Gearing Up for Annual Report, White Touts Whistleblower Program’s Success

As we await the Annual Report of the SEC Office of the Whistleblower—expected in mid-November—Mary Jo White categorically praised the program, citing its ‘enormous success’ in generating information about significant securities violations. In her address last week to the Ontario Securities Commission, which is considering the implementation of an incentive-based whistleblower program, White remarked that there was “no question” the US agency had achieved more with the program than it could have without it.

In FY 2014, the SEC awarded some $35 million to 9 whistleblowers, including the largest award to date, more than $30 million paid to a whistleblower living in a foreign country. Notably, that award represented less than the 30% maximum allowed under the program—because the whistleblower delayed coming forward to the SEC.

So while we share the agency’s enthusiasm, and salute a record-setting year, we are mindful that our work to educate whistleblowers continues. For more information on who can be a whistleblower and why timing matters in reports to the SEC, please feel free to reach out to us directly. 

By Jordan A. Thomas and Jennifer D. Larson