A LOOK BACK AT THE WEEK’S NEWS AND DEVELOPMENTS AFFECTING WHISTLEBLOWERS.

SEC Issues Record $50 Million Award to Single Whistleblower

The US Securities and Exchange Commission has paid out its largest-ever whistleblower award at nearly $50 million. The whistleblower, who worked as a trader, tipped off the agency to a currency manipulation scheme at Bank of New York Mellon. The whistleblower assisted with the SEC’s investigation for more than a decade. The bank allegedly was giving pensions funds less-than-desirable exchange rates, helping the bank make massive profits from the difference. To read the full story, click here.

Florida Men Charged in $54 Million Compound Pharmacy Kickback Scheme

Four Florida men were charged in an indictment unsealed Thursday for their alleged participation in a compound pharmacy kickback scheme. The allegations stem from the defendants’ participation in a conspiracy to defraud TRICARE, a federal health care benefit program for active duty service members. The men allegedly owned Florida Pharmacy Solutions (FPS), which targeted TRICARE beneficiaries and caused the submissions to TRICARE of claims for illegally prescribed prescriptions.  To read the full DOJ press release, click here.

Tips to SEC Surge as Working From Home Emboldens Whistleblowers

A new side effect of remote working, layoffs and furloughs stemming from the coronavirus pandemic: more whistleblowers. The SEC received about 4,000 tips, complaints and referrals of possible corporate wrongdoings from mid-March to mid-May. That number is 35% higher than it was in the same period last year. Lawyers chalk up the increase to the fact that many would-be tipsters are working from the privacy of their home, out of view of snooping colleagues and managers and thus safer from being exposed as whistleblowers. To read the full story from the Wall Street Journal, click here.

To Look Out For: Wave of Whistleblower Suits Predicted Over Virus Relief Aid

Money meant to save hospitals and health systems from collapse during the coronavirus pandemic is likely to ensnarl some providers in high stakes litigation. In addition to criminal charges, providers will likely see a wave of civil lawsuits accusing them of either taking a bailout they didn’t need or frivolously spending the money they got. To read the full story from Bloomberg Law, click here.

To learn more about our Whistleblower & Qui Tam practice click here. Our firm is located in Nashville, Tennessee but we represent whistleblowers all around the country. Call us today at (615) 244-2202.