SEC Awards Approximately $6 Million to Five Whistleblowers
- posted: Jul. 14, 2022
- Whistleblower Litigation
On April 25, the U.S. Securities and Exchange Commission issued whistleblower awards to two groups of recipients comprising five total whistleblowers. According to the SEC, both of these group sof whistleblowers significantly assisted in cases by providing information and ongoing assistance that ultimately led to the success of the same enforcement action taken.
The first group of whistleblowers provided crucial documents that prompted staff to seek out additional documents from the respondent in the case. These documents ultimately proved to be the core of the SEC’s case against the securities violator. This first group also continued to provide the Commission with assistance throughout its ensuing investigation.
The second group of whistleblowers gave the SEC first-hand accounts of wrongdoing, and the individuals of this group were able to share their familiarity with systems and business processes that were involved in the wrongdoing. This group also provided continuing assistance throughout this investigation, including going on the record with their testimony.
The SEC Whistleblower Program offers monetary awards and protections against retaliation to whistleblowers. Whistleblowers in qualifying circumstances can earn awards of 10 to 30 percent of sanctions collected when total sanctions exceed $1 million.
Fiscal Year 2021 saw a record year for whistleblower awards, with approximately $564 million being awarded to 108 whistleblowers. Total whistleblower awards have exceeded $1.2 billion since the program’s inception in 2012, with 268 total whistleblowers earning awards.
For more information about how to file a complaint through the SEC’s whistleblower program, contact an experienced whistleblower lawyer at Kardell Law Group.