Florida One of Top Three States for SEC Whistleblower Tips By Tod Aronovitz | 11/26/13 | 0 Comment

In an annual SEC Whistleblower report to Congress, Sean X. McKessy, Chief of the Securities and Exchange Commission’s Office of the Whistleblower (OWB), called fiscal year 2013 a “historic one,” reporting that the number of tips to the Dodd-Frank whistleblower program is showing growth.

Now in its third year of operation, the whistleblower program received 3,238 tips, complaints and referrals in fiscal year 2013, versus 3,001 in fiscal year 2012, an increase of 8 percent. Since its inception in August 2011 until September 30, 2013, a total of 6,573 tips, complaints and referrals have been submitted to the program, the annual SEC Whistleblower report pointed out.

According to the report, the Commission received whistleblower information from individuals in all 50 states, the District of Columbia, and the U.S. territories of Puerto Rico, Guam, and the U.S. Virgin Islands during FY2013. California, New York and Florida ranked as the top states from which the highest number of whistleblower tips originated in FY2013.

The Commission has received whistleblower tips from outside the U.S. as well.  Since the beginning of the program, individuals in 68 countries have provided information, and in FY2013 alone, individuals from 55 foreign countries have submitted tips, complaints or referrals.

“Corporate Disclosures and Financials” (17.2%) accounted for the most common type of complaint reported by whistleblowers in FY2013, followed by “Offering Fraud” (17.1%), and “Manipulation” (16.2%).  In contrast, the most common complaint categories in FY2012 were “Corporate Disclosures and Financials” (18.2%), “Offering Fraud” (15.5%), and “Manipulation” (15.2%).

Two awards were presented in FY2013. One was split between three whistleblowers and the other was a record payout of more than $14 million, as reported in an Aronovitz Blog post on October 9.

Underscoring that protecting a whistleblower’s identifying information is one of the most crucial tenets of the OWB, the Office works with the SEC Enforcement Division to protect identities.  The SEC also allows individuals, who prefer to remain anonymous, to be eligible under the whistleblower program if they submit their whistleblower tip through an attorney. Although their identities must be disclosed to the Commission before they can be paid, the SEC does not publicly reveal identities when making the announcement of awards.

ARONOVITZ LAW: Miami Whistleblower / Qui Tam Law Firm

The Miami Qui Tam law firm of ARONOVITZ LAW routinely works with Miami whistleblowers to document Medicare fraud and other forms of fraud against the government. Contact Miami Whistleblower / Qui Tam lawyer Tod Aronovitz to discuss a case.