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Whistleblower Insights and Developments


  • SEC issues $2 million whistleblower award

    On April 3, the SEC announced an approximately $2 million award to a whistleblower in an enforcement action. According to the SEC’s press release, the whistleblower “provided vital information and assistance that substantially contributed to an ongoing investigation” that would otherwise have “been...

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  • SEC announces $450,000 compliance-related whistleblower award

    On March 30, the SEC announced a $450,000 award to a whistleblower in an enforcement action. According to the formal order , the whistleblower—who had compliance-related responsibilities at the company at issue in the enforcement action—suffered “unique hardships” after first attempting to report...

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  • SEC issues multiple whistleblower awards

    On March 24, the SEC announced awards of over $570,000 to two whistleblowers for providing “significant information and assistance that helped the Commission bring multiple successful enforcement actions.” According to the formal order , the first whistleblower received an award of approximately $...

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  • CFPB announces advisory opinion program, updates business conduct bulletin, proposes whistleblower award legislation

    On March 6, the CFPB announced three new measures it is undertaking to prevent customer harm, including (i) implementing an advisory opinion program; (ii) updating its bulletin regarding responsible business conduct; and (iii) advancing whistleblower award legislation through engagement with...

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  • SEC issues $7 million whistleblower award

    On February 28, the SEC announced an award of over $7 million to a whistleblower in an enforcement action. According to the SEC’s press release, the whistleblower “provided extensive and sustained assistance, such as identifying witnesses,” which was “critically important to the success of [the]...

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  • District court dismisses FCA claims against student loan collectors

    On February 11, the U.S. District Court for the District of Columbia dismissed a relator’s False Claims Act claims, which alleged that a group of prime private student loan debt collectors (defendants) defrauded the federal government of funds intended for small businesses in relation to contracts...

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  • Two whistleblowers earn SEC awards totaling $322,000

    On January 22, the SEC announced that it had awarded a total of $322,000 to two whistleblowers in two separate enforcement actions. According to the SEC’s press release, the whistleblowers “played a crucial role in helping the Commission protect Main Street investors,” and “assisted the SEC in...

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  • SEC monetary sanctions in whistleblower program top $2 million for 2019

    On November 15, the SEC announced it issued its fiscal year 2019 whistleblower program annual report to Congress, which states that since the program’s inception, the SEC has ordered over $2 billion in total monetary sanctions in enforcement actions that resulted from information brought by...

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  • 2nd Circuit denies three petitioners seeking whistleblower awards for SEC settlement

    On November 8, the U.S. Court of Appeals for the Second Circuit denied petitions from three whistleblowers seeking awards following a $55 million settlement between the SEC and a global financial institution, which the SEC previously denied. According to the opinion, multiple individuals disclosed...

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  • SEC charges online auction portal with violating whistleblower protection laws

    On November 4, the SEC announced the filing of an amended complaint in an action against an online auction portal and its CEO (collectively, “defendants”), along with the CEO’s wife as a relief defendant. The original complaint, filed in May, alleged that defendants operated a $23 million...

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