The Securities and Exchange Commission(“SEC”) paid out an award totaling more than $325,000 to a former employee of an investment firm for supplying them with information regarding fraudulent activities at his former firm including specific information regarding the individuals involved. The information allowed the SEC to open an investigation and discover the extent of the fraud. According to Andrew Ceresney, Director of the SEC’s Division of Enforcement, “whistleblowers are afforded significant incentives and protections under the Dodd-Frank Act and the SEC’s whistleblower program so they can feel secure about doing the right thing and immediately reporting an ongoing fraud rather than letting time pass.” The SEC Order states that the SEC Claims Review Staff found the whistleblower’s delay in reporting the violations “unreasonable”. Agency officials believe had the whistleblower disclosed the information while still employed at the firm the award would have been higher.Since the SEC whistleblower program began in 2011 more than $54 million dollars have been awarded to 22 whistleblowers. The range for awards is between 10% and 30% of the money collected in cases where sanctions over $1 million are ordered by the SEC. Jacko Law Group, PC (“JLG”) can assist your firm with the establishment of policies and procedures promoting internal reporting of employee complaints that are aligned with Dodd-Frank’s anti-retaliation provisions. For more information or to speak with a securities attorney on this and other related subjects, please contact us at email@example.com or (619) 298-2880.