Originally published at: SEC awards $279m to whistleblower, doubling the record | Boing Boing
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This is an insanely dumb amount of money to give someone for doing the right thing. If their ‘cut’ is 10%-30% of the sanctions, one is prompted to wonder whether any of the sanction sum goes towards those who may have been harmed by whatever it was that the whistle was blown on.
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It is, but, that is the point.
Not sure if the finance sector is the same as the health sector, but assuming so, we have annual training that everyone is required to take defined by the federal government that includes notice about whistleblower statutes including the percentage of recovered amount reward.
It is meant to put fear into organizations that if they are doing anything illegal, the worse it gets, the more attractive it is for your own employees to turn on you. So, don’t do anything that could ever put you in that situation!
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Has to be the Goldman Sachs settlement ($1 billion). None of the other cases were for anything near that amount.
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I found two SEC penalty announcements that would be in the running:
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All whistleblowers in government get is a no-expenses-paid one way ticket to a non-extradition country…
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I am not sure DC Solar would qualify, but that was one where a whistleblower definitely took them down and the fraud was in the 1 billion range.
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