SEC’s Whistleblower Office has Made 6 Awards since Inception in 2011
The SEC’s Office of the Whistleblower, in its annual report to Congress, indicated that it has made 6 whistleblower awards since the OWB’s inception in August 2011. The OWB has awarded a total of $14.8 Million, although $14 Million was awarded to one claimant and 3 of the claimants gave information about the same case. Congress has allocated over $453 Million to the OWB’s investor protection fund. The OWB received 3238 complaints in fiscal 2013. The most common complaints involved Corporate Disclosures and Financials (17.2%), Offering Fraud (17.1%), and Manipulation (16.2%).
OUR TAKE: The OWB lauded the value of its office and the importance of the tips received. Yet, it has only made 6 awards in just over two years, three of which involved one case.