Today, the Securities and Exchange Commission (SEC) announced two whistleblower awards issued to individuals who assisted the Commission with investigations into ongoing frauds.
The first whistleblower alerted the SEC to misconduct occurring overseas and provided assistance throughout the investigation, including traveling to another country to meet with Commission staff in person. For their efforts and the hardships they faced for blowing the whistle, this SEC whistleblower was issued $3.6 million.
The second whistleblower also met with Commission staff in person and provided information of fraud that helped the SEC continue their investigation. This SEC whistleblower was issued a $750,000 award.
“The record year for the SEC Whistleblower Program proves that whistleblowing works,” said whistleblower attorney Stephen M. Kohn, partner at Kohn, Kohn & Colapinto. “Providing whistleblowers with anonymity and confidentiality will result in more whistleblowers stepping forward, armed with insider information of fraud, and without fear of retaliation or reprisal.”
The SEC has issued approximately $719 million to 112 individuals since the Whistleblower Program was established under the Dodd Frank Act of 2010.
“Whistleblowers play an important role in helping to identify misconduct, and the assistance they provide can be integral to an investigation,” said Jane Norberg, Chief of the SEC’s Office of the Whistleblower. “Both whistleblowers who received awards today reflect these important contributions whistleblowers can make to the success of enforcement actions.”
If you have information of securities frauds, speak to an experienced SEC Whistleblower lawyer today.