In an article for Forbes.com, Phillips & Cohen partner Erika Kelton extolls the incredible achievements by Dodd-Frank whistleblowers in 2021, including the blockbuster revelations of Facebook whistleblower Frances Haugen.
Facebook whistleblower Frances Haugen may have been the most prominent of all the whistleblowers who stepped forward this year, but numerous corporate whistleblowers who were not publicly known secured great success through the Securities and Exchange Commission and Commodity Futures Trading Commission whistleblower programs.
FY 2021 saw the SEC award a staggering total $564 million to a record number of whistleblowers, far surpassing total whistleblower awards in past years. In addition, the SEC issued awards to 108 whistleblowers in FY 2021, which is more than the number of individuals who received SEC whistleblower awards in previous years combined (106 whistleblowers).
As an SEC whistleblower, Haugen could have remained anonymous in revealing the information, but her highly public revelations about Facebook and its parent company, Meta, are likely to inspire other tech industry whistleblowers to come forward. Meanwhile, the impressive success of the SEC and CFTC whistleblower programs will bring closer scrutiny of unsavory business practices in other industries and motivate many more to speak out.
Read the entire article, “SEC And CFTC Whistleblowers Flex In 2021,” on Forbes.com.