Good summary of recent findings by the SEC from our friends at Taylor Wessing although I wonder whether the awards made by the SEC now exceed $200 million given that Bradley Birkenfeld got $104 million in 2012.
There has been much debate between professionals as to the appropriateness of rewarding whistleblowers. Its supporters point out that many (possibly most) whistleblowers are unable to continue to work in their organisation once they have blown the whistle, so need to be compensated for this, but to the level of a lottery win?
As ever the attitude in the UK is very different to that in the US.
I've heard Bradley Birkenfeld speak at conferences and hope to catch up with him again when he is in London in November; he certainly speaks his mind. I guess that he speaks at such events because he has a real passion for promoting the ethos of whistleblowing; he certainly doesn't speak for the appearance fee.
On 30 August 2016 the US Securities and Exchange Commission (SEC) announced that it paid a US$22.4 million award to a whistle-blower, the second largest whistle-blower payment made by the SEC to date. The award was made to a former employee of the agricultural company Monsanto who reported accounting improprieties relating to one of the company’s top selling products. The SEC reached an US$80 million settlement with Monsanto in February. In another recent case, a whistle-blower who reported the over-valuation of a derivatives portfolio by Deutsche Bank declined his share of a US$16.5 million award. The whistle-blower reportedly considered that the SEC did not do enough to punish senior executives responsible for the wrongdoing. this case is reportedly the first time that a whistle-blower has declined an award.