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Home Corporate Dodd-Frank

U.S. DOJ and SEC Ordered to Review Whistleblower Claim Denial

Ana PopovichbyAna Popovich
July 1, 2020
in Dodd-Frank, False Claims-Qui Tam, News, SEC
Reading Time: 2 mins read
U.S. DOJ and SEC Ordered to Review Whistleblower Claim Denial
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In May, the U.S. Second Circuit Appeals Court ruled that the U.S. Department of Justice (DOJ) and the Securities and Exchange Commission (SEC) must review a case in which they denied a whistleblower reward claim.

Victor Hong was a risk manager at the Royal Bank of Scotland (RBS) and sued the DOJ and the SEC in February. Hong alleged that “they flouted the law ‘in bad faith’ when assessing whether he was due a payout for helping federal probes into the British bank’s mis-selling of mortgage bonds in the run-up to the 2007-08 financial crisis.”

According to Reuters, RBS agreed to pay $4.9 billion to end the DOJ and SEC investigations in August of 2018 “no portion of that fine has ever been deemed eligible for a reward under the whistleblower program.”

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Hong’s complaint also requests the DOJ and SEC to disclose documentation from the RBS settlement “and to deem it eligible for a potential tipster reward.” Whistleblower attorney Siri Nelson, of the whistleblower law firm Kohn, Kohn, and Colapinto, said the court’s decision in Hong’s case “sets a powerful precedent for whistleblowers who participate in federal investigations.” She surmises that this review will help clarify how whistleblower awards are determined when they have played a role in a “successful investigation.”

Read more:

Federal Court Mandates Agency Review Whistleblower Claim Denial

Tags: Dodd-Frank ActSECSecurities Fraud
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Ana Popovich

Ana Popovich

Ana Popovich is a contributing editor with Whistleblower Network News, where she writes about breaking whistleblower news, healthcare fraud whistleblowers, and Covid-19 fraud whistleblowers. Ana has a B.A. in English from Georgetown University. While at Georgetown, she was the marketing chair of an affinity group and wrote content for the McDonough School of Business’ Business for Impact program. In 2018, Popovich was a public interest legal intern at the whistleblower law firm Kohn, Kohn and Colapinto. 

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