November 28, 2020

Volume X, Number 333

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SEC Awards Almost $30 Million to Two Insider Whistleblowers

On September 30, 2020, the SEC’s Office of the Whistleblower announced multi-million dollar awards to two whistleblowers who provided the SEC with information that assisted the agency in bringing a successful enforcement action.  (The order granting the awards can be accessed here.)  The larger of the two awards, $22 million, is one of the SEC’s highest awards to date and was awarded to an insider who was the first to alert the SEC of potential wrongdoing, persistently internally reported and elevated their concerns in an effort to remedy the conduct, and provided substantial, ongoing assistance to the SEC during the investigation.  The second award of $7 million was given to an insider who provided additional valuable information.

Jane Norberg, Chief of the SEC’s Office of the Whistleblower, said in a press release that “[t]he information and assistance provided by today’s whistleblowers helped the agency return tens of millions of dollars to harmed retail investors.”  She added, “[w]e hope that awards like the ones issued by the Commission today will continue to incentivize individuals to come forward and report high-quality tips to the SEC.”

Since the inception of the whistleblower program in 2011, the SEC has awarded approximately $557 million to 102 individuals.

© 2020 Proskauer Rose LLP. National Law Review, Volume X, Number 283
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TRENDING LEGAL ANALYSIS

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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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