2016 Was by Far the SEC Whistleblower Program’s Biggest Year
There were numerous milestones in 2016 for the SEC Whistleblower Program, in many regards. It marked five years since the program was created under the Dodd-Frank Wall Street Reform Act, saw the second-largest bounty in the history of the office and reached milestone numbers of total awards.
The following is a brief overview of some of the most noteworthy numbers in 2016 under the SEC Whistleblower Program:
- $500 Million: In August, the SEC crossed the $500 million threshold in total amounts of sanctions issued to wrongdoers under the program. Whistleblowers have been invaluable sources for the SEC to help curb the incidence of fraud and other forms of corporate wrongdoing.
- $136 Million: As of the end of 2016, the SEC had handed out more than $136 million to whistleblowers who provided unique, useful information to the agency that led to successful enforcement actions. That amount was spread out across 37 total whistleblowers.
- $22.5 Million: A $22.5 million bounty given to a former executive for Monsanto was the second-largest total award ever handed out under the SEC’s whistleblower program. The exec provided the agency with information about improper accounting practices that inflated the company’s reported sales of a key product, Roundup.
- Seven: The SEC made seven enforcement actions in 2016 regarding whistleblower retaliation or wrongful termination. Two of those actions happened within two days in December. Whistleblower protections are stronger than they have ever been.
- Five: The program has now been running for five years, and has changed the way the SEC can track and punish various forms of fraud and corporate wrongdoing.
Agency representatives continually praise whistleblowers for coming forward with information to help the government crack down on fraud nationwide. If you have any information that could assist the SEC, contact an experienced Dallas whistleblower attorney at Whistleblower Law for Managers.