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Join the Securities Litigation and Enforcement Group on LinkedInSEC Awards Over $27 Million to Whistleblower
The Securities and Exchange Commission today announced an award of more than $27 million to a whistleblower who alerted the agency to misconduct occurring, in part, overseas. After providing the tip to the Commission, the whistleblower provided critical investigative leads that advanced the investigation and saved significant Commission resources. “This award marks several milestones for […]
SEC Backlog Delays Whistleblower Awards – WSJ
Of the 297 whistleblowers who have applied for awards since 2011, about 247—or roughly 83%—haven’t received a decision from the SEC, according to data obtained by The Wall Street Journal in response to a public-records request. Some of the award claims have been delayed more than two years. via SEC Backlog Delays Whistleblower Awards – […]
SEC Announces Half-Million Dollar Whistleblower Award to Corporate Officer | Compliance Week
The SEC announced today it issued a half-million dollar whistleblower award to a former corporate officer who reported information concerning misconduct to the SEC more than 120 days after other responsible compliance personnel at the company possessed the information and failed to adequately address the issue. The award was the first of its kind. via […]
SEC’s Secret $30 Million Whistleblower Case Won’t Improve Corporate Behavior — Forbes
This week, the U.S. Securities and Exchange Commission (SEC) captured headlines when it announced it is awarding a record $30 million to a whistleblower for reporting a major fraud. While I applaud the enforcement action, those of us in the risk and compliance profession are alarmed by how little we know about what must be […]
SEC Rejects Claim by Whistleblower Who Missed Deadline – Risk & Compliance – WSJ
The agency last Friday denied the unnamed individual an award because the person took more than 90 days to submit a request for a bounty. The person fought back against the denial but the SEC ultimately decided against waiving the deadline in an order that explains the agency’s approach to claims that fall outside the […]
Award Money Begins to Flow to Three Whistleblowers in Locust Offshore Hedge Fund Case – Compliance Week
In June 2013, the SEC announced that it had issued a whistleblower award to three whistleblowers in its Locust Offshore Management LLC case–but with no money at that time because the SEC had yet to collect anything. Today, the agency stated that it had awarded the three whistleblowers a total of $25,000, with another $100,000 […]
SEC Makes Second-Ever Dodd-Frank Whistleblower Award – WSJ Risk & Compliance
The Securities and Exchange Commission gave out its second-ever award under the whistleblower program established under the Dodd-Frank financial-overhaul law. The agency Wednesday issued an order awarding three unnamed whistleblowers 5% each of the funds that it ultimately collects from its enforcement action against what it called “sham hedge fund” Locust Offshore Management LLC and Andrey C. […]
SEC Official Expects ‘Extremely Significant Whistleblower Awards’ in Coming Months – Compliance Week
The wait for the SEC’s Whistleblower Office to make a splash may soon be over. A senior official in the Enforcement Division stated recently that he expects to see the SEC bring some “incredibly impactful cases” with “some extremely significant whistleblower awards” in the next six to twelve months. via SEC Official Expects ‘Extremely Significant […]
Whistleblower Whose Tip Led SEC to Charge ISS Will Not Receive Award – Compliance Week
The SEC’s case against ISS is said to have resulted from a whistleblower tip. However, the whistleblower will not receive an award under the SEC’s Dodd-Frank whistleblower program because the resulting enforcement action did not result in more than $1 million in sanctions. via Whistleblower Whose Tip Led SEC to Charge ISS Will Not Receive […]