Murphy Anderson Whistleblower Receives SEC Award for Exposing Ponzi Scheme
Murphy Anderson successfully obtained an SEC whistleblower award for a client who exposed a Ponzi scheme that defrauded $28.6 million from investors. The scheme was perpetuated by Garfield Taylor who was sentenced to 13 years in prison in 2015. The SEC filed an action against Mr. Taylor and other perpetrators of the scheme in 2011, and final judgment against the defendants was entered in 2015. In addition to individual investors, victims of the scheme included the Hillcrest Children’s Center, a charity for impoverished single mothers and their children, that invested half their endowment in the scheme.
Murphy Anderson’s client filed his SEC whistleblower tip in 2011. His information provided significant evidence for the securities fraud investigation and prosecution. After 11 years, the client will receive a bounty equal to 30% of the monetary sanctions recovered by the government, the maximum percentage allowed by the SEC whistleblower program rules.
Mark Hanna represented the whistleblower.