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ARTICLE · 27 JULY 2015

SEC Announces Third-Largest Dodd-Frank Bounty Award

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Whistleblowers continue to reap extraordinary awards under Dodd-Frank's "bounty" program in exchange for bringing the Securities and Exchange Commission (SEC)...

United StatesEmployment and HR
Ada Dolph
Ada Dolph
Craig Simonsen
Craig Simonsen
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Whistleblowers continue to reap extraordinary awards under Dodd-Frank's "bounty" program in exchange for bringing the Securities and Exchange Commission (SEC) "original" information that leads to a successful enforcement action. Most recently, the SEC announced its third-highest award since Dodd-Frank was enacted — an award of "more than $3,000,000" — to one such whistleblower. (See the SEC Order announcing the award here).

Careful to adhere to its statutory mandate to keep the identity of whistleblowers confidential, the SEC revealed only that the award was being made to an undisclosed "company insider" whose information helped the Commission "crack a complex fraud" "which otherwise would have been very difficult for investigators to detect."

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