Recent developments at the Securities and Exchange Commission Office of the Whistleblower indicate that the SEC is increasing the frequency and types of rewards it gives to employees who report SEC infractions.
The SEC recently announced a whistleblower award payment in connection with its first retaliation case, awarding over $600,000 to an employee who received a demotion because the employee submitted information about potential misconduct at the company to the Office of the Whistleblower.
Whistleblower activity in general also appears to be on the rise. In the 2014 fiscal year, the Office of the Whistleblower received more claims and paid more rewards than in previous years.
The combination of increasing numbers of whistleblower tips and the SEC bringing broader types of enforcement actions makes it critical that your company revisit its whistleblower policies.
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