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SEC Whistleblower Awarded $125,000 for Prompting Investigation

Today, the Securities and Exchange Commission (SEC) awarded $125,000 to a whistleblower who alerted the SEC and another agency to a fraudulent scheme that preyed on vulnerable investors. The SEC whistleblower provided “highly significant” information to the Commission about the company’s scheme.

According to an SEC press release, the whistleblower’s reporting led the SEC and another agency to bring successful enforcement actions against the company involved.

The tip the SEC whistleblower provided led to the opening of the investigation by the SEC.

“Whistleblowers continue to be the key to identifying fraud worldwide,” said whistleblower attorney Stephen M. Kohn, partner at qui tam law firm Kohn, Kohn & Colapinto. “The half a million dollars earned by SEC whistleblowers since 2012 is a result of courageous reporting and the SEC Program’s dedication to protecting whistleblowers.”

The SEC Whistleblower Program protects the identity of whistleblowers and grants whistleblower awards to individuals whose disclosures bring on enforcement actions resulting in sanctions of $1 million or more.

“The whistleblower’s tip helped stop a fraudulent scheme that preyed on a vulnerable investor community,” said Jane Norberg, Chief of the SEC’s Office of the Whistleblower. “Whistleblowers like the individual receiving the award today provide a valuable public service, and we encourage others to come forward with information regarding possible securities laws violations.”

Ben Kostyack also contributed to this article.

Copyright Kohn, Kohn & Colapinto, LLP 2022. All Rights Reserved.National Law Review, Volume X, Number 175
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About this Author

Mary Jane Wilmoth Whistleblower Attorney Kohn Kohn & Colapinto Law Firm
Managing Partner

Mary Jane Wilmoth is the firm’s managing partner. She litigated cases involving whistleblower protection for environmental and nuclear industry whistleblowers, and Qui Tam/False Claims whistleblowers. Ms. Wilmoth joined the firm in 1992 and worked on cases and hearings that involved complex nuclear and environmental regulations. In her efforts to uphold such safeguards in the American workplace, she has helped to strengthen whistleblower rights in licensing and...

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