On November 30, the U.S. Securities and Exchange Commission (SEC) Office of the Whistleblower posted 18 new Notices of Covered Actions (NoCAs). Each NoCA relates to a recent SEC enforcement action and signals that individuals may now submit whistleblower award claims for the cases.
Through the SEC Whistleblower Program, qualified whistleblowers, individuals who voluntarily provide original information about securities fraud that leads to a successful enforcement action, are entitled to monetary awards of 10-30% of the funds collected by the SEC in the enforcement action.
One of the NoCAs that the SEC posted covers a recent enforcement action taken against Kim Kardashian. The SEC charged Kardashian with unlawfully touting a crypto security on social media. According to the SEC, Kardashian “failed to disclose that she was paid $250,000 to publish a post on her Instagram account about EMAX tokens, the crypto asset security being offered by EthereumMax.” Kardashian agreed to pay $1.26 million in penalties, disgorgement, and interest to settle the charges.
A number of the NoCAs posted by the SEC relate to the series of enforcement actions filed by the SEC against more than a dozen broker-dealers charging the entities with widespread recordkeeping failures. In total, the broker-dealers, which include Deutsche Bank, Barclays and Cantor Fitzgerald, agreed to pay over $1.1 billion in penalties.
Another NoCA covers the SEC’s recent enforcement action against the Chinese affiliate...
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