- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Kyle Brasseur2020-09-29T17:30:00
The Securities and Exchange Commission issued its 100th individual whistleblower award Monday when a tipster received $1.8 million for providing the agency with information that alerted staff to ongoing securities violations.
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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.
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.
More than two years after proposing them, the Securities and Exchange Commission approved a series of controversial amendments to its whistleblower program designed to make the issuance of awards more streamlined and efficient.
Two pairs of claimants will receive whistleblower awards totaling more than $98 million and $24 million, respectively, for information they provided to the Securities and Exchange Commission that led to an enforcement action.
Discrimination against whistleblowers in the U.K. has risen to such a level that the government may need to actively pursue plans to afford greater legal protection, as well as introduce financial awards to compensate for their “career suicide.”
The Department of Justice released the details of its long-awaited corporate whistleblower awards pilot program that will prioritize reporting in areas of corporate crime not currently covered by existing whistleblower programs.
