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Company Insider Awarded over $18 Million for Reporting Harm Retail Investors

Mary Jane WilmothbyMary Jane Wilmoth
April 29, 2020
in News, SEC
Reading Time: 1min read
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Company Insider Awarded over $18 Million for Reporting Harm Retail Investors
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The U.S. Securities and Exchange Commission (SEC) announced a whistleblower award of over $18 million. The whistleblower’s information led the SEC to a significant enforcement action that returned millions of dollars in losses to retail investors. The whistleblower, a company insider, reported concerns several times internally, according to the SEC order.

“Because of this whistleblower’s actions, harmed investors were able to recover millions of dollars in losses,” said Jane Norberg, Chief of the SEC’s Office of the Whistleblower. “This whistleblower stepped forward and helped the agency better protect Main Street investors.”

Since 2012, the SEC Whistleblower Program has awarded over $448 million to 81 individuals. Securities and commodities fraud is regulated by the Dodd-Frank Act, which requires payment to whistleblowers of between 10 percent and 30 percent of monetary sanctions collected if the penalties exceed $1 million. Dodd-Frank is one of several federal, state, and local laws that encourage whistleblowing by offering protections and rewards.

Additional Information:

How to qualify for rewards as an SEC Whistleblower (FAQs)

How does an anonymous whistleblower file a reward claim with the SEC whistleblower program? (FAQs)

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Tags: Dodd-Frank ActSEC WhistleblowerSEC Whistleblower rewards
Mary Jane Wilmoth

Mary Jane Wilmoth

Mary Jane Wilmoth is the publisher of Whistleblower Network News, where she heads the editorial staff. She writes about breaking whistleblower news, and False Claims Act whistleblowers, SEC whistleblowers, IRS whistleblowers, FCPA whistleblowers, and CFTC whistleblowers. Mary Jane is the managing partner at the whistleblower law firm Kohn, Kohn & Colapinto, and a frequent contributor to The Whistleblower and Qui Tam Blog. She is a licensed attorney in the District of Columbia and a graduate of the University of New Hampshire School of Law (formerly Franklin Pierce Law Center).

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