Of course, if you become a whistleblower, it’s only natural to consider the impact this may have on you personally—how reporting may affect your career. You may be wondering if you would be subject to retaliation, or perhaps you’re thinking about the upside—the minimum award you could win. In September 2021, the Securities and Exchange Commission (SEC) announced that it had paid out more than $1 billion in rewards to whistleblowers since its new program began. In 2020, one whistleblower received a $114 million payout. But there are other factors to include in your decision to become a whistleblower. Ask yourself how your report might impact your industry, the markets, or even society as a whole? Continue reading
For would-be whistleblowers, one of the biggest questions is if they should make an internal report rather than go to the SEC. In fact, 83% of the SEC whistleblowers did raise the subject of their concerns internally, before they went to the SEC. So how do you decide? While there are a lot of factors that will go into your decision, two of the considerations you should address are your goal in making the report and your timing: Is your goal more about punishing the wrongdoers for something that’s already happened, or is it more about preventing the company from committing a violation? And when is an internal or external report the better choice? Continue reading
You may be an eligible whistleblower entitled to a reward if you voluntarily provide original information to the Securities and Exchange Commission (SEC) or other federal agency that leads to the SEC’s issuance of sanctions of one million dollars ($1,000,000) or more. But what do those “voluntarily” and “original” requirements mean in practice? Are they significant enough to worry about? Continue reading
If you’re deciding to become a whistleblower, there are a number of issues that you should consider. The first of these is to know that just because you provide information to the Securities and Exchange Commission (SEC) about a potential securities violation, that does not mean that you are automatically eligible to receive a whistleblower award. So let’s look at what it takes for you to be considered “an eligible whistleblower” (i.e., someone eligible for an award). Continue reading
On September 24, 2021, the Securities and Exchange Commission (SEC) announced that it awarded roughly $36 million to a whistleblower who provided information and assistance that “significantly contributed to the success of an SEC enforcement action as well as actions by another federal agency.”
The other agency was not named, and limited information was provided in order to protect the identity of the whistleblower. Continue reading
The SEC continues awarding monies to whistleblowers who assist staff with information that either leads to a successful enforcement action or makes things easier for investigative staff.
Two whistleblowers have been awarded a combined bounty of $11.5 million. The first whistleblower received an award of nearly $7 million, and the second received $4.5 million for information and assistance in the case. Continue reading
In one of the highest payouts since the inception of the SEC’s Whistleblower Program, an individual recently received a total bounty of an astounding $110M. It’s the second highest award paid to a whistleblower, following a $114M award paid just last October. The SEC awarded the individual $40 million, and the other agency paid $70 million for a related action. Continue reading
The SEC continues to award whistleblowers who provide pertinent information leading to successful enforcement actions.
$2.6 million was recently awarded for three different orders involving five individuals who assisted the SEC. Continue reading
Whistleblowers have made a busy summer for the SEC this year, and there is no sign of any slowdown. Two cases saw bounties of $6 million, as described in a recent press release.
In the first order, whistleblower received a bounty of over $3.5 million after reporting new and beneficial information to the SEC. This information helped SEC to expand an already-existing investigation into a new geographical area. Noted in the SEC order is that this whistleblower is also a foreign national, and traveled for in-person meetings with staff multiple times regarding this case. The individual continued to provide assistance and information that ultimately led to charges related to the enforcement action, and ultimately, an award. Continue reading