By Steve Kardell | Published April 18, 2023 | Posted in Fraud, Whistleblower Litigation | Tagged Tags: Dodd-Frank Act, SEC, SEC award |
Whistleblower Receives Over $37 Million from SEC
The Securities and Exchange Commission awarded over $37 million to a whistleblower who came forward with information leading to a successful SEC enforcement action, and a related action. The SEC’s Office of the Whistleblower When whistleblowers come forward to the SEC’s Office of the Whistleblower, they report alleged misconduct to the SEC and other appropriate Read More
Read MoreCongress Expands Whistleblower Eligibility to Include Auditors and Compliance Professionals
Congress recently included the Anti-Money Laundering Whistleblower Improvement Act as part of the omnibus budget, which President Biden has signed into law. This new Act includes measures to expand enforcement actions against money launderers in the U.S. financial system. The Act is designed to incentivize whistleblowers to speak out when they witness wrongdoing. Who is Read More
Read MoreWhistleblower Nets $20 Million from the SEC
The Securities and Exchange Commission (SEC) has a Whistleblower Program, which encourages insiders to provide tips regarding wrongdoing. Qualified whistleblowers may receive anywhere from ten to 30 percent of the sanctions collected from successful enforcement actions as a result of their disclosure. The rest is returned to harmed investors or the U.S. Treasury. Last November, Read More
Read MoreFindings From the 2022 SEC Whistleblower Program Report
The Securities and Exchange Commission (SEC) just released their Whistleblower Program report for the 2022 fiscal year. The Whistleblower Program incentivizes whistleblowers to report wrongdoing. The findings reveal that the program has been more successful than ever. Here’s an overview of the 2022 findings. Over $6.3 billion in sanctions and $1.3 billion in awards The Read More
Read MoreSelf-Reporting Companies Can Lower Fines by Incentivizing Whistleblowers
The Securities and Exchange Commission (SEC) runs a whistleblower rewards program, which has encouraged over 50,000 tips in the last decade. This has resulted in collecting nearly $5 billion in fines and penalties from public companies. However, companies can reduce their fines by incentivizing whistleblowers to report violations internally. Instead of waiting for the SEC Read More
Read MoreSEC Fixes Flawed Provision in Whistleblower Rule
Investment and public interest groups applaud recent changes in Securities and Exchange Commission (SEC) rules. After previous efforts to weaken these rules, the SEC restored the regulations to better award whistleblowers and protect investors. An effective approach The whistleblower rule dates back to 2011. They awarded over $1 billion to whistleblowers who revealed insider trading Read More
Read MoreSEC Considering Return to 30 Percent Awards for Corporate Whistleblowers
The U.S. Securities and Exchange Commission (SEC) recently proposed some changes to its whistleblower program that could potentially affect compensation received by whistleblowers through the program. Under the current rules, whistleblowers can perceive anywhere from 10 to 30 percent of penalties the SEC collects when the penalties in the case exceed $1 million. However, the Read More
Read MoreNew Bill Would Create Shorter Wait Time for SEC Whistleblower Awards
The Whistleblower Program of the Securities and Exchange Commission (SEC) has been a significant success since its implementation in the Dodd-Frank Wall Street Reform Act, but there have been some weak points. Chief among those is that it can take a significant amount of time before the SEC concludes its investigation and when the whistleblower Read More
Read MoreSEC Awards Approximately $6 Million to Five Whistleblowers
On April 25, the U.S. Securities and Exchange Commission issued whistleblower awards to two groups of recipients comprising five total whistleblowers. According to the SEC, both of these group sof whistleblowers significantly assisted in cases by providing information and ongoing assistance that ultimately led to the success of the same enforcement action taken. The first Read More
Read MoreSEC Issues Whistleblower Awards Totaling $3 Million
The U.S. Securities and Exchange Commission (SEC) recently issued three separate whistleblower awards totaling approximately $3 million. According to the commission, each of these awards featured whistleblowers who voluntarily provided the agency with information that led to a successful enforcement action. The first case resulted in a $1.5 million award to a whistleblower who provided Read More
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