6 ms·
SEC awards more than $20M to whistleblower at unnamed company
- zenmacro 4y agoAre we conjecturing that the unnamed company is FTX?
- wmf 4y agoIt's not. These awards take years to pay out.
- whateveracct 4y agoSadly there's obvious innuendo to this post
- vkou 4y agoNo, generally bounty awards are made out of recovered funds/punitive fines/damages.
- ratg13 4y agoThis would have happened at least 1-2 years in the past.
- clueless 4y agodang, did Caroline get $20 million out of this?
- pepy 4y agohttps://twitter.com/ParikPatelCFA/status/1598450343523897355 https://twitter.com/ParikPatelCFA/status/1598450343523897355
- nerpderp82 4y agoHilarious that a company can break the law that badly and still be unnamed.
- 1123581321 4y agoThe company's name can be found in the published list of enforcement actions. The whistleblower award announcement is decoupled from it and anonymized to protect the whistleblower. No, I don't know the company's name.
- ratg13 4y agoThe company was likely drug through the mud very publicly. The omission here is to protect the whistleblower from retribution, greedy relatives, blacklisting, etc.
- pdq 4y ago"Whistleblower awards can range from 10 to 30 percent of the money collected when the monetary sanctions exceed $1 million." That's a big sanction.
- OJFord 4y agoI suppose, but not at all rare. ~$60-200M; they're frequently hundreds.
- mikeyouse 4y agoLike WMF mentioned - it takes years for SEC whistleblower awards to be paid out. As of 2021, the median time to file was 22 months and for complex cases like the type that would pay out $20M awards, it was closer to 35 months. This has nothing to do with FTX, especially since the SEC hasn't collected any funds from them that could be awarded. https://www.sec.gov/files/enforcement-annual-report-2020.pdf https://www.sec.gov/files/enforcement-annual-report-2020.pdf
- miohtama 4y agoUnnamed Company could be Danske Bank as penalties were announced today and the amount of the figure is in line with the fines. https://www.sec.gov/news/press-release/2022-220 https://www.sec.gov/news/press-release/2022-220
- hmate9 4y agoAs someone who knows nothing about how they operate it would greatly surprise me if they didn’t obfuscate the time these announcements are made. Otherwise what’s the point of not saying the name of the company if you announce at the same time? So probably just a coincidence (I hope).
- ROTMetro 4y agoYou are way overestimating the Feds.
- LatteLazy 4y agoThis sort of program is basically the only thing that would make me whistleblow. Why we don't have it in the UK I do not know.
- deleted 4y ago[deleted]