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December 7, 2020

The SEC has granted awards to five whistleblowers whose disclosures led to three successful enforcement actions.  The first award of $1.8 million was granted to a company insider who gave information about fraudulent conduct that would have been difficult to detect otherwise.  The second award of $750,000 was granted to two whistleblowers, one of whom received a waiver on TCR filing requirements by providing a tip that prompted an investigation, and the other who provided new information that resulted in additional actions being added.  The last award of $400,000 was also granted to two whistleblowers; the two individuals had provided analysis that prompted an investigation.  SEC

In an Effort to Curb Corruption, U.S. and Brazil Update Trade Agreement by Strengthening Whistleblower Protections

U.S. and Brazil flags flying together
On October 19, 2020, the U.S. and Brazil signed a Protocol on trade rules and transparency, updating their 2011 Agreement on Trade and Economic Cooperation (ATEC). The Protocol includes three annexes – one of which comprises cutting-edge provisions that are at the very forefront of recent developments in the area of whistleblower protection. Article 3 of Annex III provides specific obligations in line with both...

October 22, 2020

The SEC has awarded a record-breaking $114 million to a whistleblower whose tip and substantial, ongoing assistance helped lead to successful enforcement actions by the SEC and another agency.  This is the highest award in the history of the SEC whistleblower program, bypassing the next highest award, issued in June 2020, by over $60 million.  SEC

NASAA Approves Model Whistleblower Award and Protection Act with Changes Recommended by Constantine Cannon Attorneys

Posted  10/2/20
By Chris McLamb
Silhouette of People Around a Whistle
Earlier this year, the North American Securities Administrators Association (NASAA) proposed a Model Whistleblower Award and Protection Act that would help states bolster their securities enforcement by incentivizing whistleblowers.  Constantine Cannon attorneys Eric Havian, Michael Ronickher, and Chris McLamb teamed up with Alexis Ronickher of Katz Marshall & Banks LLP to comment on the proposal, encouraging NASAA...

September 30, 2020

The SEC has announced that it has concluded a record-breaking fiscal year for its whistleblower program by awarding four whistleblowers a total of $5 million.  For providing critical information and evidence of hard-to-detect violations, and providing extensive and ongoing assistance to the investigation, two whistleblowers were awarded $2.9 million and $1.7 million respectively.  The remaining two whistleblowers were awarded nearly $400,000 for jointly providing a tip and additional assistance, including meeting with staff to help decipher key documents and identify key witnesses.  These awards cap the program’s record of 39 individual awards, totaling about $175 million, that have been granted in a single fiscal year.  Since the whistleblower program launched in 2012, the SEC has made awards to 106 individuals totaling about $562 million.  SEC
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