Flood of SEC Whistleblower Awards Continues
It has been less than two months since SEC Whistleblower Chief Jane Norberg left the agency for private practice. As we previously wrote, her five years running the agency’s Whistleblower Program were groundbreaking in the number and amount of awards the SEC made and in the agency’s efforts to champion the critical role whistleblowers play within the SEC enforcement regime.
As we also wrote at the time, the SEC made it very clear that even without Ms. Norberg’s continued stewardship, the SEC Whistleblower Program would carry on strong. In fact, within a week of announcing Ms. Norberg’s impending departure, the SEC issued a $50 million award, the SEC’s second-largest award in the program’s history.
It has been less than two months since this changing of the guard, with Emily Pasquinelli taking over as Acting Chief of the Whistleblower Office, and there have been no signs of the agency slowing down on the whistleblower front. Just the opposite. In the six weeks since Ms. Pasquinelli has been at the helm, the SEC has made roughly $115 million in awards to 13 whistleblowers.
This recent flood of awards includes roughly $3 million to two whistleblowers on June 14; $23 million to two whistleblowers on June 2; $4 million to a whistleblower on May 27; $28 million to a whistleblower on May 19; $31 million to four whistleblowers on May 17; $3.6 million to a whistleblower on May 12; and $22 million to two whistleblowers on May 10.
The SEC’s Whistleblower award tally to date now stands at roughly $930 million to 172 whistleblowers. No doubt the program will be crossing the billion-dollar threshold in the very near future. As Acting Chief Pasquinelli remarked in announcing one of these recent payouts: these awards “demonstrate the SEC’s continuing commitment to making awards to individuals who provide high-quality information that assists the SEC and other government agencies in bringing successful enforcement actions.”
So if you think you have information relating to possible securities fraud, rest assured, you have a government agency that wants to hear from you. The SEC has demonstrated that over and over again by word and by deed. And it is a sentiment the SEC has given every indication will continue strong into the future.
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