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SEC’s Annual Report Confirms $50 Million Paid to Whistleblowers

Mary Jane WilmothbyMary Jane Wilmoth
November 16, 2017
in Corporate, News
Reading Time: 2 mins read
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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SEC anticipates paying an additional $221 million to whistleblowers in FY2018.

Washington, DC, November 16, 2017. The Securities and Exchange Commission’s Office of the Whistleblower issued its annual report today. The Commission confirmed that “whistleblowers have provided tremendous value to its enforcement efforts and significantly helped investors.” It also confirmed that whistleblower disclosures have “directly” contributed to “hundreds of millions of dollars returned to investors.”

In FY 2017, the Commission paid $50 million in rewards to twelve whistleblowers. Since 2012, the Commission has paid $160 in whistleblower rewards.

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Moreover, in its 2017 Financial Report the SEC “recognized a contingent liability” of $221 million for “liability for estimated whistleblower awards where the payment is considered probable.” This contingent liability is based on the Commissions practice of issue preliminary determinations setting forth specific reward amounts prior to finalizing a reward payment.

Stephen M. Kohn, the executive director of the National Whistleblower Center issued the following statement:

“The SEC manages the best whistleblower office in the U.S. They have taken strong position to fight retaliation, promoted compliance programs, and provided significant online recourses to help whistleblowers file claims that have resulted hundreds of millions of dollars in sanctions paid by fraudsters and numerous successful enforcement actions. Their 2017 report is a testament to the contributions whistleblowers make to the American people.”

“The Commission’s recognition that it has reached preliminary determination to award whistleblower over $200 mill over the next fiscal year confirms the growth and effectiveness of the program.”

“The Commission also manages a highly successful international program which has received complaints from one hundred-fourteen counties. In 2017, five hundred-fifty whistleblowers from seventy-two foreign counties provided info about misconduct by publicly traded companies worldwide. The SEC is currently operating he most successful transnational program in the world.”

Links:

  • SEC FY2017 Annual Report to Congress on SEC Whistleblower Program
  • SEC Agency Financial Report FY 2017
Tags: Securities and Exchange CommissionSecurities FraudWhistleblower AttorneyWhistleblower ProtectionWhistleblower Rewards
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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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