• SEC Issues First Whistleblower Program Award
  • August 28, 2012
  • Law Firm: Covington Burling LLP - Washington Office
  • On August 21, 2012, the Securities and Exchange Commission (SEC) issued the first award under its new whistleblower program. The whistleblower program was mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), and is governed by implementing rules of the SEC adopted in 2011. Neither the details of the underlying enforcement action (except that it involved a “multi-million dollar fraud”) nor the identity of the whistleblower was revealed. In its press release announcing the award, the SEC indicated that the whistleblower “provided documents and other significant information that allowed the SEC’s investigation to move at an accelerated pace and prevent the fraud from ensnaring additional victims.”