On January 19, the U.S. Securities and Exchange Commission (SEC) announced that three whistleblowers who provided “information and assistance” that “led to a successful enforcement action” will receive $18 million.
Through the SEC Whistleblower Program, the SEC pays monetary awards to individuals who voluntarily disclose information that leads to a successful enforcement action. These awards are for 10-30% of the sanctions collected in the successful action.
According to the award order, three whistleblowers will receive the $18 million award, while one individual’s award claim was denied. One whistleblower accepted the award determination, while the three other applicants “filed timely responses contesting the Preliminary Determinations” made by the Claims Review Staff (CRS). The CRS then “confirmed its original recommendations” after reviewing the individuals’ arguments.
All individuals mentioned in the award order filed their whistleblower claims on time. The CRS’ Preliminary Determinations deemed that three whistleblowers “voluntarily provided original information to the Commission that led to the successful enforcement of the referenced Covered Action.” The CRS denied an award to the fourth individual because they “did not provide original information that ‘led to’ the success of the Covered Action as required under Exchange Act Rule 21F-4(c).” Additionally, the CRS decided that this individual “ is not eligible for the automatic waiver under Exchange Act Rule...
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