Search Site
Menu
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.

Honors
Our Office
  • Dallas Office
    4514 Cole Ave
    #600
    Dallas, Texas 75205
    Phone: 214-306-8045
    Fax: 469-729-9926
Testimonials
  • "Steve Kardell was terrific in representing me in some very adversarial discussions with Citigroup and also later represented me in my testimony before the Financial Crisis Inquiry Commission."  -Richard Bowen, Citigroup Whistleblower

  • "Never thought my career would end like it did after 30 years of service. I was part of the first round of the so called reduction of force. I asked myself how can I be part of this with 30 years of seniority. How did they pick these 90 plus employees? Now, the culture of this organization made you question every decision they made. It wasn’t what you knew it’s was a culture of who you know. Nonetheless, I did not accept their severance package. I immediately starting looking for an attorney who would take on my case. After the initial call to Steve I had hope again. He was open and honest about everything and reassured me he would do his best for me, and he did. I had an awesome outcome. Thanks Steve you’re the best."  -S.S.

  • "Reaching out to Steve Kardell was the best decision I made. His ability to provide immediate insight and direction was very powerful, and a huge relief during a very stressful time period. For anyone struggling with a whistleblower situation, I would highly recommend at least speaking with Steve. After a 10 minute call with him, I had a better understanding of what I was dealing with. Even better, he gave me some immediate hope. In the end Steve did a better job than I thought was possible. Steve was able to get in contact with people in my organization, that I didn’t have access to. Because of his years of experience, he already has contacts in many organizations in Dallas. The entire situation was handled peacefully. I was impressed by his ability to “keep the peace”–rather than creating a battle with the organization. The reason I didn’t reach out to a lawyer initially, was because I thought it would mean an immediate end to any hope of a positive relationship with the company. Steve was able to address my concerns, and in the end I was able to continue to work for them."  -KS

FOLLOW US
Facebook Twitter Linkedin RSS Feed JD Supra