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'''Retaliation for whistleblowing to the SEC is also proscribed by the whistleblower protection provision of the Sarbanes-Oxley Act (“SOX”).''' The remedies are similar to those under Dodd-Frank, but SOX also includes special damages, such as emotional distress, impairment of reputation, and other noneconomic harm resulting from retaliation. Click [https://www.zuckermanlaw.com/sec-whistleblower-retaliation-tools-to-combat-retaliation-and-protect-sec-whistleblowers/ here] for information about additional options to combat retaliation against SEC whistleblowers. | '''Retaliation for whistleblowing to the SEC is also proscribed by the whistleblower protection provision of the Sarbanes-Oxley Act (“SOX”).''' The remedies are similar to those under Dodd-Frank, but SOX also includes special damages, such as emotional distress, impairment of reputation, and other noneconomic harm resulting from retaliation. Click [https://www.zuckermanlaw.com/sec-whistleblower-retaliation-tools-to-combat-retaliation-and-protect-sec-whistleblowers/ here] for information about additional options to combat retaliation against SEC whistleblowers. | ||
'''Contents:''' | |||
# [https://whistleblower-rewards-and-protections-wiki.zuckermanlaw.com/index.php/Whistleblower_Protection_Laws Sarbanes-Oxley] | |||
#[https://whistleblower-rewards-and-protections-wiki.zuckermanlaw.com/index.php/Whistleblower_Protection_Laws#Dodd-Frank_Act Dodd-Frank Act] | |||
# [https://whistleblower-rewards-and-protections-wiki.zuckermanlaw.com/index.php/Whistleblower_Protection_Laws#Differences_between_SOX_and_Dodd-Frank_Acts Differences between SOX and Dodd-Frank Acts] | |||
# [https://whistleblower-rewards-and-protections-wiki.zuckermanlaw.com/index.php/Whistleblower_Protection_Laws#Section_1985_Haddle_Remedy_for_Conspiracy_to_Interfere_with_Civil_Rights_of_SEC_Whistleblowers Section 1985 Haddle Remedy for Conspiracy to Interfere with Civil Rights of SEC Whistleblowers] | |||
# [https://whistleblower-rewards-and-protections-wiki.zuckermanlaw.com/index.php/Whistleblower_Protection_Laws#RICO_Prohibition_Against_SEC_Whistleblower_Retaliation RICO Prohibition Against SEC Whistleblower Retaliation] | |||
# [https://whistleblower-rewards-and-protections-wiki.zuckermanlaw.com/index.php/Whistleblower_Protection_Laws#Whistleblower_Retaliation_Can_Give_Rise_to_Breach_of_Contract_Claim Whistleblower Retaliation Can Give Rise to Breach of Contract Claim] | |||
#[https://whistleblower-rewards-and-protections-wiki.zuckermanlaw.com/index.php/Whistleblower_Protection_Laws#Defense_Contractor_Whistleblower_Protection_Act Defense Contractor Whistleblower Protection Act] | |||
#[https://whistleblower-rewards-and-protections-wiki.zuckermanlaw.com/index.php/Whistleblower_Protection_Laws#Taxpayer_First_Act Taxpayer First Act] | |||
# [https://whistleblower-rewards-and-protections-wiki.zuckermanlaw.com/index.php/Whistleblower_Protection_Laws#Whistleblower_Protection_Act Whistleblower Protection Act] | |||
# [https://whistleblower-rewards-and-protections-wiki.zuckermanlaw.com/index.php/Whistleblower_Protection_Laws#Energy_Reorganization_Act Energy Reorganization Act] | |||
# [https://whistleblower-rewards-and-protections-wiki.zuckermanlaw.com/index.php/Whistleblower_Protection_Laws#Wendell_H._Ford_Aviation_Investment_and_Reform_Act_for_the_21st_Century Wendell H. Ford Aviation Investment and Reform Act for the 21st Century] | |||
# [https://whistleblower-rewards-and-protections-wiki.zuckermanlaw.com/index.php/Whistleblower_Protection_Laws#Surface_Transportation_Assistance_Act Surface Transportation Assistance Act] | |||
# [https://whistleblower-rewards-and-protections-wiki.zuckermanlaw.com/index.php/Whistleblower_Protection_Laws#Consumer_Financial_Protection_Act Consumer Financial Protection Act] | |||
# [https://whistleblower-rewards-and-protections-wiki.zuckermanlaw.com/index.php/Whistleblower_Protection_Laws#Federal_Railroad_Safety_Act Federal Railroad Safety Act] | |||
# [https://whistleblower-rewards-and-protections-wiki.zuckermanlaw.com/index.php/Whistleblower_Protection_Laws#National_Transit_Systems_Security_Act National Transit Systems Security Act] | |||
# [https://whistleblower-rewards-and-protections-wiki.zuckermanlaw.com/index.php/Whistleblower_Protection_Laws#Consumer_Product_Safety_Improvement_Act Consumer Product Safety Improvement Act] | |||
# [https://whistleblower-rewards-and-protections-wiki.zuckermanlaw.com/index.php/Whistleblower_Protection_Laws#Food_Safety_Modernizations_Act Food Safety Modernizations Act] | |||
# [https://whistleblower-rewards-and-protections-wiki.zuckermanlaw.com/index.php/Whistleblower_Protection_Laws#Criminal_Antitrust_Anti-Retaliation_Act Criminal Antitrust Anti-Retaliation Act] | |||
== '''Did you know ...''' == | |||
*Whistleblower awards range from '''between 10% and 30% of the money collected''' when the sanctions exceed $1 million. | |||
*The SEC Whistleblower Program allows a whistleblower to '''submit a tip anonymously''' to the SEC if represented by an attorney. | |||
*75% of SEC whistleblower award recipients in FY 2021 raised their concerns internally to supervisors, compliance personnel, or through internal reporting channels before reporting to the SEC. Most whistleblowers can report directly to the SEC. Compliance personnel, internal auditors, and company officers must meet certain requirements before reporting to the SEC. | |||
*Since the inception of the SEC Whistleblower Program, the SEC has received more than '''52,400 whistleblower tips''' and awarded approximately '''$1.2 billion to 233 individuals.''' | |||
*Providing information to the SEC in an ongoing investigation can qualify for an award. Of the whistleblowers who received awards in FY 2021, approximately 56% provided [https://www.zuckermanlaw.com/sp_faq/original-information-eligible-award-sec-whistleblower-program/ original information] that caused staff to open an investigation or examination, and approximately 44% received awards because their original information significantly contributed to an already existing investigation or examination. | |||
*A whistleblower can qualify for an award without being a current or former company insider. Whistleblowers can obtains awards for providing independent analysis of public information. | |||
*From FY 2012 to FY 2021, the number of whistleblower tips submitted to the SEC has grown by approximately 300%. | |||
*The '''SEC stands firm against so-called "gag clauses"''' in confidentiality, severance, and other employment-related agreements. This type of prohibition is critical to the success of any whistleblower program because companies often use overly broad confidentiality agreements to silence and punish whistleblowers. But whistleblowers should not disclose privileged information and should seek advice about lawful means of gathering evidence. | |||
*In FY 2021, the most common violations reported by SOX whistleblowers were Manipulation (25%), Corporate Disclosures and Financials (16%), Offering Fraud (16%), Trading and Pricing (6%), and Initial Coin Offerings and Cryptocurrencies (6%). | |||
*In FY 2021, SEC received tips from individuals in 99 foreign countries, as well as from every state in the United States and the District of Columbia. And approximately 20% of the whistleblowers that received awards in FY 2021 were based outside of the United States. | |||