Kimberly Justice and I are continuing to write about what we believe is a very important issue in cartel fighting–the passing of criminal antitrust whistleblower legislation. Below are the opening paragraphs of our latest article on the subject. The full article, kindly posted by Wolters Kluwer in their Antitrust Law Daily, can be found here.
“The SEC’s wildly successful whistleblower program has returned hundreds of millions of dollars to investors as a result of actionable whistleblower information over the past six years. The IRS paid one whistleblower more than $100 million for information that helped the government uncover a massive tax evasion scheme and led to a $780 million settlement. The CFTC predicts that the results of its whistleblower program this year will be “huge.” The Antitrust Division has paid $0 to whistleblowers and received $0 from cartels exposed by whistleblowers. Or, as Charlie Brown would say, the Antitrust Division “got a rock.”
There is no cartel whistleblower program and this should change now. Price-fixing and bid-rigging conspiracies are felonies costing American consumers millions of dollars in the form of artificially high prices. These fraudulent schemes are particularly suited to exposure by whistleblowers because senior corporate executives frequently use lower level employees (and potential whistleblowers) to carry out the illegal scheme. The time is right for serious antitrust whistleblower legislation.”
Full article here
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