The SEC’s whistleblower office has been in place since 2011, and in that time has handed out nine monetary awards to whistleblowers. It is about to hand out its largest award yet: a minimum $30 million reward to an unidentified whistleblower.
At this time, the details of the case have not been made available to the public. All that is currently known is that the SEC is on record as saying that the whistleblower in this particular case provided the agency with useful information about an ongoing fraud scheme that would have been extremely difficult for the agency to detect itself.
Had the whistleblower acted faster, the award could have been even bigger, meaning this must be an extremely significant case of fraud. Apparently, the tipster delayed reporting the presence of fraud after first discovering it. The report of the incident redacted the length of time that he or she had delayed.
This is just the latest case that shows the increasing incentives available to encourage whistleblowers to come forward and report evidence of wrongdoing within their agencies or companies. Awards have been reaching multiple millions of dollars when handed out by the SEC. These types of awards and high-profile cases also function as a deterrent to organizations across the country to comply with all of the rules and regulations in place to govern them.
If you are aware of fraud or any other type of crime occurring within your workplace, it is important that you act quickly and seek legal assistance as you report your findings to your superiors and to the appropriate authorities. A Dallas whistleblower attorney can work with you to help you through the whistleblowing process and protect you from any potential retaliation you may face. Contact Whistleblower Law for Managers today to schedule a consultation.