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The SEC Whistleblower Program
On Oct. 1, 2013, the Securities and Exchange Commission (SEC) announced that it had awarded more than $14 million to an unidentified whistleblower who provided information leading to a successful enforcement action ' by far the largest payout to date under the SEC's two-year-old whistleblower program. Later that same month, on Oct. 30, the SEC announced another whistleblower award of more than $150,000.
To put these recent awards in context, before Oct. 1, 2003, the SEC had made awards to four whistleblowers; combined, they totaled only around $75,000. The SEC announced the first award under the program on Aug. 21, 2012: approximately $50,000 paid to a single whistleblower. A year later, in August 2013, the SEC announced that three whistleblowers who helped the SEC bring a case against Locust Offshore Management and its CEO Andrey Hicks would share an award of $25,515.
Judging by the number of recent media reports, the two whistleblower awards announced in October 2013, one of them an eye-catching $14 million, already have increased the visibility of the SEC's whistleblower program. In the fiscal year ending Sept. 30, 2013, the SEC received 3,238 whistleblower tips and complaints. After the announcements made in October 2013, it is reasonable to assume that this number will increase, perhaps dramatically, in fiscal year 2014.
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