- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Kyle Brasseur2020-09-29T17:30:00
The Securities and Exchange Commission issued its 100th individual whistleblower award Monday when a tipster received $1.8 million for providing the agency with information that alerted staff to ongoing securities violations.
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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.
It’s no wonder the SEC recently issued new rules asserting its right to limit large whistleblower awards, because the agency handed them out in fiscal year 2020 at an unprecedented pace.
More than two years after proposing them, the Securities and Exchange Commission approved a series of controversial amendments to its whistleblower program designed to make the issuance of awards more streamlined and efficient.
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.
