On April 25, the U.S. Securities and Exchange Commission (SEC) issued approximately $6 million in whistleblower awards to two groups of whistleblowers, comprised of five individuals total. Both groups of whistleblowers provided the SEC with information and assistance that contributed to the success of the same enforcement action.
According to the award order, the first group “provided staff with key documents that led the staff to seek additional documents from the respondent, which formed the core of the Commission’s case.” That group also provided the SEC with ongoing assistance throughout the investigation. This included “providing documents and information to assist the staff’s understanding of the respondent’s business practices,” according to the SEC.
The second group provided the SEC with first-hand accounts of the wrongdoing and was familiar with systems and business processes involved in the misconduct. According to the award order, the second group “was also interviewed by the staff and provided continuing assistance, including on-the-record testimony.”
“Whistleblower tips are an integral component of the Commission’s enforcement program,” said Creola Kelly, Chief of the SEC’s Office of the Whistleblower. “Today’s whistleblowers provided credible information and assisted an ongoing investigation.”
The SEC Whistleblower Program offers both monetary awards and anti-retaliation protections to whistleblowers. Qualified whistleblowers are entitled to awards of 10-30%...
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