SEC Whistleblower program

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
Continue Reading SEC Whistleblower Office Pays Largest Reward in Program History

The Securities and Exchange Commission (SEC) awarded $27 million—the largest award so far this year—to a whistleblower who reported overseas fraud.

According to an SEC press release, the whistleblower
Continue Reading SEC Gives Whistleblower $27 Million in Year’s Largest Award to Date

Last week, the Securities and Exchange Commission (SEC) announced a whistleblower award of approximately $2 million given to an individual who provided “extraordinary” assistance to an investigation. The whistleblower did
Continue Reading SEC Pays Whistleblower $2 Million for “Extraordinary” Assistance

Stanley Sporkin, who successfully lobbied Congress to pass the Foreign Corrupt Practices Act in 1977, died on Monday at the age of 88.

As the Chief Enforcement Officer of the
Continue Reading In Memoriam: Judge Stanley Sporkin, the Grandfather of the Foreign Corrupt Practices Act

The Securities and Exchange Commission (SEC) canceled a meeting in October to consider controversial changes to its whistleblower program. Clearly, the agency is reconsidering, but Stephen M. Kohn, chair of the National Whistleblower Center, predicts we won’t see any details until 2020.
Continue Reading Don’t expect changes to SEC whistleblower program until 2020

On Monday, the U.S. Securities and Exchange Commission announced the cancelation of Wednesday’s meeting on proposed changes to its whistleblower program. The meeting is expected to be rescheduled in November.

Stephen M. Kohn, chair of the National Whistleblower Center board, issued a statement: ” We welcome the postponement of the October 23rd meeting. It is vitally important that the SEC understands all of the issues and gets this rulemaking right.”

In a related development, Sen. Charles Grassley on Tuesday spoke on the Senate floor about a bill he introduced in September  that would addresses problems with the SEC proposals. Also on Tuesday, staff from the NWC delivered a petition with more than 100,000 signatures calle on the agency to reconsider the proposed changes” to the SEC whistleblower program.

In the meantime, the topic is starting to get some attention.

From Quartz:

Wall Street’s top watchdog loves to tout the success and importance of its whistleblower program.

“These awards show how critically important whistleblowers can be to the agency’s investigation and ability to bring a case to successful and efficient resolution,” said Jane Norberg, who heads the Securities and Exchange Commission’s (SEC) program, when announcing a $50 million reward for two whistleblowers in March.
Continue Reading SEC meeting on changes to whistleblower program cancelled

SEC-Building-DCThe Securities and Exchange Commission’s (SEC) recently published its annual report on the SEC Whistleblower program. According to the report, in 2018 the SEC paid the largest amount of whistleblower awards in the program’s history, with payouts totaling $168 million. This year the SEC whistleblower program also gave its largest whistleblower award to date, $84 million. Many of those receiving the reward were company outsiders and non-U.S. residents.
Continue Reading SEC Whistleblower Program Pays Whistleblowers a Record $168 Million in 2018