Category Archives: SEC

Subscribe to SEC RSS Feed

Review of the SEC Whistleblower Program: At the Crossroads of Securities Law and Whistleblower Protection

Fiscal year 2020 marked the ten-year anniversary of the Dodd-Frank Wall Street Reform and Consumer Protection Act establishing the Securities and Exchange Commission’s whistleblower program.  Since its inception through the end of FY2020, the SEC has awarded approximately $562 million to 106 individuals.  Even a decade after it was created, the whistleblower program continues to … Continue Reading

SEC Awards $22 Million to Two Whistleblowers

On May 10, 2021, the SEC’s Office of the Whistleblower announced multi-million dollar awards to two whistleblowers who provided the SEC with information that assisted the agency in bringing a successful enforcement action against a financial services firm.  (The order granting the awards can be accessed here.)  The larger of the two awards, $18 million, was … Continue Reading

Whistleblower Attorney Challenges SEC Final Rule Changing Its Whistleblower Program

On January 13, 2021, a New York whistleblower attorney filed a lawsuit in the U.S. District Court for the District of Columbia challenging a recent final rule adopted by the Securities and Exchange Commission (the “Commission or “SEC”) which made several changes to the SEC’s whistleblower program. The SEC Final Rule The final rule was … Continue Reading

Bloomberg: SEC Receives Record Number of Whistleblower Tips From Remote Employees

A recent Bloomberg article reports that whistleblower complaints to the SEC have soared as employees have been working from home during the COVID-19 pandemic.  According to the article, the SEC received 6,900 complaints in the fiscal year that ended on September 30, 2020 – a 31% jump from the previous 12-month record. The article discusses … Continue Reading

SEC Announces Record-Breaking $114 Million Award to Whistleblower

On October 22, 2020, the SEC announced an award of over $114 million to a whistleblower who, after reporting internally to their employer, provided the SEC with information and assistance that led to the successful enforcement of SEC and related actions.  The $114 million award consists of an approximately $52 million award in connection with … Continue Reading

SEC Awards Almost $30 Million to Two Insider Whistleblowers

On September 30, 2020, the SEC’s Office of the Whistleblower announced multi-million dollar awards to two whistleblowers who provided the SEC with information that assisted the agency in bringing a successful enforcement action.  (The order granting the awards can be accessed here.)  The larger of the two awards, $22 million, is one of the SEC’s … Continue Reading

SEC Amends Whistleblower Program Rules

On September 23, 2020, by a vote of 3 to 2, the U.S. Securities and Exchange Commission announced the adoption of a final rule implementing several changes to its whistleblower program, citing the need to “provide greater clarity to whistleblowers and increase the program’s efficiency and transparency.”  The following addresses the key provisions of the … Continue Reading

SEC Announces Record-Breaking $50 Million Award to Whistleblower

On June 4, 2020, the SEC announced a nearly $50 million award to a whistleblower who provided the SEC with detailed, first-hand information that assisted the agency in bringing a successful enforcement action.  While tipsters have previously shared a $50 million award, this is the largest amount ever awarded to a single whistleblower under the … Continue Reading

Reuters: SEC Eager to Prosecute COVID-19 Misconduct Amid Flurry of Whistleblower Complaints

A Reuters article published on May 26, 2020 reports that the SEC has experienced an uptick in complaints amid the COVID-19 pandemic.  According to the article, the SEC received about 4,000 complaints from mid-March through mid-May – a 35% increase from the previous year.  With an abundance of tips at its disposal, the SEC is … Continue Reading

SEC Awards Whistleblower More Than $27 Million

On April 16, 2020, the SEC announced payment of more than $27 million to a whistleblower who alerted the agency to misconduct that had occurred, in part, overseas.  (The order granting the award can be accessed here.) In explaining the reason for its award determination, the SEC noted that the whistleblower had “repeatedly and strenuously … Continue Reading

SEC Releases FY 2019 Whistleblower Program Annual Report

On November 15, 2019, the SEC published its annual report to Congress covering the agency’s whistleblower program. The report, which covers the period of October 1, 2018 through September 30, 2019, was prepared by the SEC’s Office of the Whistleblower (“OWB”) to summarize its whistleblower bounty program, report on recent statistical trends, and revisit key … Continue Reading

SEC Files Suit Against Company For Allegedly Impeding Investors From Blowing the Whistle

On November 4, 2019, the SEC announced that it had filed an amended complaint against online auction portal Collectors Café and CEO Mykalai Kontilai, alleging Kontilai tried to prevent investors from communicating with the SEC in violation of Rule 21F-17.  The SEC previously charged Collectors Café and Kontilai with fraudulently raising $23 million by making … Continue Reading

SEC Awards Joint Whistleblowers $3 Million Even Though Information Was Not Voluntarily Given

On June 3, 2019, the SEC’s Office of the Whistleblower announced a $3 million award to two whistleblowers who provided the SEC with information that led it to investigate and successfully bring an enforcement action for securities fraud that affected retail investors.  Because the whistleblowers submitted their tip to the SEC jointly, they will share … Continue Reading

SEC Awards $50 Million to Two Whistleblowers

On March 26, 2019, the SEC’s Office of the Whistleblower announced two multi-million dollar awards to whistleblowers who provided the SEC with information that assisted the agency in bringing a successful enforcement action.  The larger of the two awards, $37 million, is the SEC’s third-highest award to date, after a $50 million award in March … Continue Reading

SEC Releases FY 2018 Whistleblower Program Annual Report

On November 15, 2018, the U.S. Securities and Exchange Commission (“SEC”) published its statutorily mandated fiscal year report to Congress covering the agency’s whistleblower program. The report, which covers the period from October 1, 2017 through September 30, 2018, was prepared by the SEC’s Office of the Whistleblower (“OWB”) to summarize its whistleblower bounty program, … Continue Reading

SEC Votes in Favor of Proposal to Amend Whistleblower Rules to Comport with U.S. Supreme Court’s Holding in Digital Realty Trust

On June 28, 2018, the U.S. Securities and Exchange Commission (“SEC” or “Commission”) voted in an open meeting on several final rules and rule proposals that will have a material impact on the Commission’s whistleblower program. Most notably, the SEC approved a rule proposal that would modify its Rule 21F, which defines who is a … Continue Reading
LexBlog

This website uses third party cookies, over which we have no control. To deactivate the use of third party advertising cookies, you should alter the settings in your browser.

OK