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SEC Announces First Whistleblower Award During Trump Era

On April 25, 2017, the Securities and Exchange Commission issued a Dodd-Frank whistleblower award of nearly $4 million, the first bounty award issued during the Trump administration. To maintain the whistleblower’s confidentiality, the SEC declined to disclose the organization involved. The agency did acknowledge, however, that the whistleblower submitted “detailed and specific information about serious misconduct and provided additional assistance during the ensuing investigation.”  In its release,  the SEC noted that enforcement actions like this one have resulted in more than $953 million in financial remedies against wrongdoers, and approximately $153 million in awards to whistleblowers. 

While many have questioned how vigorously the SEC will pursue whistleblower protection during the Trump presidency, this award suggests that the SEC’s bounty program is likely to remain active and largely unchanged.

© 2017 Proskauer Rose LLP.

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About this Author

Lloyd B Chinn, Financial, Whistleblower Attorney, Proskauer Law Firm
Partner

Lloyd B. Chinn is a Partner in the Labor & Employment Law Department and co-head of the Whistleblowing & Retaliation Group. He litigates employment disputes of all types before federal and state courts, arbitration tribunals (e.g., FINRA, JAMS and AAA), and before administrative agencies in New York and across the country. Lloyd's practice ranges from litigating compensation disputes to defending whistleblower, discrimination and sexual harassment claims. Although he represents employers in a wide range of industries, including law, insurance, health care, consulting, media,...

212-969-3341
Harris M Mufson, Class/Collective Action Attorney, Proskauer
Associate

Harris Mufson is a senior associate in the Labor & Employment Law Department and a member of the Employment Litigation & Arbitration and Whistleblowing & Retaliation Groups.

Adept at counseling clients at every turn of the litigation process, Harris represents employers in a variety of industries, including financial services, health care, entertainment, sports and legal, with respect to a wide range of labor and employment law matters. These include compensation disputes, employment discrimination and retaliation, whistleblowing, sexual harassment, wrongful discharge, defamation, breach of contract, non-competition agreements and wage-and-hour issues. He regularly appears in state and federal courts, as well as in proceedings before the American Arbitration Association, the Financial Industry Regulatory Authority, JAMS, the Equal Employment Opportunity Commission, and other federal and state agencies.

212.969.3794
Associate

McKenzie Wilson is an associate in the Labor & Employment Law Department. She assists clients in a wide variety of employment law matters, including discrimination and retaliation lawsuits at the state and federal levels.

Before joining Proskauer, McKenzie served as a judicial law clerk to Chief Justice Stuart Rabner of the New Jersey Supreme Court.

973-274-3250