary to assist in securing contracts with Algeria鈥檚 state-owned oil company.聽 The intermediary had no qualifications in any relevant field, no office, and no staff 鈥� but was known to be 鈥渓ike a son鈥� to the Algerian energy minister.聽 Eni failed to accurately record the nature of the intermediary payments in its books and records.聽 				 					 

						
Tagged in:
													  FCPA, 
													  Financial and Investment Fraud, 
												
						

					
	
							
	
		
		
	


 			




	
		
		

			

				
				
April 16, 2020

				 The SEC has announced that its largest whistleblower award so far this year and sixth largest overall since the inception of its whistleblower program has been awarded to an individual who alerted the agency to fraud that was partly committed overseas.聽 The whistleblower, who will receive $27 million, reportedly contributed significantly to the agency鈥檚 enforcement efforts by providing critical investigative leads.聽 				 					 

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

					
	
							
	
		
		
	


 			




	
		
		

			

				
				
April 6, 2020

				 Cantor Fitzgerald & Co. has agreed to pay $3.2 million to settle charges of willfully providing the SEC with incomplete and inaccurate securities trading information, also known as 鈥渂lue sheet data,鈥� for approximately 35 million transactions, over the course of five years.聽 Because the SEC uses that information to investigate insider trading and other fraudulent activity, Cantor Fitzgerald鈥檚 actions prevented the SEC from carrying out its duty to protect investors.聽 Cantor Fitzgerald has since retained an outside consultant and adopted new policies and procedures relating to the proper submission of blue sheet data.聽 				 					 

						
Tagged in:
													  Financial Institution Fraud, 
													  Regulatory Violations, 
													  Securities Fraud, 
												
						

					
	
							
	
		
		
	


 			




	
		
		

			

				
				
April 3, 2020

				 The SEC has announced that an anonymous whistleblower who provided information to the agency, despite implied threats from the wrongdoer, has been awarded $2 million.聽 According to the SEC, the information provided would have been difficult for the agency to obtain otherwise and significantly aided in an ongoing investigation.聽 				 					 

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

					
	
							
	
		
		
	


 			




	
		
		

			

				
				
April 1, 2020

				 A Christian concert promoter and his business have settled with the SEC over charges of defrauding 145 investors of $3 million.聽 According to a press release, Jeffrey Wall of Maine and his business, The Lighthouse Events LLC, had promised investors that investments intended to promote Christian music concerts were 鈥渟ecured鈥� and 鈥済uaranteed,鈥� when in fact they were being used to pay off debt and make payments to earlier investors.聽 Each of the defendants have since been ordered to pay nearly $1.6 million each in civil penalties, $1.6 million in disgorgement, and over $200,000 in prejudgment interest.聽 				 					 

						
Tagged in:
													  Financial and Investment Fraud, 
													  Misrepresentations, 
													  Ponzi Schemes, 
												
						

					
	
							
	
		
		
	


 			




	
		
		

			

				
				
March 30, 2020

				 A whistleblower working in compliance and internal audits has been awarded $450,000 by the SEC.聽 After efforts to report misconduct internally failed to make a positive impact, the whistleblower reported the same misconduct to the SEC, which helped focus an ongoing investigation and ultimately led to a successful enforcement action.聽 				 					 

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

					
	
							
	
		
		
	


 			




	
		
		

			

				
				
March 24, 2020

				 Two whistleblowers have received awards totaling over $570,000 for their roles in recent enforcement actions by the SEC.聽 According to the press release, the first whistleblower received approximately $478,000 and the second whistleblower received approximately $94,000.聽 In keeping with agency practices, the whistleblowers鈥� identities have not been revealed.聽 				 					 

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

					
	
							
	
		
		
	


 			


											

						

								

									
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