On November 15, the U.S. Securities and Trade Fee (SEC) Whistleblower Program launched its Annual Report to Congress for the 2021 fiscal year. The report particulars a record-shattering fiscal yr for the company’s extremely profitable whistleblower program. Throughout the 2021 fiscal yr, the SEC Whistleblower Program acquired a file 12,200 whistleblower ideas and issued a file $564 million in whistleblower awards to a file 108 people. Over the course of the yr, the whistleblower program issued extra awards than in all earlier years mixed.
“The SEC’s Dodd-Frank Act whistleblower program has revolutionized the detection and enforcement of securities law violations,” stated whistleblower lawyer Stephen M. Kohn. “Congress needs to pay attention to this highly effective anti-corruption program and enact similar laws to fight money laundering committed by the Big Banks, antitrust violations committed by Big Tech, and the widespread consumer frauds often impacting low income and middle class families who are taken advantage of by illegal lending practices, redlining, and credit card frauds.”
“The report documents that whistleblowing works, and works remarkably well, both in the United States and worldwide,” continued Kohn. “The successful efforts of the SEC to use whistleblower-information to police Wall Street frauds is a milestone in the fight against corruption. Every American benefits from this program.”
Within the report, Appearing Chief of the Workplace of the Whistleblower Emily Pasquinelli states “[t]he success of the Commission’s whistleblower program in landmark FY 2021 demonstrates that it is a vital component of the Commission’s enforcement efforts. We hope the awards made this year continue to encourage whistleblowers to report specific, timely, and credible information to the Commission, which will enhance the agency’s ability to detect wrongdoing and protect investors and the marketplace.”
Geoff Schweller additionally contributed to this text.