The U.S. Securities and Exchange Commission (SEC) has awarded more than $28 million to seven whistleblowers whose insider information and assistance led to a successful enforcement action.
The primary whistleblower in the case received the largest share, $13 million, for their early and contribution to the investigation. Four additional tipsters, who also provided valuable early information, shared another $13 million. The sixth and seventh whistleblowers, who came forward with new but more limited information later in the investigation, jointly received $2 million.
According to the SEC, all these whistleblowers contributed to the success of the investigation. Their input not only provided essential leads but also saved the SEC’s enforcement staff considerable time and resources. The early contributions of the primary tipster and the group of four were particularly impactful in the early stages of the investigation.
However, not all submissions led to rewards. Another individual who was considered a potential whistleblower was denied an award. The SEC determined that the information provided by this individual did not contribute to the case. This decision was made based on the fact that the SEC had already been investigating the case for about two and a half years, based on a news report, by the time this person provided information.
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