Whistleblower & Qui Tam Blog

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November 2019

SEC Enforcement Report Praises Whistleblowers

The U.S. Securities and Exchange Commission (“SEC”) today released the annual report from its Office of Enforcement confirming the critical role the Dodd-Frank Act whistleblower reward program is playing in protecting investors from fraud.

According to today’s report, the Enforcement Division confirmed that the SEC whistleblower law:

  • is “very successful” and “whistleblowers have made meaningful contributions to significant cases”;
  • the whistleblower program has “resulted in” “high-quality SEC enforcement actions”; and “led to more than “$2 billion in financial remedies”;
  • The “Commission has recognized” the “importance” of whistleblower “tips”;
  • The SEC has paid whistleblowers “approximately $387 million” in rewards.

“Job well done,” according to SEC whistleblower attorney Stephen M. Kohn. “The enforcement report confirms what we have long known: whistleblowers are the key to detecting frauds. Without whistleblower-insiders, the vast majority of frauds would go undetected, and investors would lose billions of dollars to those given by criminal greed.”  Mr. Kohn has represented corporate whistleblowers for over 35 years and worked with Congress in drafting the Dodd-Frank Act whistleblower protections.

“The SEC has confirmed that a well-placed whistleblower is the ‘goose that lays the golden egg.’ The SEC program has been highly successful, and we hope that the new regulations under consideration by the Commission will build on this substantial progress,” Kohn said.

Resources:

SEC Enforcement Division Report 2019

How to Qualify for Rewards as an SEC Whistleblower (FAQs)

SEC Office of the Whistleblower

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About the Whistleblower Blog

The Whistleblower Blog is an editorially independent news and information source, sponsored by a pro bono public service project by Kohn, Kohn & Colapinto, LLP. The blog highlights important news, legal developments and policy issues critical to whistleblowers and their advocates, both in the United States and internationally. The contributors to this blog are respected leaders in their fields, including the authors of key whistleblower law books, current and former legal professors, spokespersons before Congressional committees and other public bodies, directors of non-profit whistleblower advocacy groups, and prominent attorneys specializing in representing/assisting whistleblowers in the United States and throughout Europe, Asia, Africa and South America.

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