The U.S. Securities and Exchange Commission (SEC) announced a pair of new whistleblower awards at the start of November, both going to individuals who assisted the commission with their investigations into ongoing fraudulent schemes.
The first whistleblower received $3.6 million for their assistance. The SEC said this whistleblower alerted the agency to overseas misconduct and continued to provide valuable assistance throughout the investigation, even traveling to another country to meet with staff from the commission in person. They faced hardship in blowing the whistle and thus received a large award for their assistance.
The second whistleblower received a $750,000 award after meeting with commission staff in person and providing information about fraud that helped the SEC continue an ongoing investigation.
2020 has been a record year for the SEC Whistleblower Program, showcasing once again the importance of the program and how willing people are to take advantage of reporting when they know they will be protected and when they stand to gain something.
Since the Whistleblower Program was established via the Dodd Frank Act in 2010, the SEC has issued approximately $719 million in awards to 112 whistleblowers. Whistleblowers are eligible to receive 10 to 30 percent of the total sanctions in a case if those sanctions are valued at $1 million or more.
The program has helped to curtail billions of dollars’ worth of fraudulent activity over the last decade.
To learn more about how to participate in the SEC’s whistleblower program and the steps you should take if you are aware of fraudulent activity occurring within your workplace, contact an experienced whistleblower lawyer at Kardell Law Group today.