Tag Archives: SEC whistleblower program
SEC Issues $3 Million Joint Award to Pair of Whistleblowers
The U.S. Securities and Exchange Commission (SEC) recently announced an award of $3 million to be split between a pair of whistleblowers who provided the federal agency with information that prompted an investigation and successful enforcement action. The tip had to do with securities law violations that impacted retail investors. Because the whistleblowers submitted the […]
What You Need to Know About Filing an SEC Whistleblower Claim
The U.S. Securities and Exchange Commission’s (SEC) whistleblower program gives would-be tipsters an opportunity to earn a significant amount of money for reporting unique and actionable information on fraud and other wrongdoing in their companies or government agencies. Most recently the organization paid out $50 million to a pair of financial whistleblowers, but there have […]
Proposed SEC Rule Could Damage Whistleblower Program
The Securities and Exchange Commission (SEC) whistleblower program has been an undeniable success since its launch, leading to millions of dollars’ worth of awards to several dozen whistleblowers in that time. Now, the agency has proposed several amendments to the program that have drawn some controversy, as they could implement limits on the size of […]
SEC Awards Whistleblower with $2.2 Million in First ‘Safe Harbor’ Ruling
The U.S. Securities and Exchange Commission (SEC) has announced a new whistleblower award of more than $2.2 million, the first award from the agency to be paid out under the “safe harbor” rule. In the case, a former insider of a company took action in compliance with Exchange Act Rule 21F-4(b)(7). It indicates that if […]
Successes Highlighted in SEC Whistleblower Program’s Annual Report
The SEC Office of the Whistleblower recently released its annual report for 2017. The big headline coming from the report is that whistleblower tips have helped the SEC recover nearly $1 billion in monetary sanctions from wrongdoers at agencies and businesses across the nation, including more than $671 million in the disgorgement of illegally received […]
Recent Whistleblower Case Shows Potential for Reduction in Monetary Awards
On February 28, the U.S. Securities and Exchange Commission (SEC) awarded a whistleblower 20 percent of the sanctions paid in association with an enforcement action brought forth as a result of unique information provided by that whistleblower. In this case, the SEC clarified that the whistleblower’s own culpability in some of the securities violations at […]
SEC Whistleblower Awarded Nearly $4 Million
The U.S. Securities and Exchange Commission (SEC) announced a new whistleblower award in April. This time, the payout was worth nearly $4 million for a whistleblower who provided a valuable tip to the agency, and then assisted with the follow-up investigation. According to the SEC, the whistleblower provided the agency with “detailed and specific information […]
What You Should Know About the SEC’s Whistleblower Program
For the past five years, the U.S. Securities and Exchange Commission (SEC) has run a program that offers monetary awards to any individuals who can provide useful information regarding a company’s wrongdoing. If these tips lead to SEC enforcement actions, the whistleblower could earn up to 30 percent of the total sanctions the agency levies […]
Was Richard Bowen’s Whistle Stuffed?
Five years have passed since Lehman Brothers’ bankruptcy. Richard M. Bowen III, a former Citigroup executive who blew the whistle on their bad business practices, provided 1000 pages of documents to the Securities and Exchange Commission (SEC) and 28 pages of testimony to the Financial Crisis Inquiry Commission (FCIC). Nevertheless, Bowen’s voice has not been […]
SEC Whistleblower Program Gets Blowing
The Securities and Exchange Commission (SEC) announced August 20, 2013 that it awarded more than $25,000 in total to three whistleblowers. The SEC reports that this payment was the first installment in a series that is projected to total $125,000 for each whistleblower. Enforcement action The awards are from the SEC’s enforcement action against CEO […]
