On May 5, the U.S. Securities and Exchange Commission (SEC) issued a $279 million whistleblower award, the largest ever granted by the agency. In the following month, the SEC Whistleblower Program continued to issue final decisions on whistleblower award claims, including two awards and seven denials.
Through the SEC Whistleblower Program, qualified whistleblowers are entitled to monetary awards of 10-30% of the funds collected by the government in the case aided by the whistleblower’s disclosure. To qualify for an award, a whistleblower must voluntarily provide the SEC with original information that contributes to the success of an enforcement action of at least $1 million.
The first of the two awards granted by the SEC was issued on May 18. A whistleblower received an award for 30% of the sanctions collected in the case connected to their whistleblowing. According to the award order, the whistleblower “provided significant information and details about the fraudulent scheme and relevant individuals and gave multiple interviews to Commission staff.”
In the second award order, the SEC awarded two whistleblowers $2 million and $500,000 respectively. The order, issued on May 26, explains that the first whistleblower’s information “was more important to the investigation because [the first whistleblower’s] information was received by the Commission several years before [the second whistleblower’s] information.”
The SEC notes that the first whistleblower “was the main source...
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