Reward Whistleblower gets $279 Million

Reward whistleblower $240 million

In the US, several agencies reward whistleblowers for supplying information that helps repatriate money back to the US.

The agency that tends to reward whistleblowers the highest sums is the SEC (Securities and Exchange Commission). This agency acts similar to the UK’s FCA (Financial Conduct Authority).

The SEC rewards up to 30% of any money it secures through fines or that is repatriated back to the US. The award calculation can be a complicated one. It is calculated taking account on things like whether the Whistleblower brings a unique case or whether the information merely supports what the SEC already knew. There are other factors to be considered, not least the size of the possible repatriation.

In 2023 an unidentified whistleblower assisted the SEC and was awarded a colossal $279 million. Speculation is rife about who this could have been and it may or may not have been linked to the Danske Bank scandal. This based on the fact it can take years to receive the award and the amount Dansk bank was fined is somewhere near the ballpark figure to establish an award of that size.

Other agencies that reward whistleblowers in the US include, the IRS, DOJ and CTFC. All of the US agencies reward non-US domiciled whistleblowers under their laws. In 2015 Bradley Birkenfeld was awarded $104 million for uncovering an International Tax fraud. He disclosed illegal offshore accounts held in Switzerland by U.S. citizens through UBS bank to the IRS. He was located outside the U.S. but still able to claim a significant reward for his information.

In 2020, 97 non-US located whistleblowers were rewarded for information they supplied to the IRS.

Why do the US reward Whistleblowers?

Frequently, in fact more often than not, whistleblowers are retaliated against by the organisations they report against. It is almost certain, those that report in the financial industry will find themselves unemployable after reporting. This is why the US rewards them, in addition of course, to the fact the US can recover criminal money.

If you know something that could secure a reward, be very careful how you treat that information. Rewards can be denied if handled incorrectly. USe our whistleblowing apps, download them below, to report what you know and we can assist you to secure rewards that could be in the hundreds of millions of US Dollars.

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