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Former SEC Lawyers Dominate Payouts Under Agency's Whistleblower Program, Study Finds
The U.S. Securities and Exchange Commission's widely hailed whistleblower program has paid millions in recent years to former SEC lawyers who have come to dominate the market for representing tipsters seeking payouts through the program, a new study found.
An analysis by Alexander Platt, an associate professor at the University of Kansas Law School, found that whistleblowers who retained counsel received substantially higher awards on average than those without, and of those who hired lawyers, a small group of repeat players — many of whom once worked at the SEC — was by far the most successful.
The study estimated that a quarter of the total award payouts the SEC issued from the inception of the whistleblower program in 2011 through 2020 went to clients of lawyers who formerly worked at the agency. Using a standard 30-40% contingency fee, Platt estimated that the SEC paid out between $53 million and $70 million to its own alumni.
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