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SEC Whistleblower Reward Program

This archive displays posts tagged as relevant to the SEC Whistleblower Reward Program. You may also be interested in the following pages:

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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...

As SEC Whistleblower Chief Norberg Moves On, the Agency Reinforces Its Warm Embrace of Whistleblowers

Posted  04/16/21
silver whistle with Securities Exchange Commission logo
With the SEC's recent announcement that Jane Norberg will be stepping down this month as the head of the SEC Whistleblower Office, the agency is losing one of its greatest whistleblower champions.  As the agency so prominently reported, the Whistleblower Program under Norberg's tenure made roughly $650 million in whistleblower awards and reached a host of other milestones.  This included nine of the Top-10 awards in...

April 15, 2021

The SEC has awarded two whistleblowers a joint award of over $50 million for providing information, voluminous documents, and substantial assistance that led to the return of tens of millions of dollars to harmed investors.  According to the SEC, the fraud scheme at issue involved highly complex transactions that would have been difficult for the agency to detect.  SEC

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.  SEC
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