The U.S. Securities and Exchange Commission (SEC) is undoubtedly the world’s leading regulator, making decisions and setting standards that go far beyond the U.S. That said, the appointment of the SEC chair is a political statement with far-reaching consequences for the global community of regulators. Jay Clayton, the SEC chairman of the Trump announced his departure and makes way for his successor under the Biden era.
The U.S. SEC announced an award of over $1.1 million to a whistleblower whose independent analysis led to a look at new conduct during an ongoing investigation. This whistleblower investigated publicly available materials and conducted an analysis that revealed important new insights into securities law violations.
The U.S. Whistleblower programs of regulators such as the SEC and CFTC are becoming a lucrative business for agencies that focus on the procurement of whistleblower information. This includes activities outside the U.S. This week the SEC awarded $900,000 for the detection of securities law violations overseas. Whistleblowers get their awards from monetary sanctions paid to the regulator from the offenders.
In the fiscal year 2020, the U.S. Securities and Exchange Commission (SEC) dealt with 715 regulatory enforcement actions addressing a broad range of significant issues. Through these actions, the SEC obtained judgments and orders totaling approximately $4.68 billion in disgorgement and penalties and returned more than $600 million to harmed investors.
Whistleblowers are probably the most powerful weapon of law, tax, and regulatory enforcement to combat fraud and scams. This is especially true for the emerging cybersociety with its borderless scope of action. The U.S. SEC has this week awarded more than €32 million in awards to whistleblowers.
The fight against scams and cybercrime is unthinkable without the support of whistleblowers. Most regulators and law enforcement agencies have established whistleblower reward programs. The U.S. Securities and Exchange Commission (SEC) today announced an award of over $114 million to a whistleblower.
The U.S. SEC announced that a federal district court has entered a final judgment on consent against Kik Interactive Inc. (“Kik”) to resolve the SEC’s charges that Kik’s unregistered offering of digital “Kin” tokens in 2017 violated the federal securities laws. On the legal grounds of this final judgment the court approved a settlement between Canadian Kik and SEC. Under the settlement, Kik will pay a US$5 million penalty.
The U.S. SEC announced that a federal district court has entered a final judgment on consent against Kik Interactive Inc. (“Kik”) to resolve the SEC’s charges that Kik’s unregistered offering of digital “Kin” tokens in 2017 violated the federal securities laws. On the legal grounds of this final judgment the court approved a settlement between Canadian Kik and SEC. Under the settlement, Kik will pay a US$5 million penalty.
Whistleblowers are perhaps the most important weapon in the fight against cybercrime, scams and regulatory violations. The U.S. SEC recently awarded $3.8 million to a whistleblower who provided significant information that helped the SEC disrupt an ongoing fraudulent scheme. The resulting enforcement action returned millions of dollars to harmed investors.
