On August 9, the U.S. Securities and Exchange Commission (SEC) announced whistleblower awards totaling more than $16 million. The SEC granted the awards to two whistleblowers who separately provided original information which contributed to the success of the same enforcement action.
“The information and assistance provided by these two whistleblowers in helping to identify complex wrongdoing demonstrates the importance of the whistleblower program to the SEC’s enforcement efforts,” said Creola Kelly, Chief of the SEC’s Office of the Whistleblower. “These whistleblowers reported critical information that aided the SEC’s investigation and provided extensive, ongoing cooperation that helped stop the wrongdoing and protect the capital markets.”
Through the SEC Whistleblower Program, qualified whistleblowers, individuals who voluntarily provide the agency with original information that leads to a successful enforcement action, are entitled to monetary awards of 10-30% of the proceeds collected.
In determining the exact percentage to award a whistleblower, the SEC weighs a number of factors. On August 9, the SEC awarded one whistleblower (“Claimant 1”) $13 million and a second whistleblower (“Claimant 2”) $3.3 million for providing information that contributed to the same enforcement action.
According to the SEC award order, “Claimant 1 contributed substantially more to the success of the Covered Action than Claimant 2” and “Claimant 1’s information was received by the...
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