July 11, 2020

Volume X, Number 193

July 10, 2020

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July 09, 2020

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SEC Awards Whistleblower $18 Million Whose Reporting Resulted in Millions Returned to Retail Investors

Today, the Securities and Exchange Commission (SEC) announced a whistleblower award of over $18 million given to an individual whose information lead to an important enforcement action. Millions of dollars were returned to retail investors as a result of the whistleblower’s reporting.

According to the SEC order, the whistleblower suffered hardships after reporting several times internally.

“Because of this whistleblower’s actions, harmed investors were able to recover millions of dollars in losses,” said Jane Norberg, Chief of the SEC’s Office of the Whistleblower. “This whistleblower stepped forward and helped the agency better protect Main Street investors.”

Since 2012, the SEC Whistleblower Program has awarded over $448 million to 81 individuals. Under the Dodd-Frank Act, SEC whistleblowers can file anonymous and confidential reward claims. Whistleblower awards range between 10 and 30 of the money collected if the enforcement action results in sanctions of $1 million or more.

Co-Authored by Ben Kostyack

Copyright Kohn, Kohn & Colapinto, LLP 2020. All Rights Reserved.National Law Review, Volume X, Number 119

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About this Author

Mary Jane Wilmoth KKC  managing partner  whistleblower protection, environmental and nuclear industry whistleblowers, Qui Tam/False Claims whistleblowers.
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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