BOSTON, Jan. 24, 2023 /PRNewswire/ -- The U.S. Securities and Exchange Commission ("SEC") announced today that clients of Pugsley Wood LLP ("Pugsley Wood") will collectively receive a whistleblower award totaling more than $28 million. According to the SEC, Pugsley Wood's clients provided "detailed information [that] prompted the opening of the SEC staff's investigation and . . . provided substantial analysis and ongoing assistance, which resulted in the return of millions of dollars to harmed investors." Represented by Pugsley Wood partner, Bryan A. Wood, the whistleblowers received the maximum allowable award for their assistance.
"Our clients had the courage to blow the whistle while others stayed silent for many years," said Mr. Wood. "This award is long-awaited validation for their selfless actions, which saved investors tens of millions of dollars. We commend them for their efforts."
The SEC's Order granting the award noted that the whistleblower's information and assistance "was critical to staff's ability to identify and investigate the unlawful securities violations" and, further, that "there is a close nexus between their information and the Commission's charges."
Since its inception, the SEC Whistleblower Program has paid out approximately $1.4 billion to 337 individuals. Whistleblowers can be eligible for an award when they voluntarily provide the SEC with original, timely, and material information that leads to a successful enforcement action.
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