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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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SEC Names New Whistleblower Chief

Posted  11/12/21
Securities Exchange Commission Logo on Building
On November 5, 2021, the SEC announced that Nicole Creola Kelly would take over as Chief of the SEC’s Office of the Whistleblower.  The Office of the Whistleblower oversees the agency’s hugely successful Whistleblower Program, which has awarded about $1.1 billion to 226 individuals over the last decade.  Over the same period, those whistleblowers have helped the SEC obtain roughly $5 billion in financial...

October 29, 2021

Following amendments on types of actions that may be considered “related” under whistleblower rules, the SEC has awarded more than $2 million to an individual who was previously awarded for contributing to a successful enforcement action.  According to the agency, the whistleblower’s information sparked investigations by both the SEC and DOJ.  SEC

Akazoo Settlement with SEC Offers Lessons on Risks and Enforcement in SPAC Transactions

Posted  10/28/21
The Securities and Exchange Commission this week secured court approval of a $38.8 million settlement with music streaming business Akazoo S.A. – or, as the SEC pointedly describes the company, “a purported music streaming business,” because the company that publicly claimed to have millions of paying customers, in fact, had none.  The settlement marks the second public announcement of an SEC recovery in an...

October 15, 2021

The SEC has granted awards totaling approximately $40 million to two whistleblowers whose contributions helped result in a successful enforcement action.  Approximately $32 million went to a whistleblower whose tip about difficult-to-detect violations launched the investigation, and who then helped agency staff understand complex fact patterns and identify witnesses.  The remaining $8 million went to a whistleblower who reported new information but who waited years before reporting wrongdoing to the agency.  SEC

Whistleblower Reveals Facebook’s Lies: Will the SEC or Congress Act to Curtail Threats to Democracy and Teens from Social Media?

Posted  10/1/21
Modern mobile devices
For anyone who cares about the future of liberal democracy, improving the mental health and well-being of children, ending the COVID-19 pandemic, or stopping drug cartels and human trafficking, the recent series in The Wall Street Journal titled “The Facebook Files” is a must-read.  Based on a trove of internal documents shared by a Facebook whistleblower, as well as interviews with numerous current and former...

A Billion in the Bank and Still No End In Sight For SEC’s Warm Embrace of Whistleblowers

Posted  10/1/21
Securities and Exchange Commission building with logo zoomed in
It has been only two weeks since the SEC passed the billion dollar mark in whistleblower awards under the agency's Whistleblower Program.  By all accounts, there will be no end to the cavalcade of awards that brought us to this landmark event. Starting with the whistleblower payout that brought the total awards tally past the 10-figure threshold.  It was a blockbuster $110 million award, the second largest to...

September 24, 2021

An anonymous whistleblower received an award of $36 million from the SEC.  The SEC found that the individual provided information that significantly contributed to a previously-opened SEC investigation and recoveries by the SEC and another agency.  The SEC found that the individual had unreasonably delayed in reporting the conduct, and had participated in the underlying scheme, although they did not direct, plan, or initiate it.  Two other claimants were denied any recoveries on the grounds that the information they provided did not significantly contribute to the recoveries in the covered action or related action.  SEC

SEC Awards $114 Million to Two Whistleblowers, Including an Apparent Outsider, Passing the $1 Billion Mark with a Bang

Posted  09/16/21
Boom comics
The SEC announced $114 million in whistleblower awards to two unnamed individuals whose information substantially contributed to an SEC enforcement action and two related actions by other enforcement agencies.  With this award, the SEC can say it has issued more than $1 billion in awards to whistleblowers – truly, a milestone worth celebrating. As is typical with SEC press releases about whistleblower awards,...
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