On August 23, the U.S. Securities and Exchange Commission (SEC) announced whistleblower awards totaling more than $99 million. In one award order, the SEC awarded more than $98 million to two whistleblowers whose disclosures contributed to a successful SEC enforcement action as well as successful related actions. In a second award order, the SEC awarded $1 million to whistleblowers who likewise voluntarily provided original information which contributed to the success of an enforcement action.

Through the SEC Whistleblower Program, qualified whistleblowers are eligible to receive monetary awards of 10-30% of the funds collected in enforcement actions which were aided by their disclosure. Overall, the SEC Whistleblower Program has now awarded more than $2 billion to whistleblowers since it was established in 2010.

$98 Million Award Order

In the $98 million award order, the SEC awarded $82 million to one whistleblower and $16 million to another.

According to the SEC, “the first whistleblower’s tip prompted the opening of the investigations, and thereafter provided critical additional information and ongoing assistance.”

The second whistleblower’s information “was provided later” but “significantly contributed to one aspect of the actions” the agency notes.

“Whistleblower information and cooperation play an integral role in the SEC’s enforcement efforts,” said Creola Kelly, Chief of the SEC’s Office of the Whistleblower. “Without these whistleblowers’ information, the...

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