SEC Award Record $114 Million Whistleblower Reward
The Security and Exchange Commission announced a record award of $114 million to a whistleblower after their work assisting both an SEC case and a case with another agency. They were awarded $52 million and $62 million for their efforts in each case, a combined $114 million. The previous whistleblower reward record was $50 million, awarded in June 2020.
Jane Norberg, Chief of the SEC’s Office of the Whistleblower, had this to say:
“The actions of the whistleblower awarded today were extraordinary. After repeatedly reporting concerns internally, and despite personal and professional hardships, the whistleblower alerted the SEC and the other agency of the wrongdoing and provided substantial, ongoing assistance that proved critical to the success of the actions.”
Since 2012, the SEC has awarded a total of $676 million to over 100 whistleblowers, funds created from monetary sanctions the SEC has enforced against violators. Whistleblowers can receive up to 30 percent of a monetary sanction as a reward for their efforts to help build and prosecute a case, when the case results in a sanction of over $1 million.
The Dodd Frank Act
The Dodd Frank Act of 2010 sets forth rules for federal whistleblower lawsuits and awards, including that whistleblowers will receive confidentiality. The name of the whistleblower receiving the $114 million reward was not revealed in the press release documenting the award.
Many states have their own version of laws governing whistleblower protection and rewards.
Schneider Wallace Cottrell Konecky are experienced attorneys ready to discuss your whistleblower claim. To speak with a whistleblower attorney, schedule an appointment with us by calling 1-800-689-0024, or completing the form on this page. Schneider Wallace has offices in California, Texas, North Carolina and Puerto Rico and litigates in jurisdictions throughout the country in state and federal administrative agencies and courts.