Whistleblower Alert! SEC shames whistleblower for 'unreasonably delayed reporting to the Commission' after having just stated: ' Claimant 1, who persistently alerted the Commission to the ongoing abusive practices for a number of years...'
Whistleblower Alert! SEC shames whistleblower for 'unreasonably delayed reporting to the Commission' after having just stated: ' Claimant 1, who persistently alerted the Commission to the ongoing abusive practices for a number of years before the investigation was opened'.
Source: https://www.sec.gov/rules/other/2022/34-96124.pdf
ORDER DETERMINING WHISTLEBLOWER AWARD CLAIMS
The Claims Review Staff (โCRSโ) issued a Preliminary Determination recommending that ("Claimant 1") recieve a whistleblower award of about $2 million.
The CRS further recommended that receive a whistleblower award of about $500,000, which represents ) of the monetary sanctions collected in the Covered Action.1 For the reasons discussed below, the CRSโs recommendations are adopted.2
Finally, we note that, in contrast to Claimant 1, who persistently alerted the Commission to the ongoing abusive practices for a number of years before the investigation was opened, Claimant 2 delayed reporting to the Commission for several years after becoming aware of the wrongdoing. Accordingly, we find that Claimant 2 unreasonably delayed reporting to the Commission and that Claimant 2โs award should be set at percent in light of all the facts and circumstances.
Nothing like publicly dragging those you claim you want to come forward, especially when these claims have been made multiple times and no action was taken.
