On Thursday, July 28, 2022, the Utah Division of Securities joined a panel with other state securities regulators to discuss Utah’s Securities Fraud Reporting Program Act. The panel was hosted by the National Whistleblower Center to recognize National Whistleblower Day (celebrated on July 30th this year). National Whistleblower Day commemorates the contributions of whistleblowers around the world who courageously stepped forward to expose investment fraud and abuse.
Utah was the first state to enact a whistleblower statute to allow individuals to anonymously report securities fraud to the Division. Other states have since modeled their whistleblower statutes after Utah’s program. According to Utah’s statute, if the information reported to the Division is original information that leads to a successful enforcement action that results in a sanction of $50,000 or more, a reporter is eligible for a whistleblower award. The amount of the award is determined by the Securities Commission and paid from the Securities Investor Education, Training, and Enforcement Fund.
To learn more about the Division’s whistleblower program, please visit the Division’s website at https://securities.utah.gov/enforcement/file-a-whistleblower-referral/.