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Securities and Exchange Commission Received 3,001 Whistleblower Tips During Fiscal Year 2012

During this past fiscal year, the SEC received 3,001 whistleblower tips from tipsters in all 50 states and from 49 nations. Outgoing SEC Chairman Mary Schapiro said that the Commission’s whistleblower program has proven valuable in uncovering financial fraud. Earlier this month, the agency issued its “2012 Annual Report on the Dodd Frank Whistleblower Program.”

The SEC whistleblower program allows parties to offer up original, quality information about possible securities law violations. Should the information result in a successful SEC enforcement action that leads to over $1 million in monetary sanctions, the whistleblower is entitled to 10-30% of this amount. The award is paid to the whistleblower from the Investor Protection Fund.

If you are someone who has such information, do not hesitate to contact our Boston whistleblower lawyers at Altman & Altman, LLP today. Filing a Qui Tam case can be a complicated process especially when done without legal help. In addition to making sure that your rights are protected throughout the process, an experienced Massachusetts whistleblower attorney can make sure you receive the reward that you are owed.

This year, the SEC issued its first award to a whistleblower who received 30% of what was recovered. Also in FY 2012, 143 enforcement orders and judgments were issued that involved whistleblowers who, depending on the outcome, may potentially receive a percentage of any sanctions.

In other whistleblower news, US President Obama just signed a bill that provides federal workers that expose abuse, fraud, and waste in government operations with more protections. This includes making it easier to punish supervisors who try to get back at them for reporting the violations. Certain types of employees would also get specific protections. Also, for the first time, airport security employees under the Transportation Security Administration will get whistleblower protections.

2012 Annual Report on the Dodd Frank Whistleblower Program (PDF)

SEC Receives More Than 3,000 Whistleblower Tips in FY2012, Sec.gov, November 15, 2012

Whistle-Blower Bill For U.S. Workers Signed By Obama, Huffington Post/AP, November 27, 2012

More Blog Posts:
Whistleblowers That Report Bribes to Foreign Officials to the SEC May Also Be Entitled to 10-30% of Recovery, Boston Injury Lawyer Blog, October 26, 2012

Pharmaceutical Fraud: GlaxoSmithKline Enters Guilty Plea to Allegations It Marketed Wellbutrin and Paxil for Unapproved Uses and Didn’t Report Avandia Clinical Data; Will Pay $3B, Forfeit $43 million, Boston Injury Lawyer Blog, July 3, 2012

Virologists File Whistleblower Lawsuit Against Merck Over MMR Vaccine, Boston Injury Lawyer Blog, June 16, 2012