On December 22, the U.S. Securities and Exchange Commission (SEC) announced more than $28 million in whistleblower awards granted to seven individuals who all voluntarily provided the Commission with original information which aided in the success of the same enforcement action.
The SEC awarded $13 million to a single whistleblower, $13 million to four joint whistleblowers, and $2 million to two other joint whistleblowers.
Through the SEC Whistleblower Program, qualified whistleblowers, individuals who voluntarily provide original information that leads to a successful enforcement action, are entitled to monetary awards of 10-30% of the funds collected in the enforcement action connected to their disclosure.
“These whistleblowers provided valuable information and substantial assistance that played a critical role in the SEC returning millions of dollars to harmed investors,” said Creola Kelly, Chief of the SEC’s Office of the Whistleblower.
According to the SEC’s award order, the whistleblowers who received the $13 million awards, “provided Enforcement staff with detailed and highly significant information early in the investigation that advanced the staff’s investigation, saved considerable Commission time and resources, bore a close nexus to the charges brought by the Commission in the Covered Action, and resulted in millions of dollars being returned to harmed investors.”
These whistleblowers also “provided ongoing assistance by, among other things, participating in...
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