SEC Whistleblower Program
On November 3, 2010, the Securities and Exchange Commission (SEC) proposed rules for implementing the Whistleblower Provisions of the Dodd-Frank Act, which rewards whistleblowers who provide original information about potential federal securities laws violations that leads to successful enforcement and monetary sanctions of over $1 million.
Under the proposed rules, whistleblowers could receive 10-30% of the SEC’s monetary recovery in a successful enforcement action that results in sanctions of over $1 million if the tip consists of high-quality, original information based on the whistleblower’s independent knowledge or analysis, and meets certain additional conditions.
In addition to a potential monetary reward for whistleblower tips, the Dodd-Frank Whistleblower Provisions block employers from retaliating against whistleblowers.
As of September 30, 2010, the SEC had a fund of $451 million set aside for rewards under the Whistleblower Program (see http://www.sec.gov/news/studies/2010/whistleblower_report_to_congress.pdf).
Please click here to learn more about the SEC Whistleblower Program.
If you believe you have a tip for the SEC under the SEC Whistleblower Program, contact attorney Ian McLoughlin at email@example.com or call 617-439-3939.
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