SEC Whistleblower Reward Program
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September 22, 2014
The SEC announced an expected whistleblower award of more than $30 million. It will be the largest award to date under the SEC whistleblower program established in 2012 under the Dodd-Frank Act. It surpasses the $14 million award the SEC made roughly a year ago. The new award will also be the fourth award to a whistleblower living in a foreign country. Whistleblower InsiderAugust 29, 2014
The SEC announced a whistleblower award of more than $300,000 to a company employee who performed audit and compliance functions and reported wrongdoing to the SEC after the company failed to take action when the employee reported it internally. It is the first award for a whistleblower with an audit or compliance function at a company. This particular whistleblower award recipient reported concerns of wrongdoing to appropriate personnel within the company, including a supervisor. But when the company took no action on the information within 120 days, the whistleblower reported the same information to the SEC. SECJuly 31, 2014
The SEC announced an award, under the whistleblower provisions of the Dodd-Frank Act, of more than $400,000 for a whistleblower who reported a fraud to the SEC after the company failed to address the issue internally. SECJune 16, 2014
Albany, N.Y.-based hedge fund advisory firm Paradigm Capital Management and owner Candace King Weir agreed to pay $2.2M to settle charges of engaging in prohibited principal transactions and then retaliating against the employee who reported the trading activity to the SEC. This is the first time the SEC has filed a whistleblower retaliation case under its new authority to bring such enforcement actions under the Dodd-Frank Act. SECSEC’s 23rd Whistleblower Award Goes to a “Company Outsider”
Posted 01/20/16
On Friday, January 15th, the SEC made an award of more than $700,000 to a whistleblower the agency described as a “company outsider who conducted a detailed analysis that led to a successful SEC enforcement action.”
The SEC’s whistleblower program explicitly provides for financial rewards to company outsiders by allowing “independent analysis” — even when based on publicly available information — to...
SEC whistleblowers be warned – don’t delay in reporting fraud
Posted 12/2/15
The Hill, December 2, 2015
Click here to read the article.
Compliance Officers in the Crosshairs?
Posted 11/23/15
By the C|C Whistleblower Lawyer Team
Are compliance officers being targeted by government regulators? An increased focus on individual accountability is making those professionals feel particularly vulnerable, even as regulators in the United States and abroad emphasize their partnership with compliance officers.
Andrew Ceresney, director of the Security & Exchange Commission Division of Enforcement,
SEC pays $325K whistleblower award but warns it could have been more
Posted 11/5/15
Yesterday, the SEC sent a message, and it wasn’t subtle: speed counts. The agency announced it was making a $325,000 award to the 22nd whistleblower to receive an award under the SEC’s whistleblower program since its inception in 2011. But its press release also stressed that “the award could have been higher” had the whistleblower not “hesitated” to bring his or her information to the Commission.
The...
In Their Own Words — McKessy
Posted 11/5/15