By Steve Kardell | Published March 23, 2023 | Posted in New Legislation, Whistleblower Litigation | Tagged Tags: AMLWIA, Anti-Money Laundering Whistleblower Improvement Act, SEC, whistleblower awards |
Congress Expands Whistleblower Eligibility to Include Auditors and Compliance Professionals
Congress recently included the Anti-Money Laundering Whistleblower Improvement Act as part of the omnibus budget, which President Biden has signed into law. This new Act includes measures to expand enforcement actions against money launderers in the U.S. financial system. The Act is designed to incentivize whistleblowers to speak out when they witness wrongdoing. Who is Read More
Read MoreWhistleblower Nets $20 Million from the SEC
The Securities and Exchange Commission (SEC) has a Whistleblower Program, which encourages insiders to provide tips regarding wrongdoing. Qualified whistleblowers may receive anywhere from ten to 30 percent of the sanctions collected from successful enforcement actions as a result of their disclosure. The rest is returned to harmed investors or the U.S. Treasury. Last November, Read More
Read MoreWhistleblower and Fraud Facts: Are There Windfalls?
Despite claims by offending companies, whistleblowers aren’t getting rich by reporting their employers. If anything, they suffer steep consequences and often wait years before receiving compensation. Here are the facts about whistleblowers and these cases. No consideration for inflation There is little growth in the average whistleblower payment. According to available data, from 1987 through Read More
Read MoreSEC Considering Return to 30 Percent Awards for Corporate Whistleblowers
The U.S. Securities and Exchange Commission (SEC) recently proposed some changes to its whistleblower program that could potentially affect compensation received by whistleblowers through the program. Under the current rules, whistleblowers can perceive anywhere from 10 to 30 percent of penalties the SEC collects when the penalties in the case exceed $1 million. However, the Read More
Read MoreOne Possible Lasting Effect of #MeToo Movement: A Rise in Whistleblower Reports
Best Lawyers recently had a thoughtful article in its “All Rise” newsletter in which they tied a seeming increase in whistleblower reports (specifically SEC whistleblower reports) to the #MeToo movement that came to the forefront several years ago. Since 2012, when the SEC handed out its first whistleblower award, the agency has handed out more Read More
Read MoreFCA Whistleblowers Received Lowest Total Awards in More than a Decade
The federal whistleblower programs at the Securities and Exchange Commission (SEC) and Commodities and Futures Trading Commission (CFTC) have been the subject of quite a bit of praise for their effectiveness, and it’s easy to see why; the agencies’ programs have taken off in a big way over the last several years, and both achieved Read More
Read MoreThe Incentives of Becoming a Whistleblower
If you become aware of wrongdoing within your company or organization it can be an understandably difficult or uncomfortable decision to blow the whistle. But if you do decide to become a whistleblower, it may well become very worth your while. In addition to the legal protections whistleblowers have available to them under federal law, Read More
Read MoreSEC Considers Changes to Rules of its Whistleblower Program
On February 10, the U.S. Securities and Exchange Commission announced a pair of proposed changes to some of the rules that govern the agency’s successful whistleblower program. The proposed amendments are to Exchange Act Rules 21F-3 and 6. If the amendments were to be adopted, they would ensure whistleblowers are more appropriately rewarded for their Read More
Read MoreSEC Issues $600,000 Whistleblower Award
The U.S. Securities and Exchange Commission (SEC) issued a $600,000 whistleblower award on Tuesday, February 22 to an individual who voluntarily submitted unique, credible information to the agency that led to a successful high-value enforcement action. As is the case with all SEC awards, the agency did not release any information about the whistleblower or Read More
Read MoreCFTC Whistleblower Awards Continue at Brisk Pace
The whistleblower program of the Commodity Futures Trading Commission (CFTC) has recently handed out several awards, continuing a recent trend of awards coming from the commission at a fast pace. The CFTC most recently announced a $2 million award to a pair of whistleblowers whose information through multiple interviews and provided documents allowed a significant Read More
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