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Home Breaking News

SEC Whistleblower Office Pays Largest Reward in Program History

Ana PopovichbyAna Popovich
June 10, 2020
in Breaking News, News, SEC
Reading Time: 2min read
0
SEC Says Employees Protected For Internal Whistleblowing

U.S. Securities and Exchange Commission building in Washington, D.C. September 4, 2014. Photo by Diego M. Radzinschi/THE NATIONAL LAW JOURNAL.

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The SEC (Securities Exchange Commission) announced a historic whistleblower award on June 4,  2020. A whistleblower who “provided detailed, firsthand observations of misconduct by a company” will receive “nearly $50 million” for their disclosure. The whistleblower provided accounts of misconduct at a company, and their disclosures are described as “detailed” and “firsthand.”

This award is the largest sum of money that has ever awarded under the SEC whistleblower program. Jane Norberg, the Chief of the SEC Office of the Whistleblower, revealed in the announcement that the total sum awarded to whistleblowers by the SEC is now over $500 million. Norberg states that “Whistleblowers have proven to be a critical tool in the enforcement arsenal to combat fraud and protect investors.”

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Last week, the CFTC (Commodity Futures Trading Commission) announced that four whistleblowers would split a $2 million reward. After noticing suspicious activity, the four whistleblowers worked together to submit a “joint tip.” The CFTC notes that each of the four whistleblowers had provided information that “highlighted the economic impact of the suspicious activity they identified.” Additionally, the disclosure made by the four individuals not only led to an investigation conducted by the CFTC but also prompted another investigation “brought by other regulators.”

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The swiftness with which these SEC whistleblower rewards announced just in these past few months is very encouraging: the sheer number of whistleblowers rewarded for their bravery is evident. The CTFC whistleblower award ruling is similarly heartening. As the CTFC Director of Enforcement James McDonald said, “In many instances, whistleblowers are in the best position to identify suspicious conduct.”

Whistleblowers can file anonymous and confidential reward claims under the Dodd-Frank Act, the Securities Exchange Act, and the Commodity Exchange Act. If a whistleblower’s original information results in a sanction, the law requires that the whistleblower a monetary award of between 10% and 30% of all fines and penalties collected.

Read more:

SEC June 4 whistleblower award, totaling $50 million

CFTC May 4 whistleblower award, totaling $2 million

SEC April 3 whistleblower award, totaling $2 million

SEC March 30 whistleblower award, totaling $450,000

SEC March 24 whistleblower award, totaling over $570,000

Tags: SEC Whistleblower programSEC Whistleblower rewards
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Ana Popovich

Ana Popovich

Ana Popovich is a contributing editor with Whistleblower Network News, where she writes about breaking whistleblower news, healthcare fraud whistleblowers, and Covid-19 fraud whistleblowers. Ana has a B.A. in English from Georgetown University. While at Georgetown, she was the marketing chair of an affinity group and wrote content for the McDonough School of Business’ Business for Impact program. In 2018, Popovich was a public interest legal intern at the whistleblower law firm Kohn, Kohn and Colapinto. 

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The Wirecard Scandal and the Beauty of Anonymous Whistleblowing

The Wirecard Scandal and the Beauty of Anonymous Whistleblowing

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