The SEC and an unnamed agency awarded approximately $114 million to two whistleblowers who provided original information that led to the successful enforcement of three related actions.
In the Order, the SEC awarded approximately $110 million to one whistleblower for providing the agency with ongoing assistance and an independent analysis that included a "detailed suggested witness list and other charts," thereby saving the SEC significant time and resources. The SEC noted that the whistleblower's original information aided in all three actions and that, as a result of the assistance to the SEC, the whistleblower "suffered personal and professional hardships."
The SEC awarded approximately $4 million to a second whistleblower for providing the agency with original information that led to the successful enforcement of the SEC's action, but that did not affect the two other related actions. The SEC stated that the second whistleblower's information was "much more limited" as compared to the first whistleblower's, and noted the information was submitted only after SEC staff undertook "significant investigative steps."
The SEC's granting of the two awards led the agency to surpass $1 billion in total whistleblower awards since the issuance of its first award in 2012. The SEC highlighted the fact that nearly $500 million in whistleblower awards have been awarded in fiscal year 2021.
Primary Sources
- SEC Press Release: SEC Surpasses $1 Billion in Awards to Whistleblowers with Two Awards Totaling $114 Million
- SEC Order Determining Whistleblower Award Claim: File No. 2021-91
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