Whistleblower Advocates Praise 100 First Whistleblowers Awarded by SEC Program

Today, the Securities and Exchange Commission (SEC) announced their 100^th whistleblower award since the creation of the SEC Whistleblower Program as part of the Dodd Frank Act in 2010.  
 
“The first 100 Dodd-Frank Act whistleblowers proved that whistleblowing works,” said leading whistleblower attorney Stephen M. Kohn, partner at the qui tam law firm Kohn, Kohn & Colapinto. “It is now up to Congress to ensure that similar programs are enacted into law, existing programs are enhanced, and ultimately that whistleblowers are fully protected from the corporate backlash that always comes.” 
 
“The original information provided by these 100 Wall Street whistleblowers triggered the government to collect over $2.5 billion from fraudsters and return over $750 million to harmed investors.  These 100 whistleblowers are the true heroes,”  Kohn added.  
 
The SEC has now issued over $527 million to whistleblowers since 2010.   
 
Under the Dodd Frank Act, SEC whistleblowers who file award claims with the SEC are protected under law, ensuring that the Commission will not release any information that may reveal their identity.  
 
Last week, the SEC voted on proposed rule changes to the Whistleblower Program, resulting in the Commission backing down from major amendments that would have severely damaged the program.  All of the Commissioners acknowledged the key role whistleblowers play in detecting fraud.    
 
“Today’s award marks a milestone for the whistleblower program,” said SEC Chairman Jay Clayton.  “We remain dedicated to working quickly to get more money into the hands of whistleblowers,” Clayton added.  
 
Whistleblower attorneys Stephen Kohn and Mary Jane Wilmoth published an article today discussing the critical role played by these first 100 Dodd-Frank Act whistleblowers in holding Wall Street accountable for crimes against shareholders.  
 

Contact Information

Ben Kostyack

Public Relations and Communications Coordinator

Kohn, Kohn & Colapinto

ben.kostyack@kkc.com