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ARTICLE · 02 SEPTEMBER 2016

SEC Issues $22 Million Whistleblower Award

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These staggering awards provide further reminder of the SEC's commitment to providing substantial incentives to induce employees to report alleged employer misconduct.

United StatesEmployment and HR
Lloyd Chinn
Lloyd Chinn
Anthony DiBenedetto
Anthony DiBenedetto
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On August 30, 2016, the SEC issued a $22 million whistleblower bounty award to an individual "whose detailed tip and extensive assistance helped the agency halt a well-hidden fraud" at the whistleblower's employer. The Acting Chief of the SEC's Office of the Whistleblower, credited the "company insider," stating "[w]ithout this whistleblower's courage, information, and assistance, it would have been extremely difficult for law enforcement to discover this securities fraud on its own."

As with all whistleblower awards, the SEC did not disclose the circumstances that led to the award. However, based on the terms of the SEC's whistleblower program, we know that the award is based on a range from 10 percent to 30 percent of the monetary sanctions collected by the SEC.

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