SEC Confirms $50 Million Paid to Whistleblowers in 2017
The U.S. Securities and Exchange Commission (SEC) Office of the Whistleblower released its annual report in mid-November. It highlighted the value whistleblowers have provided to the agency and the country over the past year.
According to the commission, “whistleblowers have provided tremendous value to [the SEC’s] enforcement efforts and significantly helped investors.” The agency noted that the efforts of these whistleblowers in submitting their disclosures have directly contributed to the recovery of hundreds of millions of dollars.
In the 2017 fiscal year, the SEC paid about $50 million in rewards to 12 whistleblowers. Since the program started in 2012, the commission has paid out a total of $160 in whistleblower awards.
The SEC also mentioned in the report that it is determined to award more than $200 million to whistleblowers over the next year. This goal reflects how rapidly the program is growing and how effective it has become after its first five years of existence.
Whistleblowers receive federal protections
One of the reasons the SEC’s whistleblower program has been so successful years is that the U.S. government has been proactive in creating federal protections for people who blow the whistle when they discover wrongdoing within their businesses or organizations. Now that whistleblowers don’t have to fear as much about retaliation, they can be more willing to speak out.
In addition, whistleblowers could stand to receive large sums of money for their role in uncovering fraud and other wrongdoing.
For more information on how to file a whistleblower complaint or submit information to the SEC’s whistleblower program, consult a knowledgeable Dallas attorney at Whistleblower Law for Managers.