- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2024-04-17T17:00:00
The Department of Justice (DOJ) launched a new pilot program that encourages voluntary self-disclosure by corporate executives who are themselves involved in financial misconduct, with the incentive of a nonprosecution agreement (NPA) for those who help an agency investigation.
The pilot program, unveiled Monday, aims to offer a “strong incentive” for executives involved in financial misconduct to provide to the DOJ “actionable, original information about criminal conduct that might otherwise go undetected or be impossible to prove.”
The program offers potential whistleblowers a new method for revealing wrongdoing related to fraud, money laundering, market manipulation, foreign corruption and bribery, healthcare fraud and illegal kickbacks, or fraud related to federally funded contracting.
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The Department of Justice released the details of its long-awaited corporate whistleblower awards pilot program that will prioritize reporting in areas of corporate crime not currently covered by existing whistleblower programs.
A French bus parts supplier will pay more than $2.4 million in penalties, disgorgement, and restitution to settle charges that it fraudulently misled its U.S. customers about the source of some of its parts.
The Department of Justice’s 90-day sprint to developing and implementing a pilot whistleblower rewards program ended Wednesday, and many questions remain about what the program will entail.
Two pairs of claimants will receive whistleblower awards totaling more than $98 million and $24 million, respectively, for information they provided to the Securities and Exchange Commission that led to an enforcement action.
Discrimination against whistleblowers in the U.K. has risen to such a level that the government may need to actively pursue plans to afford greater legal protection, as well as introduce financial awards to compensate for their “career suicide.”
The Securities and Exchange Commission announced its second $37 million whistleblower award in as many weeks with four claimants vying for the payout, but only one reaping the benefits.
