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SEC Whistleblower Reward Program

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Constantine Cannon Client Receives Maximum Award for Blowing the Whistle on ITG

Posted  05/21/21
silver whistle with Securities Exchange Commission logo
The SEC has made a multi-million-dollar award to a Constantine Cannon client whose original information and assistance led to an enforcement action against the brokerage firm ITG.  The award—30% of the recovery—is the maximum allowed under the SEC Whistleblower Program. The SEC has taken three enforcement actions against ITG in recent years, two of which involve ITG’s dark pool POSIT.  POSIT is an alternate...

May 19, 2021

An anonymous whistleblower has received an award of $28 million, representing a share of recoveries by the SEC and by another federal government agency in a related action.  The Commission's order states that the involved company reported wrongful conduct in one geographic region, and the whistleblower voluntary submitted information to the SEC regarding similar improprieties by the company in a different country.  SEC

May 17, 2021

The SEC made an award of $750,000 to one whistleblower and $3.75 million to a second whistleblower based on findings that they provided information that assisted SEC staff in related civil and criminal proceedings against a company and individual.  The first individual provided information relevant to the action against the individual only, but did so more than five years after learning of the violation.  The second individual, who received a larger award, was originally denied any award by the SEC, but, upon reconsideration, the SEC concluded that they had voluntarily provided information to the Commission prior to being contacted by the Commission.  Three other claimants were denied awards.  SEC

May 17, 2021

Two whistleblowers were awarded a total of $27 million, with the SEC finding that the information they jointly and voluntarily provided aided an enforcement action which resulted in the return of millions of dollars to harmed investors, even through most of the information the individuals provided was already known the SEC from other sources. The two individuals had also reported their concerns internally and met in-person with SEC staff over the course of two days. SEC

ITG – Securities violations (30% SEC whistleblower award)

Constantine Cannon’s team secured another multi-million-dollar SEC whistleblower award for an anonymous whistleblower whose original information and assistance led to an enforcement action against brokerage firm ITG.  The SEC has repeatedly fined ITG in recent years, including for violations related to the firm’s dark pool, POSIT.  A dark pool is an alternate trading system that is supposed to allow investors to place buy and sell orders without alerting predatory traders who can manipulate prices.  ITG told its customers that they could trade in POSIT anonymously and confidentially, but the SEC twice concluded this was false.  The SEC awarded our client 30 percent of the recovery, the maximum amount allowed under the SEC Whistleblower Program.  For more information, see Constantine Cannon Client Receives Maximum Award for Blowing the Whistle on ITG

May 12, 2021

The SEC made a whistleblower award of $3.6 million to an individual who provided new information that resulted in the opening of an SEC investigation directly based on that information, and provided ongoing assistance to the Commission during the course of the investigation.  At the same time, the SEC denied a whistleblower award to a second individual who submitted information regarding the company in the same covered action, finding that the information provided by the second claimant did not significantly contribute to the success of the Covered Action.  SEC

May 10, 2021

Two whistleblowers received a total of $22 million in awards from the SEC with respect to settled administrative proceedings against unidentified parties including a financial services firm.  The first whistleblower, whose tip initiated the SEC's investigation, was awarded $18 million.  The second whistleblower, whose tip was submitted several years later, was awarded $4 million.  Both whistleblowers challenged the SEC's preliminary determination of award, and the SEC's final order concludes that the first whistleblower, who suffered hardships while attempting to remedy the situation, was the main source of information for the Commission and provided extensive and ongoing assistance during the investigation.  While the second whistleblower provided important additional information as a percipient witness, the Commission also noted that the second whistleblower delayed reporting for several years after becoming aware of the wrongdoing.  SEC

Partner Mary Inman joins Shaifali Joshi-Clark of the Ontario Securities Commission’s Whistleblower Office to discuss the OSC’s whistleblower reward program at Whistleblowing Canada Research Society event “The Expansion of Whistleblower Reward Programs in the U.S., Canada and Globally.”

Posted  04/30/21
On March 17, 2021, Constantine Cannon whistleblower partner Mary Inman joined Shaifali Joshi-Clark, a senior forensic accountant in the Whistleblower Office of the Ontario Securities Commission (“OSC”), as a co-panellist for a webinar entitled “The Expansion of Whistleblower Reward Programs in the U.S., Canada and Globally,” organised by Whistleblowing Canada Research Society (“WCRS”) and moderated by...

April 23, 2021

The SEC has granted awards totaling more than $3 million to two whistleblowers whose information led to two separate enforcement actions.  The first whistleblower was awarded approximately $3.2 million for helping to conserve agency resources by identifying key issues to focus on and providing subject matter expertise.  The second whistleblower was awarded more than $100,000 for significant information and ongoing assistance that helped stop an ongoing fraud.  SEC

Jane Norberg Steps Down After Landmark Run As SEC Whistleblower Chief

Posted  04/16/21
Securities and Exchange Commission Decisions and Reports Book Volumes
Jane Norberg, Chief of the SEC's Office of the Whistleblower, will step down this month after five groundbreaking years.  Norberg played a pivotal role in shaping the SEC Whistleblower Program into a model for how empowering whistleblowers can revolutionize government enforcement.  Her tenure brought record payouts to whistleblowers, a streamlined award process, and a firm stand against any attacks on the public’s...
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