As the U.S. Securities and Exchange Commission celebrated the National Whistleblower Day, Director of Enforcement Gurbir S. Grewal gave a speech praising the program and the people that come forward and are awarded for their tips and evidence.
The SEC has awarded more than $1.3 billion to 278 individuals ever since its first award in 2012. The program is 10 years-old and has arguably played a critical role in the Division of Enforcement’s ability to effectively detect wrongdoing, protect investors and the marketplace, and bring violators to justice, he said.
“With the help of these whistleblowers, the SEC brought enforcement actions ordering monetary sanctions of approximately $5 billion. Fiscal year 2021, in particular, was a record-breaking year, with the SEC awarding a total of $564 million to 108 whistleblowers.
SEC’s Gurbir S. Grewal recognizes that blowing the whistle may not come without costs, both personal and professional.
“The SEC’s whistleblower rules prohibit any person from taking an action to impede another from contacting the SEC to report a possible securities law violation. The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 also expanded protections for whistleblowers and broadened the prohibitions against retaliation by enabling the SEC to take legal action against employers who have retaliated against whistleblowers. Although individuals can choose to report their concerns internally, and many do, they must also report to the SEC to...
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