WASHINGTON: The novel coronavirus outbreak and economic fallout is proving to be a bonanza for whistleblower lawyers as the U.S. securities regulator cracks down on a range of related misconduct from companies touting sham cures to misuse of federal aid.
Two factors appear to be driving the current surge in tips, according to lawyers: the sheer scale of the crisis has sparked a wave of misconduct across all areas of the SEC's remit, and mass unemployment has unleashed whistleblowers who may otherwise have feared retaliation by their employers. "Anything that in effect interferes with the free market operating freely, will potentially give rise to SEC liability."
"We expect to see the SEC bring more actions as we continue to investigate suspected COVID-19 related scams," Peikin and his enforcement co-head, Stephanie Avakian, said in a statement.
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