SEC Issues Whistleblower Awards Totaling $3 Million
- posted: May 24, 2022
- Whistleblower Litigation
The U.S. Securities and Exchange Commission (SEC) recently issued three separate whistleblower awards totaling approximately $3 million. According to the commission, each of these awards featured whistleblowers who voluntarily provided the agency with information that led to a successful enforcement action.
The first case resulted in a $1.5 million award to a whistleblower who provided original information that prompted the SEC to open an investigation into alleged securities laws violations. The whistleblower continued to assist SEC investigators during the investigation.
The second whistleblower received over $1 million. This individual was an insider that first reported the violations internally. The disclosures made by that whistleblower to the SEC prompted the commission to open an investigation and also helped save significant time and resources. The whistleblower continued to assist the SEC throughout the investigation.
The third whistleblower received more than $400,000 after they provided allegations that were significant in contributing to charges brought by the SEC in an enforcement action. That whistleblower first reported their concerns internally, which caused the company to cease the conduct. They then submitted a detailed tip to the SEC, and assisted investigators throughout the process.
SEC whistleblowers can receive 10 to 30 percent of funds collected in enforcement actions brought due to their information. To learn more about the whistleblower awards program and how to submit information, contact an experienced whistleblower lawyer at Kardell Law Group.