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With over $136 million in Whistleblower Awards in 2020, the SEC Amends the Rules of its Whistleblower Program

Posted  09/25/20
By Carolina Gonzalez
Securities and Exchange Commission building with logo zoomed in
In a public meeting held earlier this week, the SEC approved - by a 3-2 vote - several changes to its remarkably successful whistleblower program. Most notably, the Commission withdrew a 2018 contentious proposal which would have authorized it to reduce the amount of money in rewards issued in large enforcement actions where at least $100 million were collected. Moreover, all five Commissioners recognized the...

September 25, 2020

The SEC has made two awards totaling over $2.5 million to whistleblowers who provided information regarding overseas misconduct.  Both whistleblowers reported the misconduct to internal compliance systems before reporting to the SEC.  In the case of the first whistleblower, who received over $1.8 million, the internal report resulted in an internal investigation and subsequent report to the SEC.  Meanwhile, information from the second whistleblower, who received $750,000, resulted in a successful enforcement action.  SEC

SEC Whistleblower Awards Keep Rolling In

Posted  09/17/20
a silver whistle on top of a stack of cash
Earlier this week, the SEC announced an award of more than $10 million "to a whistleblower whose information and assistance were of crucial importance to a successful SEC enforcement action."  This brings the total tally under the SEC's Whistleblower Program to $520 million in awards to 94 whistleblowers since the first award in 2012. It also marks the latest in a flood of awards this year, including the $50...

September 11, 2020

Two whistleblowers who made specific, credible, and timely reports to the CFTC of an ongoing fraud have been awarded an undisclosed sum.  The first whistleblower, based in the U.S., made the first report and provided information and documents that would have otherwise been difficult to obtain.  The second whistleblower, based abroad, provided additional information, including the wrongdoers’ attempts to avoid detection.  According to the CFTC, the whistleblowers’ joint efforts helped lead to a successful enforcement action.  CFTC

September 1, 2020

The SEC made a $2.5 million whistleblower award to two outsiders who submitted a whistleblower tip based on their detailed independent analysis of a company's public filings.  The whistleblowers provided helpful assistance during the investigation, and their submission ultimately led to several successful enforcement actions.  The SEC did not disclose their identity or the target of the underlying enforcement actions.  SEC
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