SEC Issues Whistleblower Awards Totaling More Than $4 Million
In the first order, the SEC awarded more than $2 million to a whistleblower who provided valuable information that resulted in SEC staff initiating an investigation, as well as ongoing assistance that included participating in multiple interviews and identifying key individuals and entities.The SEC also awarded more than $150,000 to another whistleblower, whose information prompted SEC staff to expand its investigation into other alleged conduct at the relevant company.
- In the first order, the SEC awarded more than $2 million to a whistleblower who provided valuable information that resulted in SEC staff initiating an investigation, as well as ongoing assistance that included participating in multiple interviews and identifying key individuals and entities.The SEC also awarded more than $150,000 to another whistleblower, whose information prompted SEC staff to expand its investigation into other alleged conduct at the relevant company.
- In the second order, the SEC awarded more than $1.1 million to a whistleblower who reported misconduct internally and was the first to alert the SEC to the violations.The SEC also awarded another whistleblower more than $500,000.While the second whistleblowers information was important, the first whistleblower's information was more significant as it was broader and more timely submitted.
- "Today's awards underscore the important role that whistleblowers play in detecting and halting securities laws violations,"said Emily Pasquinelli, Acting Chief of the SEC's Office of the Whistleblower.
- Whistleblower awards can range from 10-30%of the money collected when the monetary sanctions exceed $1 million.