Return to site

SEC Whistleblower Office Sees Huge Increase in Rewards to Whistleblowers

The bad news is that in the four years since the Securities and Exchange Commission has had a whistleblower program, it has given out only $54 million dollars to 22 individuals.  That is far less than whistleblowers get under the U.S. False Claims Act.
But the good news is that over two-thirds of that - $37 million - was given out in 2015 alone.  The Office of the Whistleblower's latest annual report to Congress shows that securities whistleblowing is finally ratcheting up.
The Report shows that half of the Whistleblower's come from inside the companies, and 80 percent tried to resolve internally the fraud they saw before they turned to the SEC with their information.  The Dodd-Frank Wall Street Reform and Consumer Protection Act does not require Whistleblower's to be insiders, nor do they have to tell the company about it before they drop the dime.  If the SEC succeeds in going after the company, Whistleblower's can collect between 10 percent and 30 percent of the proceeds.  That can mean a lot of money for coming forward with information.
All Posts

Almost done…

We just sent you an email. Please click the link in the email to confirm your subscription!