June 17, 2019

June 14, 2019

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SEC Issues $5.5 Million Whistleblower Award

On January 6, 2017, the SEC announced the first whistleblower award this year.  The award of approximately $5.5 million, comes almost exactly a month after the SEC issued two awards totaling over $4.4 million.

Besides indicating that the whistleblower in this case reported information directly to the SEC, the SEC’s order announcing the award reveals few insights into either the case or the information that the whistleblower provided.  In the SEC’s press release, Jane Norberg, Chief of the SEC’s Office of the Whistleblower, praised the whistleblower for “boldly stepping forward while still employed at the company.”

After handing out more than $57 million in awards in its 2016 fiscal year, the SEC whistleblower program has now awarded approximately $142 million to 38 whistleblowers.  As the SEC rings in 2017 with this large award, the SEC is clearly continuing to incentivize whistleblowers to report original information regarding alleged violations of securities laws.

© 2019 Proskauer Rose LLP.

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About this Author

Harris M Mufson, Class/Collective Action Attorney, Proskauer
Senior Counsel

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,...

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Law Clerk

Yonatan Grossman-Boder is an associate in the Labor & Employment Law Department. He assists clients in a wide range of labor and employment law matters, including litigations, arbitrations, employment discirmination, labor-management relations and internal investigations.  

At Duke University School of Law, Yoni served as the publication and lead articles editor of Law and Contemporary Problems and was a legal intern at the New York Human Resources Administration Employment Law Unit. As a legal intern, he worked on a variety of employment matters, including employment discrimination investigations and litigation.  

While a summer associate at Proskauer, Yoni co-authored an article on retiree health care benefits under ERISA titled "Understanding M&G Polymers v. Tackett," published as a Web exclusive by Benefits Magazine in April 2015.

Education

  • Duke University School of Law, J.D., 2015

  • Columbia University, B.A., 2011

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