On January 10, the U.S. Securities and Exchange Commission issued two whistleblower awards totaling more than $4 million. The awarded whistleblowers provided the SEC with information and assistance which led to successful enforcement actions.
“These whistleblowers provided critical information and continued cooperation that helped the agency detect the securities laws violations,” said Creola Kelly, Chief of the SEC’s Office of the Whistleblower. “These awards highlight the importance of the SEC’s whistleblower program to the agency’s enforcement efforts and to its ability to maximize staff resources.”
In the first award order, the SEC awarded a whistleblower approximately $2.6 million for offering information and assistance that helped the agency obtain evidence of wrongdoing that was occurring abroad. The whistleblower first reported their concerns internally before contacting the SEC. According to the award order, the whistleblower provided information which “significantly contributed to an existing investigation” and “also communicated with the staff over the course of the investigation and identified potential witnesses.”
In the second award order, the SEC awarded approximately $1.5 million to joint whistleblowers. According to the award order, the whistleblowers “provided substantial ongoing assistance throughout the course of the investigation, providing several interviews and consulting telephonically with staff via counsel on numerous occasions, including before...
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