Securities Law Prof Blog

Editor: Eric C. Chaffee
Univ. of Toledo College of Law

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Thursday, November 15, 2012

SEC Releases Annual Report on Whistleblower Program

The SEC released its 2012 Annual Report on the Dodd-Frank Whistleblower Program, which reports that over the past year, the agency received more than 3,000 whistleblower tips from all 50 states and from 49 countries.  The report, which is required by the Dodd Frank Wall Street Reform and Consumer Protection Act, summarizes the activities of the SEC's Office of the Whistleblower. Download Annual-report-2012[1]

Among other things, the report notes:

  • The SEC made its first award under the new program to a whistleblower who helped the SEC stop an ongoing multi-million dollar fraud. The whistleblower received an award of 30 percent of the amount collected in the SEC's enforcement action, which is the maximum percentage payout allowed by law.
  • The SEC received 3,001 tips, complaints, and referrals from whistleblowers from individuals in all 50 states, the District of Columbia, and the U.S. territory of Puerto Rico as well as 49 countries outside of the United States.
  • The most common complaints related to corporate disclosures and financials (18.2 percent), offering fraud (15.5 percent), and manipulation (15.2 percent).
  • There were 143 enforcement judgments and orders issued during fiscal year 2012 that potentially qualify as eligible for a whistleblower award. The Office of the Whistleblower provided the public with notice of these actions because they involved sanctions exceeding the statutory threshold of more than $1 million.

http://lawprofessors.typepad.com/securities/2012/11/sec-releases-annual-report-on-whistleblower-program.html

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