Two whistleblowers have been awarded more than $6 million by the US Securities and Exchange Commission (SEC).

The SEC on Friday disclosed that the whistleblowers provided critical information and assistance in its investigation on two separate financial misconducts.

The US financial markets supervisor said it issued an order for the award of more than $3 million to each whistleblower.

However, in accordance with the Dodd-Frank Act, the SEC concealed the identity of the whistleblowers to protect them.

The agency explained that the first whistleblower alerted the body when they were solicited to invest in a product they believed was being misrepresented.

SEC said the whistleblower’s alert prompted the opening of an investigation into the issue.

Subsequently, the said whistleblower continued to cooperate with the regulatory authority’s enforcement staff, SEC said.

The second whistleblower is an insider who submitted a detailed scoop to the agency after initially raising the alarm internally on the matter, SEC explained.

The scoop aided the agency in opening an investigation into the matter, the securities markets supervisor pointed out.

Furthermore, the second whistleblower met with enforcement staff of the agency at various times during the course of the investigation to provide more information on the issue.

$1.3 Billion in Whistleblowers’ Awards

Creola Kelly, Chief of the SEC’s Office of the Whistleblower, noted that both insiders and outsiders are very instrumental to...

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