January 24, 2021

Volume XI, Number 24

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SEC Annual Report Highlighted by Record Year for SEC Whistleblower Awards

Today, the Securities and Exchange Commission (SEC) Division of Enforcement published their annual report for fiscal year 2020, which was highlighted by a record year for SEC whistleblower awards.

In 2020, 39 SEC whistleblowers were issued $175 million in awards, including a record-setting whistleblower award of $114 million granted to an anonymous individual. This represents a 200% increase in number of individuals awarded in a single year over the next-highest year.

According to the annual report, the awards issued in 2020 accounted for roughly 37% of the total number of individuals awarded over the entire life of the whistleblower program.

The SEC Whistleblower Program was established as part of the Dodd Frank Act of 2010. The program fully protects the identity of whistleblowers who file reward claims, and offers awards between 10 and 30 percent of the sanctions collected from enforcement actions if the monies exceed $1 million.

“The report also illustrates our strong commitment to the Commission’s whistleblower program,” SEC Chairman Jay Clayton stated, “as we devoted additional resources, achieved significant milestones in the total amount awarded and number of individuals awarded, implemented process improvements and adopted Commission rules designed to improve transparency, clarity and efficiency for whistleblowers.

Ben Kostyack also contributed to this article

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Copyright Kohn, Kohn & Colapinto, LLP 2020. All Rights Reserved.National Law Review, Volume X, Number 308
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About this Author

Mary Jane Wilmoth whistleblower protection Qui Tam/False Claims Attorney Kohn Kohn & Colapinto Law Firm
Managing Partner

Mary Jane Wilmoth is the firm’s managing partner, and works closely with the partners at KKC, specializing in environmental and nuclear whistleblower protection, Qui Tam/False Claims litigation, and labor and employment law. She joined the firm in 1992, and works on cases and hearings that involve complex nuclear and environmental regulations. In her efforts to assure such safeguards are upheld in the American workplace, she has helped to strengthen whistleblower rights in licensing and enforcement proceedings with the Nuclear Regulatory Commission. She has also defended whistleblowers at...

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