It pays to be the squeaky wheel at the U.S. Securities and Exchange Commission (SEC), a pair of whistleblowers has found.
According to its latest whistleblower decision, the SEC paid over US$12 million to two tipsters for providing information and ongoing assistance that led to a successful enforcement action. However, the division of the spoils was contested.
The tipster that provided the information that prompted the SEC to open its investigation in the first place received a US$9 million award, while the other whistleblower received US$3 million.
According to the regulator’s order, the second whistleblower challenged the initial award decision, claiming, among other things, that they were the original source of the information that the first whistleblower reported to the commission.
However, the appeal was rejected.
The commission said that the first whistleblower deserved a larger award because the information they provided was more important to its investigation, and because they reported to the SEC several years before the second whistleblower.
The initial tip exposed information that would have been difficult for the regulator to uncover alone, the decision noted, adding the first tipster provided “extensive and ongoing assistance during the course of the investigation, including identifying witnesses and helping staff understand complex fact patterns and issues.”
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