- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2020-09-30T17:56:00
It’s no wonder the SEC recently issued new rules asserting its right to limit large whistleblower awards, because the agency handed them out in fiscal year 2020 at an unprecedented pace.
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The Securities and Exchange Commission has announced over $176 million in whistleblower awards in the first four months of the current fiscal year, already more than any other year in its history.
A $114 million whistleblower payout announced Thursday is the highest ever awarded by the Securities and Exchange Commission, more than doubling the previous $50 million record set in June.
The record amount of whistleblower payouts by the SEC in fiscal year 2020 ($175M) happened because the agency made quickening the pace of awards a priority, whistleblower advocates say.
A whistleblower received an $8 million award from the Commodity Futures Trading Commission for uncovering fraud—even though the agency deemed the whistleblower was culpable in the misconduct.
Compliance Week Advisory Board members Eric Young and Ellen Hunt participate in a debate-style discussion regarding whistleblower-related topics including culture of compliance, monetary incentives, retaliation, and more.
The European Union’s strong stance on whistleblower protection has been undermined by member states’ wildly different approaches to punishing organizations that fail to safeguard people who raise concerns, says Wirecard whistleblower Pav Gill.
