The SEC and CFTC whistleblower reward programs recently reported their FY 2022 results to Congress and both programs continue to provide great returns for taxpayers by using whistleblowers to supercharge the agencies’ ability to combat fraud and conserve agency resources.
The SEC Whistleblower Program’s report for FY 2022 reveals that the SEC awarded approximately $229 million in 103 awards to whistleblowers. And the SEC received 12,300 whistleblower disclosures —the largest number of whistleblower disclosures received by the SEC in a fiscal year. The disclosures span a wide variety of alleged violations. The most common complaint categories reported by whistleblowers were Manipulation (21%), Offering Fraud (17%), Initial Coin Offerings and Cryptocurrencies (14%), and Corporate Disclosures and Financials (13%)
Since the inception of the SEC whistleblower program, the SEC has paid more than $1.3 billion in awards to whistleblowers for providing information that led to successful enforcement actions. According to the report, “[e]nforcement actions brought using information from meritorious whistleblowers have resulted in orders for more than $6.3 billion in total monetary sanctions, including more than $4.0 billion in disgorgement of ill-gotten gains and interest, of which more than $1.5 billion has been, or is scheduled to be, returned to harmed investors.”
Creola Kelly, Chief of the Office of the Whistleblower summarizes the success...
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