Since the onset of the COVID-19 pandemic, the number of whistleblower complaints received by regulators has exploded on both sides of the Atlantic. On November 15, 2021, the US Securities and Exchange Commission (SEC) reported that it paid out more in whistleblower awards in fiscal year 2021 than in all prior years combined since the whistleblower program began in 2011.1 The agency announced that it paid out approximately $564 million to 108 individuals based on over 12,200 whistleblower tips – an approximately 76% increase in tips from fiscal year 2020. This comes after the agency reported a historic increase in the number of tips received in fiscal year 2020, including 6,900 whistleblower tips, which was the most it had ever received in a single fiscal year until that time. 2 The trend is similar in Europe, with two notable whistleblower protection charities (Protect 3 and WhistleB4 ) reporting an increase of up to 40% in the number of whistleblowing complaints in 2020-21 when compared to previous years.
COVID-19 itself is a major contributor to these growing whistleblower numbers. With many employees working from home, they may feel less connected to their employers and colleagues and more inclined to reach out to the authorities without first raising allegations to their employer (for example, by way of the confidential whistleblowing hotline maintained by the Financial Conduct Authority in the UK). In addition, whistleblowers may also find it...
BUFFALO, N.Y. (WIVB) — The Buffalo Club, a private city club that has operated for more than 150 years, has agreed to pay $1.5 million to resolve claims that it falsely represented its eligibility...