SEC Whistleblower Reward Program
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Watch Now: Eric Havian Joins OffshoreAlert Panel with SEC, CFTC, and IRS Whistleblower Officials on Rewards for Domestic and Foreign Whistleblowers
Posted 04/2/21
For the third year in a row, Constantine Cannon partner Eric Havian participated in OffshoreAlert’s annual conference, vGlobal, speaking on a panel with senior leaders of the whistleblower programs at the SEC, CFTC, and IRS. The panel, which you can watch below, “Rewarding Domestic & Foreign Whistleblowers: The Growth & Spreading Reach of U.S. Programs,” addressed the international reach of the U.S....
March 29, 2021
The SEC has awarded an anonymous whistleblower $500,000 based on recoveries in a covered action and a related action that resulted in the shut-down of an ongoing fraudulent scheme. The whistleblower first reported the alleged misconduct to their employer, using the employer’s internal compliance procedures. Then, within 120 days of reporting the violations internally, the whistleblower submitted a TCR to the SEC. According to the SEC, the whistleblower provided significant information that prompted it to open an investigation, and provided ongoing assistance to Commission staff. Separately, the employer began an internal investigation and ultimately made a report to a government agency. Because the whistleblower reported internally and to the SEC within 120 days of their internal report, the SEC applied its “safe harbor” rule and treated the whistleblower’s SEC submission as if it had been made on the day that the whistleblower reported internally. SECPartner Mary Inman discusses SEC whistleblower reward program and Reenvisioning Whistleblowers as Forward Indicator of Risk at Stanford Rock Center “Whistleblowers, Ethics and Compliance” Event
Posted 03/19/21
March 9, 2021
The SEC will pay $1.5 million to an unidentified whistleblower who provided original information to the Commission regarding the whistleblower’s employer, causing them to open an investigation. The whistleblower provided detailed written information, identified potential witnesses, and assisted throughout the investigation. SECMarch 1, 2021
The SEC has granted two whistleblowers a $500,000 award for providing tips on an ongoing fraud. The whistleblowers’ substantial assistance led to multiple SEC actions, as well as a related action from another government agency. SECFebruary 25, 2021
The SEC has awarded two whistleblowers two awards totaling more than $1.7 million. Under the first award, one whistleblower received over $900,000 for providing significant evidence, including a critical declaration, that helped shut down an ongoing fraud scheme. Under the second award, the whistleblower received over $800,000 for providing important information through an interview and documents that helped return millions to harmed investors. SECFebruary 23, 2021
A previous SEC award recipient has been awarded another $9.2 million for contributing to successful related actions arising from the same information. After receiving the whistleblower’s tip from the SEC, the DOJ was able to bring about additional actions, including a non-prosecution agreement or deferred prosecution agreement. SECFebruary 19, 2021
The SEC has awarded two whistleblowers a total of almost $3 million for alerting the agency to misconduct. The first award of over $2.2 million went to an individual whose information helped bring a successful enforcement action to an open investigation. The second award of almost $700,000 went to an individual whose tip about a fraudulent reporting scheme helped launch an investigation. SECCourt of Appeals Upholds SEC Denial of Whistleblower Award
Posted 02/18/21
