On May 5, the U.S. Securities and Exchange Commission (SEC) issued a $279 million whistleblower award to an individual who voluntarily provided the agency with original information that led to a successful enforcement action. The award is the largest in the history of the SEC Whistleblower Program.
“The size of today’s award – the highest in our program’s history – not only incentivizes whistleblowers to come forward with accurate information about potential securities law violations, but also reflects the tremendous success of our whistleblower program,” said Gurbir S. Grewal, Director of the SEC’s Division of Enforcement. “This success directly benefits investors, as whistleblower tips have contributed to enforcement actions resulting in orders requiring bad actors to disgorge more than $4 billion in ill-gotten gains and interest. As this award shows, there is a significant incentive for whistleblowers to come forward with accurate information about potential securities law violations.”
Leading whistleblower attorney Stephen M. Kohn of Kohn, Kohn & Colapinto believes the size of the award, and the publicity it is receiving, will help deter future fraud. “Large rewards deter frauds,” said Kohn, author of the forthcoming Rules for Whistleblowers: A Handbook for Doing What’s Right. “Executives in the C-Suite need to understand that well-placed insiders are now incentivized to report fraud. The amount of this award is historic. But that is what is needed in the face of...
BRENTWOOD, Tenn. (WSMV) - A Tennessee doctor has pleaded guilty to committing millions of dollars’ worth of Medicare fraud through her Brentwood optometry practice. Helen Boerman, 48, pleaded guilt...