The Italian National Anti-Corruption Authority (ANAC) has imposed a penalty for retaliatory measures against a whistleblower for the first time since the adoption of the whistleblower protection legislation.… Continue Reading
The Securities and Exchange Commission awarded more than $1.8 million to a whistleblower who provided critically important information and assistance to an enforcement action involving overseas misconduct.
The Securities and Exchange Commission awarded two whistleblowers $3 million Monday for providing a tip that led to a “successful enforcement action involving an alleged securities law violation that impacted retail investors.”
The two whistleblowers submitted their tip jointly and will share the $3 million award.… Continue Reading
As whistleblower protection continues to grow as an important part of the compliance landscape worldwide, companies should be prepared for the inevitable increase in incidents requiring investigation.… Continue Reading
Earlier this month, the Brazilian Minister of Justice Sergio Moro presented a bill proposing an “anticrime package,” establishing “measures against corruption, organized crime and crimes committed with serious violence.”
The bill proposes modifications in fourteen laws, ensuring the enforcement of the conviction after an appellate court judgment, increasing the effectiveness of the jury, guaranteeing the serving of the sentences, increasing the penalties for crimes related to firearms, reforming the crime of “resistance,” and criminalizing slush funds.… Continue Reading
Corporate investigations in Russia are conducted in a heavily regulated environment. They are further complicated by numerous practical challenges. Observing the legal and factual requirements is like navigating through a minefield.… Continue Reading
New York’s Department of Financial Services fined Barclays Bank PLC and its New York branch $15 million Tuesday because of attempts by the bank’s CEO, Jes Staley, to unmask a whistleblower “in contravention of Barclays’ established whistleblowing policies and procedures.”
The DFS said it found “shortcomings in governance, controls and corporate culture relating to Barclays’ whistleblowing function.”
Those flaws “permitted a sequence of events that potentially could have had a detrimental impact on the efficacy of Barclays’ whistleblowing program.”
In May this year, UK regulators fined Staley £642,430 (about $871,000) for trying to identify at least one anonymous whistleblower who made allegations about Staley’s role in recruiting another employee.… Continue Reading
The Securities and Exchange Commission awarded an overseas whistleblower $4 million for “extensive assistance” resulting in a successful action, the agency said Monday.
Chief of the SEC’s Office of the Whistleblower Jane Norberg said, “Whistleblowers, whether they are located in the United States or abroad, provide a valuable service to investors and help us stop wrongdoing.”
“This award recognizes the continued, important assistance provided by the whistleblower throughout the course of the investigation,” Norberg said.
In Monday’s order (pdf), the SEC said the outcome of the action was a direct result of the whistleblower’s tip.
The SEC didn’t specify the citizenship of the whistleblower.
Last year, a foreign national working outside the United States was awarded $4.1 million for providing information on “a widespread, multi-year securities law violation.”
In 2014, the SEC awarded an overseas whistleblower $30 million.… Continue Reading