The SEC’s whistleblower program has been a tremendous success for its enforcement program. In its latest fiscal year, the SEC received more than 18,000 whistleblower tips and issued awards of almost $600 million (including $274 million to a single whistleblower). Those tips likely resulted in hundreds, if not thousands, of new investigations.
The SEC’s enforcement division also recently took steps to protect whistleblowers by bringing a series of enforcement actions against companies that supposedly used confidentiality agreements to impede whistleblowers.
Thomas Zaccaro and Deeksha Kohli recently published an article for the Daily Journal, titled: “The SEC’s recent enforcement actions confirm whistleblower protections.” The article examines those cases and discusses practical steps for employers to avoid similar enforcement scrutiny.
Mr. Zaccaro is a leading SEC defense lawyer. He previously served as the Chief Trial Counsel of the SEC’s Los Angeles Office and as an Assistant United States Attorney for the Southern District of New York.