- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2020-10-06T21:03:00
The record amount of whistleblower payouts by the SEC in fiscal year 2020 ($175M) happened because the agency made quickening the pace of awards a priority, whistleblower advocates say.
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The Securities and Exchange Commission has announced over $176 million in whistleblower awards in the first four months of the current fiscal year, already more than any other year in its history.
A $28 million whistleblower award announced Tuesday is the latest in an unprecedented stretch that has the SEC within reach of surpassing the record award total set in fiscal year 2020 just five weeks into FY2021.
The SEC announced the award of more than $10 million to a whistleblower whose “substantial” assistance throughout the course of an investigation was the sole driver behind a successful enforcement action.
The Consumer Financial Protection Bureau is warning companies against intimidating potential whistleblowers by forcing them to sign broad nondisclosure agreements to deter misconduct from coming to light.
A whistleblower will be paid $37 million by the Securities and Exchange Commission for providing original, credible information that led to a successful enforcement action.
Anonymous employees of OpenAI accused the company of requiring employees to sign nondisclosure agreements (NDAs) that “prohibited and discouraged” them from reporting securities law violations to federal regulators.
