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SEC Whistleblower Program Releases its Annual Report for 2019

The U.S. Securities and Exchange Commission (SEC) recently released its 2019 Annual Report to Congress overviewing its highly successful whistleblower award program. According to the report, the program continues to protect investors and promote a strong market integrity while richly rewarding people who come forward with unique, actionable information in a timely manner.

Since the program was established, the SEC has recovered more than $2 billion in sanctions from wrongdoers.

Here are some of the highlights featured in this year’s report:

  • In Fiscal Year 2019, the SEC received more than 5,200 tips. This marks the second-largest number of tips it’s received in a single fiscal year so far, and 74 percent more than what it received in its first year of existence.
  • Over the year, the SEC paid whistleblower awards adding up to about $60 million.
  • Approximately 85 percent of award recipients from this year first raised concerns internally before proceeding to report through the SEC.
  • Seven award recipients received payments based on collections made in “related criminal or other qualifying related actions.”
  • About 68 percent of the whistleblowers who were awarded provided original information that resulted in the SEC opening the investigation, and the remainder received awards because original information “significantly contributed” to an investigation that was already ongoing.
  • About 69 percent of whistleblowers were current or former employees of the entity subject to the claim.
  • In total, more than 33,000 whistleblowers have filed tips with the SEC, and so far 70 have received an award.

For more information about how to submit a whistleblower claim through the SEC’s whistleblower program, we encourage you to contact an experienced whistleblower attorney at Kardell Law Group.

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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

  • "Incredible knowledge of employee related concerns and equally brilliant knowledge of health care regulations, standards of practice. I would recommend this firm to anyone."  -V.B.

  • "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

  • "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.

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