Aggregated News From Investment Management Regulators

SEC Awards More Than $3.6 Million and $750,000 in Separate Whistleblower Awards

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Washington D.C., Nov. 5, 2020 —

The Securities and Exchange Commission today announced two separate whistleblower awards for total payments of over $4.3 million.

In the first order, the Commission awarded a whistleblower over $3.6 million for providing important information that alerted the Commission to misconduct occurring abroad. The whistleblower provided substantial and ongoing assistance to enforcement staff, which included traveling to another country at the whistleblower’s own expense to meet with staff in person and providing extensive supporting documentation.

In the second order, the Commission awarded $750,000 to a whistleblower who provided significant information that led the Commission to uncover an ongoing fraud. The whistleblower assisted Commission staff by meeting with them in person and explaining the likely mechanics of the fraudulent scheme.

“Whistleblowers play an important role in helping to identify misconduct, and the assistance they provide can be integral to an investigation,” said Jane Norberg, Chief of the SEC’s Office of the Whistleblower. “Both whistleblowers who received awards today reflect these important contributions whistleblowers can make to the success of enforcement actions.”

The SEC has awarded approximately $719 million to 112 individuals since issuing its first award in 2012. All payments are made out of an investor protection fund established by Congress that is financed entirely 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.

Whistleblowers may be eligible for an award when they voluntarily provide the SEC with original, timely, and credible 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.

As set forth in the Dodd-Frank Act, the SEC protects the confidentiality of whistleblowers and does not disclose information that could reveal a whistleblower’s identity.

For more information about the whistleblower program and how to report a tip, visit www.sec.gov/whistleblower.

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Regulator Information

Abbreviation: SEC
Jurisdiction: United States

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