Bringing you live news and features since 2013
Bringing you news, views and analysis since 2013

32978

Whistleblower awarded USD700,000 following SEC investigation

RELATED TOPICS​

The Securities and Exchange Commission (SEC) has made a whistleblower award of almost USD700,000 to a claimant whose prompt reporting led the SEC to open an investigation. The SEC whistleblower suffered “undue hardship” as a result of their activities.

According to an SEC press release, the whistleblower initially reported their concerns internally before contacting the SEC Whistleblower Office. The “significant information” this whistleblower brought to the Commission during the investigation resulted in money being returned to harmed investors.
 
“The SEC continues to be a flagship institution for whistleblower awards,” says whistleblower attorney Stephen M Kohn, partner at the qui tam law firm Kohn, Kohn & Colapinto. “Under the Dodd-Frank Act, SEC and CFTC whistleblowers can file anonymous claims without risking retaliation and earn rewards along the way.”
 
Under the SEC Whistleblower Program, securities fraud whistleblowers who report crimes that result in enforcement actions of USD1 million or more can become eligible for whistleblower awards ranging from 10-30 per cent of the sanctions obtained.
 
“Because of the whistleblower’s actions, the agency was able to identify the misconduct and conserve time and resources during the investigation,” says Jane Norberg, Chief of the SEC’s Office of the Whistleblower. “This whistleblower stepped forward and helped the agency to protect and compensate harmed investors.”
 
SEC whistleblowers have now been awarded almost USD501 million since the Program’s inception in 2012. 

Latest News

Morgan Stanley Investment Management (MSIM) has announced the launch of the MS INVF Systematic Liquid..
Confidence in the continuing strength of bitcoin and Ethereum is driving wider interest in altcoins..
Discretionary fund manager ebi Portfolios, and asset manager Amundi have launched the SRI portfolio range,..

Related Articles

n response to the increased attention to climate change risk, institutional investors, asset managers, and asset owners in the US are committed to implementing a variety of measures to address climate change and reach their net-zero goals, according to Cerulli Associates...
n response to the increased attention to climate change risk, institutional investors, asset managers, and asset owners in the US..
Lord Hollick, House of Lords
A House of Lords committee has raised “significant concerns” over the role of UK regulators, their ability to operate with genuine independence from government and how they are held to account...
A House of Lords committee has raised “significant concerns” over the role of UK regulators, their ability to operate with..
Rob Edwards, Morningstar
The complexities of assessing performance from responsible investment strategies have been laid bare after Morningstar’s ESG indices delivered a mixed bag in 2023...
The complexities of assessing performance from responsible investment strategies have been laid bare after Morningstar’s ESG indices delivered a mixed..
David Vieira, JTC Group
Investment trusts are the latest sector of the financial services industry to come under fire for failing to cater adequately for responsible investors...
Investment trusts are the latest sector of the financial services industry to come under fire for failing to cater adequately..
Subscribe to the Institutional Asset Manager newsletter

Subscribe for access to our weekly newsletter, newsletter archive, updates on the site and exclusive email content.

Marketing by