Two Individuals Share Whistleblower Award of More Than $450,000
The whistleblower award is the third announced by the SEC in the past week, bringing the past week’s payouts to \\$10 million.
“The recent flurry of awards reflects the high-quality nature of the tips the SEC is receiving as public awareness of the whistleblower program grows,” said Sean X. McKessy, Chief of the SEC’s Office of the Whistleblower. “These two individuals not only submitted valuable tips to help open our investigation but also provided valuable assistance as we proceeded, showing that our program particularly rewards those eager to continue helping us throughout the process of bringing an enforcement action.”
By law, the SEC protects the confidentiality of whistleblowers and does not disclose information that might directly or indirectly reveal a whistleblower’s identity.
The SEC’s whistleblower program has now awarded more than \\$68 million to 31 whistleblowers since the program’s inception in 2011. Whistleblowers may be eligible for an award when they voluntarily provide the SEC with unique and useful information that leads to a successful enforcement action. Whistleblower awards can range from 10 percent to 30 percent of the money collected when the monetary sanctions exceed \\$1 million. All payments are made out of an investor protection fund established by Congress that is financed through monetary sanctions paid to the SEC by securities law violators. No money has been taken or withheld from harmed investors to pay whistleblower awards.
For more information about the whistleblower program and how to report a tip: www.sec.gov/whistleblower.