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Articles Tagged with whistleblower lawsuit

The US Securities and Exchange Commission (SEC) has awarded $50M to two individuals who acted as whistleblowers, helping the regulator to render a successful enforcement action because of the quality information they provided. Details of the enforcement action and the identity of the whistleblowers are not disclosed so as to protect their identities. However, the SEC did announce that one of the whistleblower awards is for $37M and the other is for $13M.

The SEC awards individuals that voluntarily share unique, credible, timely, and relevant information that then leads to a successful enforcement action when the resulting monetary sanctions imposed is more than $1M. 10-30% of that may then be awarded to the SEC whistleblower , or in some case, the whistleblowers.

Since the inception of the SEC whistleblower program in 2012, the regulator has awarded 61 individuals about $376M. All whistleblower awards come out of an investor protection fund set up by Congress. Money in the funds come out of monetary sanctions that have been paid to the Commission. Whistleblower awards are never taken out of any funds that investors who sustained losses from fraud might be able to recover.

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