This article is the third in the WNN series investigating FOIA documents from the SEC about the agency’s whistleblower program. The first article outlined Big Law’s newfound involvement in the SEC program and the second explained how the SEC data discredits recent critiques about favoritism and secrecy within the program.
Recent articles attacking the U.S. Securities and Exchange Commission (SEC) have alleged that its highly successful whistleblower program enriches fraudsters and a small group of well-connected whistleblower attorneys. In response to a Freedom of Information Act (FOIA) request filed by Whistleblower Network News (WNN) and the National Whistleblower Center (NWC), the SEC has released the 1034 pages of documents that served as the basis for the articles.
Whistleblower attorney Stephen M. Kohn, who represented WNN and NWC in their FOIA request to the SEC states that “the FOIA documents, along with the SEC’s Annual Reports to Congress and press releases concerning the whistleblower program, demonstrate the inaccuracy of these claims. The SEC Whistleblower Program has been an immense success. Most of the over $5 billion in funds recovered from fraudsters based on whistleblower complaints are returned to the U.S. Treasury or used to compensate harmed investors. Notably, due to the structure of the award program, zero dollars of taxpayer money has been spent on awarding whistleblowers and whistleblower attorneys,” Kohn, a founding partner at Kohn, Kohn &...
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