- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Jeff Dale2023-08-04T18:14:00
The Securities and Exchange Commission (SEC) announced awards totaling more than $104 million to seven whistleblowers whose information and assistance led to a successful enforcement action.
The combined award is the fourth largest in the whistleblower program’s history, the agency said in a press release Friday.
“[S]pecific and credible information plays an integral part in the SEC’s enforcement efforts,” Creola Kelly, chief of the SEC’s Office of the Whistleblower, said in the release. “These whistleblowers provided information that helped enforcement staff detect and prosecute wrongdoing in a timely manner.”
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Commercial real estate services and investment firm CBRE agreed to pay $375,000 to settle allegations by the Securities and Exchange Commission that its separation agreements violated whistleblower protections.
The SEC announced a $104 million award split among seven whistleblowers, but the fact nearly a dozen claimants contacted the agency seeking to provide information related to one action should be notable to companies regarding the stakes of the current whistleblower landscape.
The Supreme Court agreed to hear arguments in a case, Murray v. UBS Securities, that has focused attention on the burden of proof whistleblowers reporting misconduct internally must meet to establish retaliation by their public company employer.
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.
