-- SEC received more than 30,000 tips from 119 countries as of June 30
In the first half of 2019, the Securities and Exchange Commission’s Whistleblower Office paid out more than $57.5 million to SEC whistleblowers, nearly 90 percent of which went to two whistleblowers who tipped the authorities in one of the largest enforcement actions initiated by the Commission.
According to Labaton Sucharow’s 2019 Half-Time Report, the SEC has received nearly 30,000 tips from 199 countries since the program’s inception highlighting the global reach and considerable momentum it has created since 2011.
The report noted that during the first half of the year the Commission paid the largest portion of the $57.5 million—$50 million—to two whistleblowers in March for assisting the agency in bringing a successful enforcement action charging J.P. Morgan Securities LLC (JPMS) and JPMorgan Chase Bank N.A. (JPMCB) with securities violations for failing to disclose conflicts of interest to clients.
Jordan A. Thomas, chair of Labaton Sucharow’s Whistleblower Representation Practice, served as counsel to one of the whistleblowers, a J.P. Morgan executive, who cooperated in the agency’s investigation. The case, in which JPMS and JPMCB agreed to pay $267 million to settle the charges in December 2015, is one of the largest enforcement actions initiated by an SEC whistleblower since the SEC Whistleblower Program was enacted.
The report also highlighted exciting developments in the whistleblower programs established around the world; key legislative issues stateside; and provide forecasts on what to expect in the days ahead. For more information on the report click here.