SEC awards whistleblower more than $10 million

Securities SEC Enforcement Whistleblower

On October 31, the SEC announced that it awarded a whistleblower more than $10 million for providing information and assistance that significantly contributed to a successful enforcement action. According to the redacted order, the whistleblower’s actions, including providing substantial information to the SEC and meeting twice with SEC staff, resulted in the return of a significant amount of money to harmed investors. “The charges in the covered action had a close nexus with the whistleblower’s allegations, which were critical to the underlying investigation,” the SEC said in the announcement, explaining that the action “illustrates how the Whistleblower Program works to benefit, via financial remediation, investors who are victimized by those who violate our securities laws.”