SEC Announces $4 Million Whistleblower Award
The SEC announced that it adopted the preliminary determination related to a "notice of covered action" which awarded "more than $4 million to a whistleblower whose original information alerted the agency to a fraud." The SEC reported that its Whistleblower Program now has awarded more than $111 million to 34 whistleblowers since its 2011 inception.
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SEC Enforcement Director Andrew Ceresney asserted that the SEC Whistleblower Program has had a "transformative impact" on the detection and prosecution of illegal conduct.
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The SEC awarded more than $22 million to a whistleblower and announced that it now has granted over $100 million in whistleblower awards.
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The SEC settled charges with a health insurance provider for illegally using severance agreements to require outgoing employees to waive their ability to obtain monetary awards from the SEC whistleblower program.
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The SEC settled charges with a building products distributor for requiring outgoing employees to sign severance agreements that forced them to waive rights to any monetary recovery should they file charges or complaints against the distributor with the SEC or other federal agencies.
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The SEC awarded more than $3.5 million to a company employee whose "tip bolstered an ongoing investigation with additional evidence of wrongdoing that strengthened the SEC's case."
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The SEC gave whistleblowers hefty monetary awards for providing information leading to and supporting investigations.
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A whistleblower who assisted the SEC in an investigation by furnishing it with a "detailed analysis" constituting "original information" was awarded more than $700,000.
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At Compliance Week 2014, SEC Director of the Division of Enforcement (the "Division") Andrew Ceresney delivered a keynote address in which he discussed recent SEC enforcement initiatives.