Fri, Mar 29, 2024
A A A
Welcome Guest
Free Trial RSS pod
Get FREE trial access to our award winning publications
Industry Updates

Lawyers praise SEC on largest-ever whistleblower award of $83 million

Tuesday, March 20, 2018
Opalesque Industry Update - The Securities and Exchange Commission (SEC) announced on March 19th the highest-ever, $83 million, Dodd-Frank whistleblower award. Two whistleblowers will share a nearly $50 million award and a third whistleblower will receive more than $33 million. The previous highest award was $30 million in 2014.

In this case, the whistleblowers provided detailed information concerning the Company's alleged violations. During the investigation, provided ongoing assistance to the SEC, including through in-person meetings, conference calls, and supplemental submissions, and provided critical information that advanced the investigation, including the identification of potentially relevant documents and key witnesses.

"Reward laws are the most powerful tool whistleblowers have in obtaining justice. The SEC program is highly professional. They honor confidentiality. They are beginning to pay rewards," said Stephen M. Kohn, the author of The New Whistleblowers Handbook: A Step-by-Step Guide to Doing What's Right and Protecting Yourself and a partner at the whistleblower-rights law firm of Kohn, Kohn and Colapinto, LLP. Mr. Kohn, who was a leading advocate during the SEC rulemaking proceedings, added "Wall Street needs accountability. Whistleblowers are the key to the detection of securities fraud. The SEC program must be fully supported."

What do you think?

   Use "anonymous" as my name    |   Alert me via email on new comments   |   
Previous Opalesque Exclusives                                  
Previous Other Voices                                               
Access Alternative Market Briefing

 



  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. KKR raises $6.4bn for the largest pan-Asia infrastructure fund[more]

    Laxman Pai, Opalesque Asia: The New York-based global investment firm KKR has raised a record $6.4bn for its second Asia-focused infrastructure fund, underlining investors' continued appetite for private markets. According to a media release from the alternative assets manager, the figure top

  2. Bucking the trend, top hedge fund makes plans for a second SPAC[more]

    From Institutional Investor: SPACs aren't dead. At least not to the folks at Cormorant Asset Management. The life sciences firm, whose hedge fund topped its peers in 2023, is confident it will match the success of its first blank-check company. Last week, the life sciences and biopharma speciali

  3. Benefit Street Partners closes fifth fund on $4.7 billion[more]

    Bailey McCann, Opalesque New York: Benefit Street Partners has closed its fifth flagship direct lending vehicle, BSP Debt Fund V, with $4.7 billion of investable capital across the strategy. Benefit Street invests primarily in privately originated, floating rate, senior secured loans. The fun

  4. 4 hedge fund themes that are working in 2024[more]

    From The Street: A poor earnings report from Tesla (TSLA) has not hurt the indexes on Thursday. The decline in Tesla stock, which is losing its position in the Magnificent Seven pantheon, is more than offset by strong earnings from IBM (IBM) and ServiceNow (NOW) . In addition, the much higher-t

  5. Opalesque Exclusive: A global macro fund eyes opportunities in bonds[more]

    Bailey McCann, Opalesque New York for New Managers: Munich-based ThirdYear Capital rebounded in 2023, following a tough year for global macro. The firm's flagship ART Global Macro strategy finished the year up 1