Steven J. Pearlman

Steven J. Pearlman

Proskauer Rose LLP

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WSJ Report On Delayed SEC Whistleblower Bounty Awards

A Wall Street Journal article (subscription required) dated May 4, 2015 reports that a backlog of tips received by the SEC Office of the Whistleblower as part of its bounty program has resulted in a delay in paying awards to...more

5/7/2015 - SEC Wall Street Journal Whistleblower Awards Whistleblowers

SEC Awards Compliance Officer Whistleblower Bounty of Approximately $1.5 Million

Wednesday, the SEC announced that it would pay an unidentified compliance officer a whistleblower bounty award of between $1.4 and $1.6 million. This is the second award that the SEC has made to a whistleblower with internal...more

4/23/2015 - Chief Compliance Officers Corporate Counsel Enforcement Actions Internal Audit Functions SEC Whistleblower Awards Whistleblowers

SEC Announces Enforcement Action Regarding Employee Confidentiality Agreement

On April 1, the Securities and Exchange Commission (SEC) announced its first settlement of an enforcement action under the SEC’s Rule 21F-17, which prohibits any person from taking “any action to impede an individual from...more

4/7/2015 - Confidentiality Agreements Enforcement Actions Internal Investigations KBR (formerly Kellogg Brown & Root) Rule 21F SEC Whistleblower Protection Policies Whistleblowers

SEC’s Limit on Retroactivity of Dodd-Frank Whistleblower Bounty Awards Is Reasonable, Second Circuit Holds

The Second Circuit Court of Appeals recently deferred to the SEC’s determination that a tipster who provided information to the Commission before July 21, 2010, the effective date of the Dodd-Frank Act, is not eligible to...more

3/24/2015 - Dodd-Frank SEC Whistleblower Awards Whistleblowers

First SEC Whistleblower Award To Former Company Officer

On March 2, 2015, the SEC announced an expected award of $475,000 to $575,000 to a former company officer “who reported original, high-quality information about a securities fraud that resulted in an SEC enforcement action...more

3/5/2015 - Corporate Officers Enforcement Actions Former Employee SEC Whistleblower Awards Whistleblowers

Another SEC Whistleblower Amicus Brief On Whether Dodd-Frank Covers Internal Complaints

On February 6, the SEC filed its third amicus brief defending its interpretive rule on Dodd-Frank’s anti-retaliation provision, 15 U.S.C. §78u-6(h)(1). The impetus is a ruling out of the Southern District of New York in...more

2/27/2015 - Anti-Retaliation Provisions Dodd-Frank Employer Liability Issues Internal Reporting SEC Whistleblower Protection Policies Whistleblowers

SDNY Follows Asadi: Internal Tipsters Not Dodd-Frank “Whistleblowers”

On December 5, 2014, the Southern District of New York in Berman v. Neo@Ogilvy, No. 14-cv-523, ruled that an employee who complains internally about securities law violations does not qualify as a “whistleblower” under the...more

12/29/2014 - Dodd-Frank Employer Liability Issues Internal Reporting SEC Whistleblower Protection Policies Whistleblowers

SEC’s Second Amicus Brief On Whether Dodd-Frank Protects Internal Reports

On December 11, 2014, the SEC filed an amicus brief in support of Plaintiff-Appellant Mikael Safarian asking the Third Circuit to revive his Dodd-Frank whistleblower claim and endorse the agency’s definition of...more

12/23/2014 - Dodd-Frank Employer Liability Issues Reporting Requirements Retaliation SEC Whistleblower Protection Policies Whistleblowers

Court Follows 5th Circuit Asadi Decision, Dismisses Dodd-Frank Whistleblower Claim

The U.S. District Court for the Eastern District of Wisconsin in Verfuerth v. Orion Energy Systems, Inc., No. 14-cv-352 (E.D. Wis. Nov. 4, 2014) recently ruled that the Dodd-Frank whistleblower protection provision does not...more

11/12/2014 - Dodd-Frank Federal Rule 12(b)(6) Federal Rules of Civil Procedure SEC Whistleblower Protection Policies Whistleblowers

Study: Does The Existence Of Whistleblowers In Enforcement Actions Mean Greater Penalties?

According to an academic study published on October 6, 2014 by Andrew C. Hall, Gerald S. Martin, Nathan Y. Sharp, and Jaron H. Wilde, the presence of whistleblowers may have a meaningful impact on the outcomes of enforcement...more

11/6/2014 - Civil Monetary Penalty DOJ Enforcement Enforcement Actions SEC Whistleblower Protection Policies Whistleblowers

California Court Allows Dodd-Frank Whistleblower Claims to Proceed Despite Absence of Complaint to SEC

In a case of first impression within the Ninth Circuit, the U.S. District Court for the Northern District of California ruled that the whistleblower protection provision in Dodd-Frank protects whistleblowers who report...more

11/5/2014 - Corporate Counsel Dodd-Frank SEC Whistleblower Protection Policies Whistleblowers

Second Circuit To Decide Retroactivity of Dodd-Frank Bounty Provision

As discussed in a Law360 article by Ed Beeson, the Second Circuit Court of Appeals will decide in Stryker v. SEC, No. 13-cv-4404, whether the SEC needs to pay Dodd-Frank whistleblower bounties to tipsters who provided...more

10/1/2014 - Appeals Dodd-Frank Retroactivity SEC Whistleblower Awards Whistleblowers

Larger Rewards For Wall Street Whistleblowers May Be On The Horizon

As reported by the Wall Street Journal, the Obama administration will seek to remove the $1.6 million cap on rewards to whistleblowers who provide evidence of criminal conduct by financial executives under the 1989 Financial...more

9/18/2014 - Compliance Dodd-Frank Enforcement Enforcement Actions FIRREA Popular SEC Whistleblower Awards Whistleblowers White Collar Crimes

SEC Brings First Dodd-Frank Anti-Retaliation Case

The SEC recently issued an Order against Paradigm Capital Management, Inc. (Paradigm), a registered investment adviser, and its principal for allegedly engaging in principal trades without effective client disclosure and...more

6/27/2014 - Dodd-Frank Enforcement Actions Retaliation SEC

SEC Bans Repeat, Bad-Faith Tipster From Future Submissions

Last month, after an individual filed 196 award applications, the SEC Office of the Whistleblower (OWB) issued a detailed Final Order deeming him/her ineligible for an award in any of his/her pending applications and...more

6/11/2014 - Bad Actors Bad Faith False Statements SEC Whistleblowers

First SEC Whistleblower Bounty Award of 2014

On June 3, 2014, the SEC issued an order that awarded two whistleblowers $437,500 each pursuant to Rule 21F of the Securities Exchange Act. This Order marks the SEC’s first award of 2014, and eighth award since the program...more

6/9/2014 - Rule 21F SEC Whistleblower Awards Whistleblowers

Nebraska District Court: Employee’s Disclosures To FINRA Make Her A Dodd-Frank Whistleblower

In a first-impression decision, the U.S. District Court for the District of Nebraska recently ruled that an employee who disclosed information about potential securities law violations to FINRA may qualify as a...more

6/3/2014 - Adverse Employment Action Dodd-Frank FINRA Hiring & Firing Retaliation SEC Securities Whistleblowers

First-Ever SEC Bounty Winner Receives Additional Payout

The SEC Office of the Whistleblower recently announced that the first-ever whistleblower award under the Dodd-Frank Whistleblower Program will be increased by $150,000 based on additional assets the SEC collected from one the...more

4/9/2014 - Dodd-Frank SEC Whistleblower Protection Policies Whistleblowers

SEC’s Amicus Brief: Internal Whistleblower Reports Covered By Dodd-Frank Anti-Retaliation Provision

As we previously discussed, courts have struggled with determining the scope of the protections in Dodd-Frank’s anti-retaliation provisions. On the one hand, Dodd-Frank defines a “whistleblower” as any individual, or group of...more

3/21/2014 - Anti-Retaliation Provisions Dodd-Frank Retaliation Sarbanes-Oxley SEC Whistleblowers

$6 Million SOX Whistleblower Verdict In California

On March 5, 2014, a California jury awarded $6 million to a former accounting executive at Playboy Enterprises Inc. (the “Company”), finding that the Company discharged the former employee in violation of Section 806 of SOX....more

3/11/2014 - Corporate Counsel Enforcement Actions Jury Verdicts Sarbanes-Oxley SEC

Story Behind $14M Whistleblower Bounty Award Begins To Surface

On November 19, 2013, we reported on a record-breaking $14 million whistleblower bounty payout by the SEC. Earlier today, the Wall Street Journal reported that this award arose from an alleged “Chicago-based scheme to defraud...more

2/28/2014 - SEC Whistleblower Awards Whistleblowers

SEC’s Strategic Plan Includes Reliance On Whistleblower Tips

The U.S. Securities and Exchange Commission (SEC) published (for public comment) a draft strategic plan, which sets forth its goals and objectives for fiscal years 2014 through 2018. The SEC’s “strategic objectives” include:...more

2/11/2014 - Dodd-Frank Retaliation SEC Whistleblowers

Virginia District Court Opens Door To Front Pay For SOX Whistleblowers

In a SOX whistleblower case of first impression, the U.S. District Court for the Eastern District of Virginia ruled that front pay may be ordered in lieu of reinstatement. However, the court ultimately determined that front...more

12/3/2013 - Front Pay Reinstatement Sarbanes-Oxley SEC Whistleblowers

Another Whistleblower Bounty From The SEC

On October 30, 2013, the SEC announced that it rendered a $150K award to an anonymous whistleblower whose tips allegedly helped thwart a scheme to defraud investors. The bounty equals 30% of the proceeds the SEC collected in...more

11/6/2013 - SEC Whistleblower Awards Whistleblowers

What’s The State Of The CFTC Whistleblower Program?

The SEC’s whistleblower program has received tremendous attention, but let’s not forget about the Commodity Futures Trading Commission’s (CFTC) whistleblower program, which also was created by Dodd-Frank. A recent article...more

10/29/2013 - CFTC Compliance Dodd-Frank SEC Whistleblower Protection Policies Whistleblowers

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