The Securities & Exchange Commission announced 3 whistleblowers would be receiving approximately $125,000 for providing information about a hedge fund scam. The 3 provided helped the SEC shut down Locust Offshore Management and its CEO, Andrey Hicks. Hicks was sentenced to 40 months in federal prison on related criminal fraud charges. Although it did not […]
Obama Win Good For Whistleblowers
by Brian Mahany This blog tries hard to stay away from politics. Whether you are a Republican, Democrat or disenfranchised doesn’t matter to us. The Democrats hold over the Senate and re-election of Barack Obama is a win for whistleblowers in financial fraud cases. It’s no secret that the Wall Street elite and banking world […]
SEC Pays First Whistleblower Award
by Brian Mahany One year after the SEC finalized the rules to its new whistleblower program, the Commission’s Claims Review Staff announced its first whistleblower award. An unnamed person received $50,000 for providing information that resulted in a million dollar fine. Some commentators were disappointed with the first award – awards under the false claims […]