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The SEC Whistleblower Program paid out a record $57 million in Fiscal Year 2016, according to the agency’s 2016 annual report to Congress released earlier this week. That figure is more than all the awards issued in previous years combined.
Check out what Jane Norberg, Chief of the SEC’s Office of the Whistleblower, had to say about the SEC's recent $20 million award:
Corporate culture that gives rise to one fraud is likely to give rise to another. Such is the case with RPM International, and its Tremco subsidiary, which settled a best-price False Claims Act case in 2013 for $61 million dollars.
10,540 whistleblower cases were submitted to the SEC between 2011 and 2015.
Enforcement actions from whistleblower tips have resulted in more than $500 million in financial remedies, and over $100 million paid to whistleblowers.
The Top 10 SEC Whistleblower rewards show real movement forward in 2016.
Sean McKessy, Chief of the SEC’s Whistleblower Office, will be leaving the agency later this month.
The Securities and Exchange Commission (SEC) recently filed an amicus brief with the Sixth Circuit, defending whistleblowers and advocating that the court apply the Commission’s rulemaking while rendering its decision in an employer retaliation lawsuit. The Commission’s rule resolved an ambiguity in the Dodd-Frank Act’s anti-retaliation provisions and expanded its whistleblower protections to employees who engage in any whistleblowing activities described in Section 21F(h)(1)(A) of the Securities Exchange Act, thereby recognizing congressional intent to protect broader forms of whistleblowing activity.
In a recent address before students at the Ray Garrett, Jr.
Andrew Ceresney, the Security Exchange Commission, Director, Division of Enforcement, spoke at CBI’s annual Pharmaceutical Compliance Congress this week and discussed the Commission’s enforcement priorities under the Foreign Corrupt Practices Act (FCPA).
More whistleblower were filed during the first four years of the SEC whistleblower program than were filed during the first 27 years of the False Claims Act.