This Week in Fraud is a peek into the world of whistleblowing and incentivized integrity programs. Each week we highlight important case settlements, industry developments, and general points of interest. Take a moment and see what is happening this week in fraud.
April may be the cruelest month, but for the False Claims Act, and for Incentivized Integrity programs in general, April bore great recoveries.
In a recent address before students at the Ray Garrett, Jr.
President Obama’s 2016 budget proposal checks in at just under $4 trillion and requests increased funding for the Department of Justice, the Internal Revenue Service, the Securities and Exchange Commission, and the Commodity Futures Trading Commission respectively. Here is a look at how it all breaks down:
SEC whistleblower awards for Fiscal Year 2014 top $35 million, continuing a trend in increased antifraud law enforcement since the program’s inception in 2011. Nine whistleblowers received awards, an increase from four awards in FY2013, which totaled approximately $15 million. The office awarded more than $30 million to one whistleblower, its largest-ever whistleblower award, and for the first time, the office used its authority under the Dodd-Frank Act to bring enforcement action against a company for retaliation against a whistleblower.
Mary Jo White, chair of the U.S Securities and Exchange Commission, was speaking to an Ontario Securities commission conference when she was asked about the SEC's whistleblower program.
Her answer was unambiguous: the program had been “enormously successful” and “has yielded very significant information on very serious securities fraud.”