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Indiana Securities Division

Securities Division > File a Complaint > Whistleblower FAQ Whistleblower FAQ

 

Whistleblower Awards under the Indiana Uniform Securities Act

 

Who is a whistleblower/who can make a claim?

  • Individual with original information

What is original information?

  • Information that comes from the independent knowledge or analysis of the person reporting it
  • The information cannot be learned from court documents, media reports, or government audits
  • The information would not be known to the Securities Division if not for the whistleblower

How is a claim made?

  • The information and/or analysis must be provided voluntarily in writing to the Securities Division
  • The information must include a signed statement that the whistleblower reasonably believes that the act disclosed through the original information is a violation of the Indiana Uniform Securities Act
  • The request for an award must also be made in writing

How much is the reward?

  • Securities Commissioner can award up to 10% of the amount of the monetary penalty (includes fines and restitutions back to victims) to the whistleblower(s) in each case
  • Maximum of 10% awarded in each case to all whistleblowers
  • The Securities Commissioner decides the amount to be awarded and the distribution of that amount if there are multiple whistleblowers
  • Money for the award is taken from a separate fund that was created from fines imposed on securities violators and will not decrease the restitution going to victims

What factors does the Securities Commissioner use in determining the amount?

  • Significance of the information
  • Amount of cooperation from the whistleblower
  • Interest in deterring the type of violation the information uncovers

Who is not eligible for an award?

  • Any individual convicted of a crime in connection with the violation the information uncovered
  • Any individual who uncovered the information during the course of a required examination or audit
  • Any individual who provides false information or knowingly relies on false documents
  • Any individual who has a legal duty to disclose the information
  • A journalist who discovers the information while investigating a story
  • An employee of the Securities Division