The SEC announced yesterday that to date it has given out over $100 million in awards to SEC whistleblowers under its whistleblower award program.
This milestone comes just six years after the Dodd-Frank Act created the SEC Whistleblower Award Program, and just five years after the SEC implemented its formal procedures for its whistleblower program.
The SEC’s press release quotes SEC Chair Mary Jo White as stating that in the short time of the SEC whistleblower award program’s existence, it “has proven to be a game changer for the agency”. Ms. White’s remarks reaffirm her equally strong praise of the SEC Whistleblower Award Program during her testimony before a Committee of the United States Senate a few months ago, as I reported about previously.
Echoing Ms. White’s sentiments, the Director of the SEC’s Division of Enforcement stated: “The SEC whistleblower program has had a transformative impact on the agency, enabling us to bring high quality enforcement cases quicker using fewer resources.” He is further quoted as saying: “paying more than $100 million in whistleblower awards demonstrates the value that whistleblowers have added to our enforcement program.”
Likewise, the Acting Chief of the SEC’s Office of the Whistleblower called this “a watershed moment for the SEC’s whistleblower program.” “The SEC has issued more than $100 million in whistleblower awards in five years, demonstrating the invaluable information and assistance whistleblowers have provided to the agency and underscoring the program’s resounding success,” she added.
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The Pickholz Law Offices, an SEC whistleblower law firm, has represented employees, officers, and directors in SEC whistleblower cases involving financial institutions and public companies listed in the Fortune Top 10, Top 20, Top 50, Top 100, Top 500, and the Forbes Global 2000. We were the first law firm ever to win an SEC whistleblower award for a client on appeal to the full Commission in Washington, an achievement that Inside Counsel magazine named as one of the milestones of the SEC whistleblower program.
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If you would like to speak with an SEC whistleblower attorney, please feel free to call Jason R. Pickholz at 347-746-1222.
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