On August 26, the U.S. Securities and Exchange Commission (SEC) voted 3-2 to approve two rule changes to its highly successful whistleblower program. The changes are meant to better incentivize whistleblowers and were described by one leading whistleblower attorney as a “home run.”
While the two Republican commissioners voted against the amendments, they voiced their overall support for the program in dissenting statements. These statements, alongside the statement of SEC Chair Gary Gensler, showcase the SEC’s strong commitment to its whistleblower program.
The SEC’s show of commitment comes in light of recent attacks against the program. In July, Bloomberg Law published an article overviewing an “investigation” into the SEC Whistleblower Program. The Bloomberg article contains several criticisms of the program and claims that the program “often ignores its own rules, shields much of its work from the public, and has been a financial boon for law firms that hired former agency officials.” An August article in the Atlantic argues that whistleblowing has been “tainted” by whistleblower award programs like the SEC’s.
Whistleblower advocates have been quick to rebut the arguments raised in these articles and to point out the conflicts of interests biasing the articles. On July 27, the founding partners of whistleblower law firm Kohn, Kohn & Colapinto (KKC), Stephen M. Kohn, Michael D. Kohn and David K. Colapinto, authored a rebuttal to the Bloomberg article. In the...
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