SEC Whistleblower Awards Reaches $100 Million to Date

By:
Chris Gaetano
Published Date:
Aug 31, 2016
Whistle Money
The Securities and Exchange Commission (SEC) awarded an unnamed whistleblower $22 million for uncovering fraud at their company, putting the total amount of awards since the program started in 2011 at more than $100 million. It is the second highest reward given out by the SEC, the largest being $30 million awarded in 2014. 

“Company employees are in unique positions behind-the-scenes to unravel complex or deeply buried wrongdoing. Without this whistleblower’s courage, information, and assistance, it would have been extremely difficult for law enforcement to discover this securities fraud on its own,” said Jane Norberg, Acting Chief of the SEC’s Office of the Whistleblower. 

Since the start of the program, the SEC's Whistleblower Office has received more than 14,000 whistleblower tips from individuals in all 50 states and the District of Columbia and 95 foreign countries, resulting in $107 million being awarded to 33 whistleblowers. The SEC said that the number of tips increased by about 30 percent from 2012 to today, going from 3001 to, last year, 4000. Due to their assistance, the SEC was able to bring successful enforcement actions where more than $504 million was ordered in sanctions, including more than $346 million in disgorgement and interest for harmed investors.  

“This is a watershed moment for the SEC’s whistleblower program,” said Jane Norberg, Acting Chief of the SEC’s Office of the Whistleblower. “The SEC has issued more than $100 million in whistleblower awards in five years, demonstrating the invaluable information and assistance whistleblowers have provided to the agency and underscoring the program’s resounding success.”

The SEC has created an infographic where you can see the number of tips from each state. New York produced the second highest number of tips in the nation, 950, surpassed only by California, at 2,046. Wyoming generated the least number of tips: 8. 

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