Search

Editors

Harry Cassin Publisher and Editor

Andy Spalding Senior Editor

Jessica Tillipman Senior Editor

Richard L. Cassin Editor at Large

Elizabeth K. Spahn Editor Emeritus 

Cody Worthington Contributing Editor

Julie DiMauro Contributing Editor

Thomas Fox Contributing Editor

Marc Alain Bohn Contributing Editor

Bill Waite Contributing Editor

Shruti J. Shah Contributing Editor

Russell A. Stamets Contributing Editor

Richard Bistrong Contributing Editor 

Eric Carlson Contributing Editor

Bill Steinman Contributing Editor

Aarti Maharaj Contributing Editor


FCPA Blog Daily News

« ‘Bitcoin threat’ spurs central bank digital currencies | Main | From Maersk, AEC, and Shell, inspiring stories about changing corporate behavior »
Tuesday
Jul232019

SEC rewards ‘overseas’ whistleblower

The U.S. Securities and Exchange Commission said Tuesday it awarded an overseas whistleblower $500,000.

In a brief announcement, the SEC said the whistleblower's "expeditious reporting" helped the agency bring a successful enforcement action.

The SEC's redacted award order (pdf) didn't provide other details about the whistleblower or the company involved.

(By law, the SEC protects the confidentiality of whistleblowers and doesn't disclose information that might reveal their identity.)

Whistleblowers can be eligible for an award when they voluntarily provide the SEC with "original, timely, and credible information" that leads to a successful enforcement action.

Awards can range from 10 percent to 30 percent of the money collected when penalties are more than $1 million

The SEC has now made awards to at least four "overseas" whistleblowers.

In 2014, an overseas whistleblower collected $30 million. At the time it was the largest award under the SEC's award program.

In 2017, a foreign national working outside the United States was awarded $4.1 million for providing information about "a widespread, multi-year securities law violation."

Last year the SEC awarded an overseas whistleblower $4 million for "extensive assistance" that led to a successful enforcement action.

The SEC said Tuesday it has now awarded $385 million to 65 individuals since its first whistleblower award in 2012. 

____

Richard L. Cassin is editor at large of the FCPA Blog.

Reader Comments (1)

An interesting but not unexpected development. Interesting dynamic in a shrinking commercial world with varied jurisdictions.
July 24, 2019 | Unregistered CommenterIan Hynes
Comments for this entry have been disabled. Additional comments may not be added to this entry at this time.