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SEC Whistleblower Program Receives Over 3,000 Whistleblower Tips in FY2012

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The Securities and Exchange Commission (SEC) this month released its “Annual Report on the Dodd-Frank Whistleblower Program,” which announced that in fiscal year 2012 the agency received a total of 3,001 tips from all fifty states, Washington, D.C., Puerto Rico and from forty-nine foreign countries. Under the new program, the first reward was issued on August 21 to a whistleblower who reported a multimillion-dollar fraud. The report also found that out of the 3,001 tips received, the SEC issued 143 enforcement judgments and orders. These enforcement judgments and orders were posted by the Office of the Whistleblower as “Notices of Covered Action” because their monetary sanctions exceeded $1 million. Under the Dodd-Frank Whistleblower Program, individuals are given 90 days from the time in which these notices are posted to apply for a whistleblower incentive award.

“In just its first year, the whistleblower program already has proven to be a valuable tool in helping us ferret out financial fraud,” said SEC Chairman Mary L. Schapiro. “When insiders provide us with high-quality road maps of fraudulent wrongdoing, it reduces the length of time we spend investigating and saves the agency substantial resources.”
By R. Scott Oswald
The Employment Law Group® law firm is a leader in the field of whistleblower law and has published a guide on the SEC’s new rules for the Dodd-Frank whistleblower program.

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