14 Million Award To Whistleblower

This entry was posted in Federal False Claims Act Fraud Qui Tam Whistleblower on by (updated 3240 days ago)

The Securities and Exchange Commission announced an award of more than $14 million award to a whistleblower whose information led to an SEC enforcement action that recovered substantial investor funds.

Payments to whistleblowers are made from a separate fund previously established by the Dodd-Frank Act and do not come from the agency’s annual appropriations or reduce amounts paid to harmed investors.

The award is the largest made by the SEC’s whistleblower program to date.

  • The SEC’s Office of the Whistleblower was established in 2011
  • authorized by the Dodd-Frank Act.
  • whistleblower awards based on pertinent information used in SEC enforcement action with sanctions exceeding $1 million
  • whistleblower awards can range from 10 percent to 30 percent of the money collected in a case.

In this cases, the 14 million award to whistleblower happened because the whistleblower:

  • submitted information anonymously with the help of a lawyer
  • that provided original information and assistance to SEC
  • in which the SEC brought an action in six months against the perpetrators and secured investor funds
  • More information about the whistleblower program and how to report a tip is available at: http://www.sec.gov/whistleblower

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