Largest Whistleblower Award in US History
The Securities and Exchange Commission recently announced the largest SEC whistleblower award ever to a whistleblower. Totaling almost $279 million dollars, the recent whistleblower award is nearly double the previous record of $114 million awarded in October 2020.
The identity of the whistleblower has not been disclosed, and the details of the case are also being kept confidential to protect the individual’s identity.
According to the Director of the SEC’s Division of Enforcement, Gurbir S. Grewal, “The size of today’s award – the highest in our program’s history – not only incentivizes whistleblowers to come forward with accurate information about potential securities law violations, but also reflects the tremendous success of our whistleblower program.”
Jane Norberg, who heads the SEC’s Office of the Whistleblower, commented that the whistleblower who received the award today demonstrated exceptional actions. According to Norberg, “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.”
Protecting the Whistleblower
Signed into law by former President Barack Obama, the SEC whistleblower reward program was created under the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 to encourage individuals with key knowledge of securities law violations to come forward and report them to the SEC. The SEC whistleblower program provides monetary incentives and protections for individuals who report possible securities law violations to the SEC.
Aside from protecting their anonymity, the program also provides anti-retaliation protections for whistleblowers, prohibiting employers from retaliating against individuals who report possible violations. Whistleblowers who provide information that leads to successful enforcement actions are eligible to receive monetary awards ranging from 10% to 30% of the total monetary sanctions collected.
The Top 10 SEC Largest Whistleblower Awards
Since the beginning of the agency’s whistleblower program in 2011, the SEC has awarded over $1 billion to whistleblowers.
- $279 million – May 5, 2023
- $114 million – October 22, 2020
- $110 million – September 15, 2021
- $50 million – April 15, 2021
- $50 million – March 19, 2018
- $50 million – June 4, 2020
- $39 million – September 6, 2018
- $37 million – December 19, 2022
- $37 million – March 26, 2019
- $36 million – September 24, 2021
Choosing the Right Whistleblower Attorney
The historic $279 million whistleblower award is a testament to the effectiveness of the SEC whistleblower program and the value that whistleblowers can provide in uncovering securities law violations. It is also a reminder that individuals who witness illegal activities should not hesitate to come forward and report them to the proper authorities.
If you possess evidence of a possible securities violation, you can reach out to the proficient whistleblower attorneys at Young Law Group. We offer a free and non-binding consultation that you can access by filling out our confidential form or calling us at (800) 590-4116.