On January 24, the U.S. Securities and Exchange Commission (SEC) issued a $28 million award to four whistleblowers who jointly submitted original information to the SEC that contributed to the success of an enforcement action. The whistleblowers’ disclosure helped the agency return millions of dollars to harmed investors.
“Whistleblowers play an instrumental role in helping the SEC detect and prosecute wrongdoing and in protecting investors and the capital markets,” said Creola Kelly, Chief of the SEC’s Office of the Whistleblower. “Whistleblowers perform an incredible public service, as reflected by today’s award.”
According to the SEC’s award order, the joint whistleblowers’ “information and assistance was critical to staff’s ability to identify and investigate the unlawful securities violations and resulting Covered Action and there is a close nexus between their information and the Commission’s charges.”
The SEC further notes that the whistleblowers’ initial disclosure led to the opening of the SEC’s investigation and that the whistleblowers “met with Commission staff on several occasions and provided substantial ongoing assistance throughout the investigation.”
Through the SEC Whistleblower Program, qualified whistleblowers are entitled to awards of 10-30% of the sanctions collected by the SEC in the case connected to their whistleblowing. To qualify for an award, an individual must voluntarily disclose original information to the SEC that contributes to the success...
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