Difference between revisions of "SEC Whistleblower Program"

SEC Whistleblower Program (view source)

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 '''Whistleblowers need not be U.S. citizens to be eligible for SEC whistleblower awards.''' According to the [https://www.transparency.org/en/news/corruption-perceptions-index-2017 2017 Corruption Perceptions] Index, a majority of countries are making little or no progress in ending corruption. This finding is consistent with [https://www.pwc.com/gx/en/services/forensics/economic-crime-survey.html/ PwC’s 2018 fraud survey], which reported the highest fraud levels in organizations in the past 20 years, and the [https://www.pwc.com/gx/en/services/forensics/economic-crime-survey.html/ ACFE’s 2021 fraud survey], which reported that 51% of organizations have uncovered more fraud since the pandemic and 71% of anti-fraud professionals expect the level of fraud to increase over the next year. As the SEC continues to promote worldwide public awareness of the SEC Whistleblower Program, we expect to see an increase in whistleblower tips and awards in the coming years.
+== [https://www.goingconcern.com/6-reasons-sec-whistleblower-program-successful/ SEC Whistleblower Program A Success] ==
+The report also indicates that the '''[https://www.dandodiary.com/2020/07/articles/whistleblowers/guest-post-how-the-sec-whistleblower-program-has-changed-corporate-compliance-and-sec-enforcement/ SEC Whistleblower Program is gaining momentum]'''. In particular, the SEC Office of the Whistleblower, which first opened its doors in August 2011, has issued a majority of the whistleblower awards in the past several years:
+*In [https://www.sec.gov/files/owb-annual-report-2015.pdf FY 2015], the SEC issued $37 million in awards to whistleblowers.
+*In [https://www.sec.gov/files/owb-annual-report-2016.pdf FY 2016], the SEC issued $57 million in awards to whistleblowers.
+*In [https://www.sec.gov/files/owb-annual-report-2017.pdf FY 2017], the SEC issued $50 million in awards to whistleblowers.
+*In [https://www.sec.gov/files/owb-annual-report-2018.pdf FY 2018], the SEC issued $168 million in awards to whistleblowers.
+*In [https://www.sec.gov/files/OW_2019AR_FINAL_1.pdf FY 2019], the SEC issued $60 million in awards to whistleblowers.
+*In [https://www.sec.gov/files/2020%20Annual%20Report_0.pdf FY 2020], the SEC issued $175 million in awards to whistleblowers.
+Notably, FY 2021 is shaping up to be the best year in the SEC Whistleblower Program’s history. '''On October 22, 2020, the SEC issued the largest whistleblower award in the program’s history of [https://www.sec.gov/news/press-release/2020-266 $114 million]'''. In addition, according to the SEC’s 2020 [https://www.sec.gov/files/sec-2020-agency-financial-report_1.pdf Agency Report], the SEC recognized a $255 million contingent liability for potential whistleblower awards to be paid in FY 2021.
+== SEC Office of the Whistleblower ==
+In 2011, the SEC Office of the Whistleblower was created pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank) to run the SEC Whistleblower Reward Program. The program offers monetary incentives to individuals who report information about violations of the federal securities laws to the SEC. '''[https://www.forbes.com/sites/realspin/2017/07/18/one-billion-reasons-why-the-sec-whistleblower-reward-program-is-effective/?sh=6b06bf9a3009#526977113009 In its short history, the SEC Whistleblower Reward Program has been extraordinarily successful in enabling the SEC root out securities fraud and protect investors.]''' To date, the SEC Office of the Whistleblower has issued more than $500 million in awards to whistleblowers.