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The Securities and Exchange Commission today [November 10] provided its enforcement results for the past fiscal year which ended September 30. Throughout the fiscal year, the SEC’s Division of Enforcement remained focused on its fundamental responsibility: protecting investors, holding wrongdoers …
On October 1, 2026, Colin M. McDonald, Assistant Attorney General of the National Fraud Enforcement Division (the “Fraud Division”) of the U.S. Department of Justice, issued Directive 26-12, titled “Corporate Enforcement in the Fight Against Fraud,” addressed to all Fraud …
Confidentiality protections for whistleblowers can take many different forms. The confidentiality protections in Dodd-Frank-style programs are seen as the gold standard,[1] but these were far from the first. As described in this post, the IRS Whistleblower Program and the …
Guarantees of confidentiality and anonymity are important considerations for whistleblowers seeking to report information on violations to regulators and other public entities. These guarantees ensure the safety of whistleblowers when filing complaints, often against entities with substantial resources and some …
To detect corporate misconduct, regulators frequently rely on firms’ employees, who are often privy to private information and the first to identify wrongdoing. To encourage employees and others to share what they know, many regulators have implemented whistleblower programs. Some …
Proxy advisers play a pivotal role in corporate governance by providing institutional investors with recommendations on how to vote at shareholder meetings. These firms influence key corporate decisions, including the election of directors, executive compensation, and governance policies, thereby exerting …
On May 12, 2025, the Head of the Department of Justice’s (“DOJ”) Criminal Division, Matthew R. Galeotti, announced significant changes to the Criminal Division’s corporate and white-collar enforcement policies and priorities.[1] Speaking at the Securities Industry and Financial Markets …
Shifting U.S. enforcement priorities may soon create a crisis in international anti-corruption efforts. For decades, the United States spearheaded those efforts through prosecutions under the Foreign Corrupt Practices Act (FCPA). On February 10, however, President Donald Trump issued an Executive …
On January 21, 2025, President Trump signed an executive order titled “Ending Illegal Discrimination and Restoring Merit-Based Opportunity” (the “Order”), rescinding affirmative action under Executive Order 11246 and other anti-discrimination policies applying to federal contractors. We provided an …
The most important question in whistleblowing is a straightforward one: Why does whistleblowing work? Modernized whistleblower award laws, such as the False Claims Act and Dodd-Frank Act, have had immense impacts on the detection and prosecution of white-collar crimes. …
The Commodity Futures Trading Commission today announced record monetary relief of over $17.1 billion for fiscal year 2024. With the resolution of digital asset cases that resulted in the agency’s largest recovery ever, this record amount included $2.6 billion in …
The Securities and Exchange Commission announced on November 22 that it filed 583 total enforcement actions in fiscal year 2024 while obtaining orders for $8.2 billion in financial remedies, the highest amount in SEC history.
The 583 enforcement actions represent
Good afternoon. Thank you to Bruce Carton for the invitation to speak today and for the kind introduction. I appreciate the opportunity to be able to talk to you about the work of the SEC’s Division of Enforcement.
As is …
The Commission recently issued two whistleblower award determinations awarding an aggregate $122,000,000 among four claimants.[1] We did not support these determinations, but we are unable to explain our reasons because the public final orders determining the awards redact certain …
The Criminal Division is on the front lines of the Justice Department’s efforts to hold culpable individuals and companies accountable for corporate crime. We also develop innovative policies both to encourage companies to be good corporate citizens and to enhance …
Corporate boards and their leadership teams face unique compliance oversight challenges from the Department of Justice (“DOJ”)’s new Corporate Whistleblower Awards Pilot Program (“the Program”), the details of which were announced on August 1 by Principal Deputy Assistant Attorney General …
The Department of Justice recently announced a new policy on voluntary self-disclosure for individuals (the Pilot Program) that is likely to create significant challenges for a board of director’s audit and compliance committees, as well as tension among employees — …
The SEC (U.S. Securities and Exchange Commission) recently hosted the 2024 SEC Speaks conference in Washington, DC. During the event, SEC leaders, including the Chair, commissioners, and senior staffers, shared their views about key priorities and trends in the enforcement …
Corporate boards will be called upon to renew their oversight of corporate compliance following the recent announcement of several new corporate fraud enforcement initiatives by the U.S. Department of Justice (DOJ). Most notably, these include a new whistleblower program and …
Plaintiffs bringing retaliation claims under the Sarbanes-Oxley Act do not have to prove their employers’ “retaliatory intent,” only that their whistleblowing activity contributed to their termination, according to a recent ruling by the U.S. Supreme Court. In a unanimous opinion …