September 22, 2021

Volume XI, Number 265

Advertisement

September 21, 2021

Subscribe to Latest Legal News and Analysis

September 20, 2021

Subscribe to Latest Legal News and Analysis

SEC Whistleblower Earns $1.5 Million Award for Assisting in Fraud Investigation

Today, the Securities and Exchange Commission (SEC) announced a $1.5 million whistleblower award issued to an individual whose tips led the SEC to open an investigation into ongoing fraud.

According to the award order, the claimant initially reported their concerns internally. The claimant then provided SEC staff to significant information about fraud that caused the Commission to open an investigation.

The SEC whistleblower met with Commission staff multiple times and submitted several written statements detailing their tips and identifying potential witnesses.

Since the SEC Whistleblower Program was established as part of the Dodd Frank Act of 2010, the SEC has awarded over $759 million to 143 individuals. Whistleblowers who file reward claims with the SEC can remain completely anonymous and confidential throughout their proceedings.

SEC whistleblowers who submit original information of frauds to the Commission that result in successful enforcement actions leading to sanctions totaling $1 million or more can become eligible for whistleblower awards ranging between 10-30% of the monies collected.

“The whistleblower alerted the SEC to previously unknown conduct and thereafter provided multiple submissions, identified potential witnesses, and met with staff on several occasions,” said Jane Norberg, Chief of the SEC’s Office of the Whistleblower. “As the numerous recent awards make clear, whistleblowers like the one awarded today play an integral part in the success of the SEC’s enforcement program.”

Ben Kostyack also contributed to this article.

Copyright Kohn, Kohn & Colapinto, LLP 2021. All Rights Reserved.National Law Review, Volume XI, Number 68
Advertisement
Advertisement
Advertisement
Advertisement
Advertisement
Advertisement

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...

202-342-6980
Advertisement
Advertisement
Advertisement