On July 21, 2010, when President Obama signed into law the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank), the Securities and Exchange Commission's (SEC) Whistleblower Program went into effect, entitling “eligible” whistleblowers to an award of 10%-30% of the monetary sanctions collected in actions brought by the SEC.
Foreign Whistleblowers Fuel SEC Enforcement Activity, Raising the Stakes for Global Corporate Compliance
An "eligible" whistleblower is a person who voluntarily provides original information about a possible violation of the federal securities laws that has occurred, is ongoing, or is about to occur. If that information leads to a successful SEC action resulting in an order of monetary sanctions over $1 million, the whistleblower(s) can collect their bounty. Over the lifetime of the program, the SEC has addressed more than 390 award claims and has awarded more than $67 million to 29 individuals, known as claimants, in connection with 16 actions.
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Jonathan B. New and Samuel M. LightThis premium content is locked for Business Crimes Bulletin subscribers only
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