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Financial Services Law Insights and Observations

SEC announces whistleblower awards totaling over $6.9 million

Securities SEC Whistleblower Enforcement

Securities

On December 1, the SEC announced a joint award of over $6 million to two whistleblowers whose information and assistance led to a successful SEC enforcement and related actions. According to the redacted order, the information led to “actions related to a complex [redacted] scheme involving multiple individuals and tens of millions of dollars in ill-gotten gains.” Moreover, the whistleblowers “substantially assisted” the SEC and another agency by “submitting information and documents, participating in interviews, and identifying key individuals involved in the misconduct.”

Earlier on November 19, the SEC announced a whistleblower award of over $900,000 in connection with an ongoing overseas securities investigation. According to the redacted order, the whistleblower provided “significant and timely information” to the Commission, which expanded and expedited the investigation and resulted in Commission charges. Additionally, the whistleblower “identified alleged violations that were occurring overseas, some of which would have been difficult to detect in the absence of [the whistleblower’s] information.”

The SEC has now paid a total of $728 million to 118 individuals since the inception of the program.

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