March 8, 2021

Volume XI, Number 67

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March 05, 2021

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SEC Whistleblower Program Tops $400 Million in Awards

Today, the Securities and Exchange Commission announced a whistleblower award of $27 million given to an individual who reported misconduct overseas.  The SEC whistleblower also provided critical investigative leads that advanced the investigation and saved significant Commission resources.

The SEC reviewed the Preliminary Determination of the Claims Review Staff, which recommended the amount of the whistleblower award, and decided to give the whistleblower a larger award. The SEC pointed to the fact that the claimant had not only provided a “substantial amount of ongoing assistance and cooperation” but had “repeatedly and strenuously raised Claimant’s concerns internally.”

“This award marks several milestones for the program,” said Jane Norberg, Chief of the SEC’s Office of the Whistleblower.  “This is the largest whistleblower award announced by the Commission this year, and the sixth largest award overall since the inception of the program.  This award also brings the total amount awarded to whistleblowers by the SEC over the $400 million mark.”

The U.S. Securities and Exchange Commission’s (“SEC”) whistleblower reward program has now paid out over $400 million to whistleblowers since its inception as part of the Dodd-Frank Act in 2012. This latest award brought the total up to $425 million.

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Copyright Kohn, Kohn & Colapinto, LLP 2020. All Rights Reserved.National Law Review, Volume X, Number 107
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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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