Whistleblower News: Cargill, CFTC, Goldman, SEC, Insys06/25/2019
CFTC awards nearly $2.5 million to Cargill whistleblower
The U.S. Commodity Futures Trading Commission has awarded about $2.5 million to a whistleblower in a 2017 case against global grain trader Cargill Inc over alleged violations in how it handled trades, the agency said on Tuesday.
The agency fined Cargill $10 million in 2017 for providing inaccurate information on swaps to protect its revenue, and for failing to supervise the company’s swap dealers. At the time, Cargill did not admit to any wrongdoing.
Tipster payout cut by reporting delay
Regulator says “there is a point at which a delay becomes unreasonable”
Yet, the CFTC noted that the award was reduced because of a delay in reporting to the regulator.
“Although this award was substantial, it was reduced because of an unreasonable delay in reporting the violations,” James McDonald, director of the CFTC’s enforcement division, said in a statement. “We understand that whistleblowers may have reasons to delay reporting suspected Commodity Exchange Act violations, however, there is a point at which a delay becomes unreasonable,” said Christopher Ehrman, director of CFTC’s whistleblower office. read more »
Goldman Sachs is offering ‘peanuts’ to compensate for 1MDB, says Malaysian prime minister
Malaysian Finance Minister Lim Guan Eng told CNBC in January that his country is seeking $7.5 billion from Goldman and called on the bank to “have a heart.”
A Fraudster Loses to the SEC But Beats the Clock on Penalties
Money manager Charles Kokesh was supposed to pay back tens of millions of dollars in unlawful gains. But the watchdog caught up with him too late.
Former Insys CEO's wife avoids prison over opioid kickbacks
A former sales representative for Insys Therapeutics Inc who married the then-chief executive was sentenced on Monday to six months of home confinement after admitting that she engaged in a kickback scheme to boost sales of the company’s fentanyl spray.
Natalie Babich, the wife of ex-Insys CEO Michael Babich, was sentenced by U.S. District Judge Janet Bond Arterton in New Haven, Connecticut, who said the home confinement would be part of a five-year period of probation she was imposing. read more »