On July 17, the U.S. Securities and Exchange Commission (SEC) awarded over $37 million to a whistleblower who voluntarily provided original information that contributed to the success of an enforcement action.

Through the SEC Whistleblower Program, qualified whistleblowers are eligible to receive an award of 10-30% of the funds collected in the enforcement action related to their disclosure. The Commission weighs a number of factors in determining the exact percentage to award a whistleblower.

According to the SEC, the whistleblower “provided information not previously known to the SEC and which significantly contributed to a successful enforcement action” and “also met with Enforcement staff and identified potential witnesses and documents, which conserved staff time and resources.”

The award order specifies that the whistleblower’s information included “identifying witnesses and documents that helped save staff time and resources.”

The award order further notes that “there are high law enforcement interests here, as tens of millions of dollars were returned to harmed investors in the underlying Covered Action.”

The SEC does not release any identifying information about award recipients in keeping with its anonymity and confidentiality protections.

“Today’s award illustrates the importance of the SEC’s whistleblower program, as the whistleblower’s information helped the agency return millions of dollars to harmed investors,” said Creola Kelly, Chief of the SEC’s Office...

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