Deadline Nears for First Dodd-Frank Payments

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Deadline Nears for First Dodd-Frank Payments

Whistleblowers Eligible for Hundreds of Millions in Rewards

Washington, D.C. October 30, 2011. The SEC is offering awards for employees who submitted information about 220 companies brought to justice earlier this year. However, with only days remaining before the November 10, 2011 deadline to claim awards, the SEC has not yet heard from most eligible employee whistleblowers.

Employee reports about the companies have resulted in the recovery of billions of dollars for the federal government. The reports were made over the past several years both to the SEC and to companies’ internal compliance programs.

The National Whistleblowers Center (NWC) is deeply concerned that an overwhelming majority of eligible whistleblowers do not know about the award program or the deadline. NWC Executive Director Stephen M. Kohn issued the following statement:

The SEC reward program is entering into a critical phase. The commission has published a list of companies that have paid sanctions over $1 million and for which whistleblowers can claim a reward. However, the NWC remains concerned that most whistleblowers are unaware of their eligibility and that the window of opportunity for filing a claim is very short. The failure to meet the November 10, 2011, deadline will result in automatic disqualification for any reward, regardless of the whistleblower’s contribution to the public interest.

The list of 220 companies with eligible employees includes Regions Bank, Dell Inc., Qwest Communications, BNY Mellon Securities, Citigroup, J.P. Morgan UBS Financial Services, and the Universal Corporation.Also on the list are companies that violated the Foreign Corrupt Practices Act (FCPA), such as Tyson Foods, General Electric, Johnson & Johnson, Royal Dutch Shell, and RAE Systems.

A full list of companies is posted here.

On Tuesday, November 1, 2011, at 1:00pm, Mr. Kohn will discuss the SEC award program and the implications of its upcoming deadline live on Honesty Without Fear on the Progressive Radio Network.

The National Whistleblowers Center (NWC) sister organization the National Whistleblower Legal Defense and Education Fund may be able to help whistleblowers looking for helping reporting fraud to the SEC find an attorney through the confidential Legal Assistance.

Links:

Honesty Without Fear radio show

List of 220 companies with employees eligible for awards

More information on Dodd-Frank whistleblower rules
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