And the Beat Goes On – The Whistleblower Song
By George Wilson
As we have blogged on many occasions, the SEC’s Whistleblower Program has become an important part of the Enforcement Division’s activities. On September 17, 2020, the SEC announced payments to joint whistleblowers who had raised concerns internally before blowing the whistle to the SEC. And this September 14, 2020 Press Release announced a $10,000,000 (yes, million!) payment to a whistleblower “whose information and assistance were of crucial importance to a successful SEC enforcement action.”
To date the program has paid out approximately $521 million to 96 individuals.
If you want more background and detail, check out episode six of PLI’s inSecurities podcast, which features a review of how the whistleblower process works and a discussion of how the explosion of tips created by the program has affected the enforcement process.
As always, your thoughts and comments are welcome!