The website of the Securities and Exchange Commission's whistleblower program is rather welcoming. Its introductory text explains that, “whistleblowers can help the Commission identify possible fraud and other violations” allowing it to “minimize the harm to investors, better preserve the integrity of the United States' capital markets, and more swiftly hold accountable those responsible for unlawful conduct.”
The SEC has been faithful to its practice of keeping cases and whistleblower identities private ever since the Office of the Whistleblower was first established. Partly because of this, SEC whistleblower awards have always been extremely newsworthy, especially when the whistleblower's name somehow made its way into a journalist's desktop.
But if the SEC’s whistleblower awards have appeared to be a rarity so far, that seems to be about to change.
Securities Exchange Commission Whistleblower Program Gaining Momentum
In terms of scope, rewards, and recoveries, the program has been gaining momentum, and it has just hit an important benchmark. SEC has just awarded over $5 million to one whistleblower and $3.5 million to another, all in the span of one week. The $5 million award is the third largest amount the SEC has ever paid a whistleblower....