SEC Whistleblower Reward Program
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August 16, 2016
California-based health insurance provider Health Net Inc. will pay a $340,000 penalty for illegally using severance agreements which required outgoing employees to waive their ability to obtain monetary awards from the SEC’s whistleblower program. According to the SEC’s order, Health Net violated federal securities laws by requiring departing employees to waive their right to file applications for SEC whistleblower awards in exchange for severance payments and other post-employment benefits. SECAugust 10, 2016
Atlanta-based building products distributor BlueLinx Holdings Inc. will pay a $265,000 penalty to settle charges that it violated securities laws by requiring outgoing employees to sign severance agreements that waived their rights to monetary recovery should they file a charge or complaint with the SEC or other federal agencies. According to the SEC’s order, BlueLinx added the monetary recovery prohibition to all of its severance agreements in mid-2013, nearly two years after the SEC’s adoption of Rule 21F-17, which prohibits any action to impede someone from communicating with the SEC about possible securities law violations. SECJune 9, 2016
The SEC announced a whistleblower award of more than $17 million to “a former company employee whose detailed tip substantially advanced the agency’s investigation and ultimate enforcement action.” The award is the second-largest issued by the SEC since the inception of its whistleblower program. SECSEC Makes Its Second-Largest Whistleblower Award in the Program’s History
Posted 06/10/16
The SEC has topped a string of recent whistleblower awards with a $17 million award —its second-largest ever — to “a former company employee whose detailed tip substantially advanced the agency’s investigation and ultimate enforcement action.”
This award is second-in-size only to a $30 million award made by the SEC in September 2014. It displaces as the second-largest award, a $14 million award made...
May 20, 2016
The SEC announced a whistleblower award of more than $450,000 to be split between two individuals for a tip that led the agency to open a corporate accounting investigation and for their assistance once the investigation was underway. SECMay 17, 2016
The SEC announced a whistleblower award of more than $5 million to a former company insider whose detailed tip led the agency to uncover securities violations that would have been nearly impossible for it to detect but for the whistleblower’s information. SECMay 13, 2016
The SEC announced a whistleblower award of more than $3.5 million to a company employee whose tip bolstered an ongoing investigation of wrongdoing that strengthened the SEC’s case. SECIn Their Own Words -- McKessy
Posted 05/23/16
-- “The recent flurry of awards reflects the high-quality nature of the tips the SEC is receiving as public awareness of the whistleblower program grows.”
Chief of the SEC Whistleblower Office Sean X. McKessy commenting on over $10 million awarded by the SEC to whistleblowers in the past week. Click here for more.SEC on a roll with $5 million whistleblower award
Posted 05/18/16
On the heels of a substantial award last Friday, the SEC has made another whistleblower award of more than $5 million — its third largest to date. The SEC explained that the $5 to $6 million award will be going to “a company insider whose detailed tip led the agency to uncover securities violations that would have been nearly impossible for it to detect but for the whistleblower’s information.”
This...