[HN Gopher] SEC awards more than $20M to whistleblower at unname...
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       SEC awards more than $20M to whistleblower at unnamed company
        
       Author : jasonhansel
       Score  : 50 points
       Date   : 2022-12-13 19:48 UTC (3 hours ago)
        
 (HTM) web link (www.sec.gov)
 (TXT) w3m dump (www.sec.gov)
        
       | clueless wrote:
       | dang, did Caroline get $20 million out of this?
        
         | pepy wrote:
         | https://twitter.com/ParikPatelCFA/status/1598450343523897355
        
       | [deleted]
        
       | LatteLazy wrote:
       | This 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.
        
       | nerpderp82 wrote:
       | Hilarious that a company can break the law that badly and still
       | be unnamed.
        
         | ratg13 wrote:
         | The company was likely drug through the mud very publicly.
         | 
         | The omission here is to protect the whistleblower from
         | retribution, greedy relatives, blacklisting, etc.
        
         | 1123581321 wrote:
         | The 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.
        
       | pdq wrote:
       | "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 wrote:
         | I suppose, but not at all rare. ~$60-200M; they're frequently
         | hundreds.
        
       | miohtama wrote:
       | Unnamed 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
        
         | hmate9 wrote:
         | As 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).
        
       | mikeyouse wrote:
       | Like 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
        
       | zenmacro wrote:
       | Are we conjecturing that the unnamed company is FTX?
        
         | wmf wrote:
         | It's not. These awards take years to pay out.
        
           | whateveracct wrote:
           | Sadly there's obvious innuendo to this post
        
         | ratg13 wrote:
         | This would have happened at least 1-2 years in the past.
        
         | vkou wrote:
         | No, generally bounty awards are made out of recovered
         | funds/punitive fines/damages.
        
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       (page generated 2022-12-13 23:01 UTC)