SEC Whistleblower Reward Program
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SEC Awards More Than $16 Million to Two Whistleblowers
Posted 12/1/17
By the C|C Whistleblower Lawyer Team
The SEC announced awards of more than $8 million each to two whistleblowers whose critical information and continuing assistance helped the agency bring the successful underlying enforcement action.
With this case, SEC enforcement actions involving whistleblower awards have now resulted in more than $1 billion in financial remedies ordered against wrongdoers.
The first...
November 30, 2017
The SEC announced awards of more than $8 million each to two whistleblowers whose critical information and continuing assistance helped the agency bring the successful underlying enforcement action. The first whistleblower alerted SEC enforcement staff of the particular misconduct that would become the focus of the staff’s investigation and the cornerstone of the agency’s subsequent enforcement action. The second whistleblower provided additional significant information and ongoing cooperation to the staff during the investigation that saved a substantial amount of time and agency resources. The SEC’s whistleblower program has now awarded more than $175 million to 49 whistleblowers since issuing its first award in 2012. SECOctober 12, 2017
The Securities and Exchange Commission today announced that a whistleblower has earned an award of more than $1 million for providing the SEC with new information and substantial corroborating documentation of a securities law violation by a registered entity that impacted retail customers. “Today’s award reflects the impact that whistleblower information can have in uncovering violations that harm the retail investor,” said Jane Norberg, Chief of the SEC’s Office of the Whistleblower. “We welcome high-quality information about potential securities-law violations from those in and outside a company.” More than $162 million has been awarded to 47 whistleblowers. By law, the SEC protects the confidentiality of whistleblowers and does not disclose information that might directly or indirectly reveal a whistleblower’s identity. Whistleblowers may be eligible for an award when they voluntarily provide the SEC with original, timely, and credible information that leads to a successful enforcement action. SECSenator Grassley Proposes Important Whistleblower Amendments to GOP Tax Bill
Posted 11/16/17
By the C|C Whistleblower Lawyer Team
Charles Grassley, the seven-term Iowa Senator and long-time whistleblower advocate, has introduced two amendments to the Senate’s “Tax Cuts and Jobs Bill” that would assist whistleblowers. One would prevent the double-taxation of certain whistleblower awards, while another would permit whistleblowers who report criminal tax frauds to collect awards from criminal fines...
SEC Report Shows a Significant Number of Tips Coming From UK Whistleblowers
Posted 11/10/17
The 2016 Annual Report to Congress on the Dodd-Frank Whistleblower Program shows a growing number of international whistleblowers are taking advantage of the SEC's award program. In 2016 alone, the Commission received submissions from individuals in 67 foreign countries. After the United States, the SEC received the highest number of whistleblower tips from the UK and Canada. OWB Annual Report 2016
SEC Supreme Court Amicus Brief Filed in Support of Whistleblower Anti-Retaliation Provisions Under Dodd-Frank
Posted 10/26/17
By the C|C Whistleblower Lawyer Team
An article from Law360 discusses the SEC’s position on the anti-retaliation provisions in Dodd-Frank based on an amicus brief filed in the Supreme Court. The case involves whistleblower Paul Somers, a former employee of Digital Realty Trust Inc., who sought to take advantage of Dodd-Frank’s anti-retaliation provisions even though he did not report the alleged securities...
SEC Announces Whistleblower Award of More Than a Million Dollars
Posted 10/13/17
By the C|C Whistleblower Lawyer Team
The SEC announced that a whistleblower has earned an award of more than $1 million for providing the SEC with new information and substantial corroborating documentation of a securities law violation by a registered entity that impacted retail customers.
“Today’s award reflects the impact that whistleblower information can have in uncovering violations that harm the retail...
October 12, 2017
Posted 10/12/17
The Securities and Exchange Commission announced a whistleblower award of more than $1 million for providing the SEC with new information and substantial corroborating documentation of a securities law violation by a registered entity that impacted retail customers. It represents the 47th SEC whistleblower award and brings the total payouts under the SEC Whistleblower Program to more than $162 million. SEC
Government Employees are Now Clearly Eligible for SEC Whistleblower Awards
Posted 08/3/17
By the C|C Whistleblower Lawyer Team
A $2.5M award announced last week included a footnote delineating who, among government employees, is eligible for SEC whistleblower awards. Employees of local, state, and federal agencies, other than regulatory, or law enforcement agencies, are eligible for awards. Which agency this whistleblower worked for was not revealed. Notable excluded regulatory agencies include the SEC...