FOR IMMEDIATE RELEASE
Thursday, June 4, 2020
Contact: prussell@bettermarkets.com or 202-618-6433
Washington, D.C. – Dennis Kelleher, President and CEO of Better Markets, issued the following statement in response to today’s announcement by the Securities and Exchange Commission (SEC) of a record whistleblower award of almost $50 million to a single individual:
“Today’s record award by the Securities and Exchange Commission of nearly $50 million to a whistleblower means that ripped off investors recovered no less than $100 million and as much as $450 million. That’s because whistleblower awards range from 10 percent to 30 percent of actual money recovered from wrongdoers and only if the whistleblower provided critical information leading to a successful case against the fraudster.
“The SEC whistleblower program has been a wild success since starting in 2011. Before today’s award, it has attracted more than 33,300 high-quality tips from individuals in 123 countries, resulting in the SEC recovering nearly $2 billion, including more than $1 billion in disgorgement, from fraudsters who broke the securities laws. More than $500 million of that has been returned to ripped off investors as detailed in a White Paper Better Markets is releasing today. None of that would have happened without the whistleblower program established by the Dodd-Frank Wall Street Reform and Consumer Protection Act. Unfortunately, the SEC is proposing a rule that would substantially impair this program; it should not do so, also as detailed in the white paper.”
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Better Markets is a non-profit, non-partisan, and independent organization founded in the wake of the 2008 financial crisis to promote the public interest in the financial markets, support the financial reform of Wall Street and make our financial system work for all Americans again. Better Markets works with allies – including many in finance – to promote pro-market, pro-business and pro-growth policies that help build a stronger, safer financial system that protects and promotes Americans’ jobs, savings, retirements and more. To learn more, visit www.bettermarkets.com.
