July 13, 2020

Volume X, Number 195

July 10, 2020

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SEC Whistleblower Receives $7 Million Reward for Assisting in Investigation

Today, the Securities and Exchange Commission (SEC) announced a whistleblower award of $7 million given to an individual whose information and assistance was critical to an investigation.

According to the SEC order, the “Claimant provided Enforcement staff with extensive and ongoing assistance during the course of the investigation, including identifying witnesses and helping staff understand complex fact patterns and issues related to the matters under investigation.”

“The whistleblower showed great tenacity and effort in attempting to expose the misconduct that was the basis for the SEC’s action,” said Jane Norberg, Chief of the SEC’s Office of the Whistleblower.  “The whistleblower’s information and assistance helped the SEC staff devise an investigative plan, craft document requests, and ultimately bring an important enforcement action focusing on serious financial abuses.”

The SEC Whistleblower Program requires that the Commission pay whistleblowers, including anonymous whistleblowers, whose original information results in a sanction of $1 million or more a monetary reward.

“The SEC Whistleblower reward program is a proven success,” said Kohn, Kohn & Colapinto whistleblower attorney Stephen M. Kohn. “The confidentiality requirements encourage insiders to work closely with SEC investigators to help with discovery, devise investigative plans, and ensure those who defraud investors are brought to justice.”

Ben Kostyack also contributed to this article.

Copyright Kohn, Kohn & Colapinto, LLP 2020. All Rights Reserved.National Law Review, Volume X, Number 59


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...