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  • SEC Releases Whistleblower Report

    Earlier this week the US Securities & Exchange Commission released its 2014 Annual Report to Congress on the Dodd-Frank Whistleblower Program.  You can access the report at http://www.sec.gov/about/offices/owb/annual-report-2014.pdf.  Highlights of the report include:

    • A steady rise in the number of whistleblower tips per year – 334 in FY2011, 3,001 in FY2012, 3,328 in FY2013 and 3,620 in FY2014
    • Its first anti-retaliation case brought on June 16, 2014 against Paradigm Capital Management resulting in a $2.2MM settlement
    • Corporate Disclosures & Financials, Offering Fraud, and Manipulation were the allegation types most prevalent in 2014 aside from “Other” allegations which don’t fit into a specific category
    • New York, California, Florida and Texas each had over 101 whistleblower tipsters
    • 60 whistleblower submissions from countries outside the US in FY2014 – only 23 prior to FY2014
    • $1,932,863.62 paid to whistleblowers in FY2014
    • Amount remaining in SEC whistleblower fund – $437,795,774.92!!!

    In summary, the amount of whistleblowing is mind-blowing and the amount available for distribution is even more so; therefore, don’t expect to see the trends going down from here.


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