Whistleblower Complains About Not Being Compensated By British Bank

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A disgruntled whistle blower who shared important information with a British bank has now reported that the US agencies are not taking him seriously. Victor Hong has said that the Justice Department has flouted the law when assessing whether he was due a payout for information he provided. Hong had spilled bean which led to probes into the British bank’s mis-selling of mortgage bonds in the run-up to the 2007-08 financial crisis.

Wong is a former ex-Royal Bank of Scotland (RBS) (RBS.L) employee who is now suing the U.S. Justice Department and Securities and Exchange Commission (SEC) for records that could relate to a bounty he says they owe him under a post-crisis whistle blower program.

The probe program and a resultant bounty has been a unique and novice move for law enforcement. According to the SEC spokesperson, the probe program promises cash rewards should information lead to regulatory action. This program started to receive thousands of tips since it started every year. Some advocates say only a token number of whistle blowers receive compensation and that the decision-making process over who should be rewarded is shrouded in secrecy.

Since it made its first payout in 2012, the whistle blower program has resulted in more than $2 billion in penalties and $387 million in rewards, SEC data shows. According to Hong, he has supplied evidence and testimony to other legal actions against the bank but its role, if any, in the RBS settlement does not come through easily.


Over the past 18 months, Hong has tried unsuccessfully to access SEC and Justice Department records that could shed light on why the agencies determined that the 2018 RBS settlement was not eligible for a reward, according to court filings.

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