On March 24, the U.S. Securities and Exchange Commission (SEC) granted a whistleblower award to an individual who voluntarily provided original information which led to four successful enforcement actions, despite the fact the whistleblower missed the award claim filing deadline for two of the actions.
Through the SEC Whistleblower Program, qualified whistleblowers are eligible to receive monetary awards of 10-30% of the sanctions collected in connection with their disclosure when their information contributes to an enforcement action where the SEC is set to collect at least $1 million. Based on the current collections, the whistleblower was only awarded $4,000 at this time.
According to the award order, the whistleblower “alerted the Commission to the misconduct which prompted the opening of the investigation and then provided ongoing assistance.”
To receive a whistleblower award, an individual must submit a completed Form WB-APP to the Office of the Whistleblower within 90 days of the posting of a Notice of Covered Action for the relevant enforcement action.
According to the SEC, the whistleblower submitted their award claim for one covered action 1 approximately three weeks after the filing deadline submitted their award claim for the second covered action one day after the filing deadline.
However, the SEC decided to exercise its general exemptive authority under Section 36(a) of the Exchange Act to waive the filing deadline. Section 36(a) provides the Commission with...
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