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SEC Awards $50 Million to Two Whistleblowers

On March 26, 2019, the SEC’s Office of the Whistleblower announced two multi-million dollar awards to whistleblowers who provided the SEC with information that assisted the agency in bringing a successful enforcement action.  The larger of the two awards, $37 million, is the SEC’s third-highest award to date, after a $50 million award in March 2018 and a $39 million award in September 2018.

Jane Norberg, Chief of the SEC’s Office of the Whistleblower, said in a press release that “[w]histleblowers like those being awarded today may be the source of ‘smoking gun’ evidence and indispensable assistance that strengthens the agency’s ability to protect investors and the capital markets.”  She added, “[t]hese awards show how critically important whistleblowers can be to the agency’s investigation and ability to bring a case to successful and efficient resolution.”

Since the inception of the whistleblower program in 2011, the SEC has received over 22,000 whistleblower tips and awarded approximately $376 million to 61 individuals.

© 2022 Proskauer Rose LLP. National Law Review, Volume IX, Number 91
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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
Pinny Goldberg Labor and Employment Lawyer Proskauer Rose Law Firm
Associate

Pinny Goldberg is an associate in the Labor & Employment Law Department. Pinny represents employers in a broad array of matters before federal and state courts, FINRA and other arbitration panels, and administrative agencies, including the EEOC and its state equivalents, and in pre-litigation negotiations. Matters he works on include discrimination and harassment, wage and hour, wrongful discharge, whistleblowing and retaliation, covenants not to compete, breaches of fiduciary duty, unjust enrichment, and tort and contract claims. 

In...

212.969.3074
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