On January 5, Attorney General Letitia James filed a lawsuit against Celsius and Alex Mashinsky, the former CEO and co-founder of the cryptocurrency lending platform Celsius Network LLC. The suit alleges that the now-bankrupt company defrauded 26,000 New Yorkers and...
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Whistleblower Protection
Senate passes AML Whistleblower Improvement Act
The U.S. Senate voted unanimously to approve the Anti-Money Laundering Whistleblower Improvement Act (AMLA) on December 7, 2022. The bill known as S.3316/H.R. 7195 is part of the $1.7 trillion Consolidated Appropriations Act of 2023, an Omnibus spending package that...
U.S. whistleblower law doesn’t protect overseas workers
A three-judge panel at the D.C. Circuit Court of Appeals rejected an appeal by a former Morgan Stanley lawyer based in Asia who claims he was forced to resign. The judges again determined that whistleblower protections enjoyed in the U.S. do not apply to employees...
What is the Sarabanes-Oxley Act?
Enacted in the aftermath of Enron, WorldCom. and several other scandals, the Sarabanes-Oxley Act (SOX) of 2002 contains 11 sections that regulate how all publicly traded companies in the U.S. handle their accounting and record keeping. Also known as the "Public...
SEC awards $37 million to whistleblower
On December 19, the Securities and Exchange Commission announced a $37 million award to a whistleblower whose information led to successful enforcement and related actions. The SEC did not indicate what company the action was against, but the Wall Street Journal...
The collapse of FTX highlights need for crypto whistleblowers
The recent collapse of cryptocurrency exchange FTX, whose value went from $32 billion to $0 in a few weeks, has led many to call for more regulation. Some see it as a similar moment to when Enron went bankrupt after illegal accounting practices and the 2008 downfall...
SEC announces whistleblower results for 2022
The Securities Exchange Commission (SEC) Office of Whistleblowers announced another record-breaking year in whistleblower rewards. In fiscal year (FY) 2022, the SEC awarded 103 recipients $229 million. This is the second-highest result of any year in the amount...
FCA whistleblowers protected regardless of outcome
Anyone with insider knowledge who identifies and exposes defrauding, stealing and cheating government programs can file a qui tam lawsuit. This led to 598 lawsuits on behalf of the government in 2021, which recovered $5.6 billion in judgments under the False Claim Act...
Aerojet pays $9 million for federal cybersecurity violations
We often write about regulatory violations related to the healthcare industry or finance, but the government investigates a wide range of cases. For example, the Department of Justice announced a few months ago that defense contractor Aerojet Rocketdyne, Inc. settled...
Whistleblower Protection Improvement Act passes the House
The U.S. House of Representatives passed the Whistleblower Protection Improvement Act (WPIA) on September 15, 2022. The vote on the bipartisan bill was 221-203. The bill is designed to expand whistleblower protections for federal employees, notably granting employees...
