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SEC Rewards Two Whistleblowers with $23 Million Total

The U.S. Securities and Exchange Commission (SEC) recently announced a pair of new whistleblower awards, totaling $23 million.

The Commission made the announcement on June 2, stating the whistleblowers in question provided valuable information that led to a successful enforcement action by the SEC and another partnering agency.

The awards were for $13 million and $10 million. The second award was smaller, because the SEC said that whistleblower “unreasonably delayed by waiting several years to report the conduct to the Commission, during which time the conduct continued.”

Timeliness of reporting helps to increase the potential awards, but clearly the agency thought the second whistleblower’s information was very useful in its efforts to bring an enforcement action. Normally the SEC requires individuals to file their claim within 90 days of the SEC posting a Notice of Covered Action, and that second whistleblower exceeded the deadline by 18 days. However, the SEC waived the deadline in this case, noting that whistleblower’s “significant contributions.”

SEC program update

The SEC’s whistleblower program continues to go strong, with $928 million paid out to 166 individuals since issuing the Commission’s first award in 2012. The fiscal year that began October 1, 2020 has been the most successful in the history of the program, with 60 individuals receiving a total of $366 million, and four months still to go in the year as of the time this award was issued.

SEC whistleblowers are eligible to take home a 10 to 30 percent share of monetary sanctions exceeding $1 million when they provide the Commission with unique, timely and credible information that leads to a successful enforcement action. All information about the whistleblower and the case is kept confidential to prevent the whistleblower’s identity from being revealed and to ensure their safety.

To learn more about filing a complaint with the SEC’s Whistleblower Program, contact an experienced attorney at Kardell Law Group.

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