About Geoff Schweller
Geoff Schweller is the Communications Director for Kohn, Kohn & Colapinto (KKC). Geoff graduated from Hamilton College in 2019 with a bachelor’s degree in Sociology. He is also the Assistant News Editor for Whistleblower Network News.
From the Whistleblower and Qui Tam Blog
SEC Awards Whistleblowers Whose Information Led to Opening of Investigation
On April 4, the U.S. Securities and Exchange Commission (SEC) issued two whistleblower awards to individuals who voluntarily provided the agency with original information that led to a successful enforcement action. One whistleblower received an award of approximately $160,000 and the second whistleblower received an award of approximately $80,000. Both whistleblowers provided information about alleged misconduct which caused the SEC to open an investigation. The SEC issued a larger award to the first whistleblower because their information and assistance was more helpful to the agency than that of the second whistleblower. According to the SEC, the first whistleblower “provided additional information and assistance to the Enforcement staff by submitting a detailed written narrative that provided a roadmap for the investigative staff early in the investigation that conserved significant Commission staff time and resources.” Qualified SEC whistleblowers, individuals who voluntarily provide original information that leads to a successful SEC enforcement action, ...
Senators Grassley and Warren Introduce Bipartisan Amendments to Bolster SEC Whistleblower Program
On March 31, Senators Charles Grassley (R-IA) and Elizabeth Warren (D-MA) introduced the SEC Whistleblower Reform Act of 2022, a bipartisan bill designed to strengthen the highly successful whistleblower reward program of the U.S. Securities and Exchange Commission (SEC). The bill bolsters the program by ensuring award claims are processed in a timely manner and by strengthening anti-retaliation protections for whistleblowers. "This law is urgently needed. Whistleblowers who have been fired often have to wait over four years for any compensation. This amendment closes that painful loophole," said Stephen M. Kohn, founding partner of the whistleblower law firm Kohn, Kohn & Colapinto. Kohn, who is also Chairman of the National Whistleblower Center (NWC), is quoted in the senators’ press release, which also notes that the bill is endorsed by NWC and Whistleblower Network News. The SEC Whistleblower Reform Act of 2022 ensures the timely processing of whistleblower award claims by requiring the SEC to issue an ...
Treasury Department’s Anti-Money Laundering Whistleblower Rulemaking Pivotal to Fight Against Corruption
On March 28, Stephen M. Kohn, a founding partner of the whistleblower law firm Kohn, Kohn & Colapinto (KKC) and Chairman of the Board of the National Whistleblower Center (NWC), sent a detailed letter to the U.S. Department of the Treasury outlining recommendations for rulemaking for the Treasury’s recently established Anti-Money Laundering (AML) Whistleblower Program. Kohn has extensive experience working with whistleblowers who have reported AML crimes, including the leading whistleblower in the $230 billion dollar Danske Bank money laundering scandal. The AML Program was established with the passage of the Anti-Money Laundering Act of 2020 on January 1, 2021. The program, which is largely modeled off the highly successful SEC Whistleblower Program, aims to incentivize insiders with knowledge of money laundering to blow the whistle to the Treasury Department by offering anti-retaliation protections and monetary awards. To date, however, the Treasury has failed to propose any regulations implementing the ...
CFTC Awards $625,000 to Four Whistleblowers
On March 28, the U.S. Commodity Futures Trading Commission (CFTC) awarded approximately $625,000 to four whistleblowers who all voluntarily provided the agency with original information about commodities law violations. Three of the four whistleblowers filed their whistleblower disclosure jointly. Together they provided the CFTC with important information as well as ongoing assistance. The fourth whistleblower filed individually. The CFTC decided to award the individual whistleblower a higher award than the other three because they “provided the highest level of ongoing assistance and cooperation,” according to the award order. “We truly appreciate the efforts of the four meritorious whistleblowers in this matter,” said CFTC Whistleblower Office Director Christopher Ehrman. “While each of the whistleblowers provided critical information in this complicated matter, it is important that we recognize the whistleblower whose contributions went above and beyond to support the CFTC’s enforcement efforts.” “As reflected in the final order, the whistleblowers in ...
SEC Awards Whistleblower $1.25 Million, Lowers Award Due to Unreasonable Delay in Reporting
On March 25, the U.S. Securities and Exchange Commission (SEC) issued a whistleblower award of $1.25 million. The whistleblower qualified for the award because they voluntarily provided the agency with original information that led to a successful enforcement action. The SEC lowered the award amount, however, because the whistleblower unreasonably delayed in reporting the misconduct. According to the award order, the whistleblower “provided specific and credible information that prompted staff to open an investigation that resulted in the Covered Action, which was based largely on conduct that was the subject of Claimant’s whistleblower submission.” Furthermore, the whistleblower provided the SEC with ongoing assistance throughout the investigation, “including helping Commission staff identify witnesses, understand critical documents and terminology, and focus the investigation on key issues.” The whistleblower’s information and assistance saved the SEC time and resources. Through the SEC Whistleblower Program, qualified whistleblowers are entitled to awards for 10-30% of the ...
Whistleblower Attorneys Support Proposed SEC Rule on Related Action Awards
In February, the U.S. Securities and Exchange Commission (SEC) announced proposed rule changes to its highly successful whistleblower program. One proposed rule addresses the payment of related action awards. On March 22, the whistleblower attorneys of Kohn, Kohn & Colapinto (KKC) sent a letter to the SEC voicing strong support for the proposed rule change and calling for a swift approval of the proposal. According to the whistleblower attorneys’ letter, “[t]he SEC’s current related action rule violates the law, undermines statutory intent of the DFA, and disincentivizes whistleblowers – ultimately it harms investors and the willingness of whistleblowers to work with other federal agencies when filing Dodd-Frank claims. The proposed rule corrects these problems and should be quickly approved, as written.” Through the SEC Whistleblower Program, qualified whistleblowers, individuals who voluntarily provide original information that leads to a successful enforcement action, are entitled to a monetary award of 10-30% of ...