Aggregated News From Investment Management Regulators

SEC Awards Over $10 Million to Whistleblower

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Washington D.C., Oct. 29, 2020 —

The Securities and Exchange Commission today announced an award of over $10 million to a whistleblower whose information prompted the opening of an investigation and provided substantial, ongoing assistance to SEC staff throughout the investigation. In more than a dozen communications with the staff, the whistleblower provided key evidence, helped decipher communications, and distilled complex issues.

“After reporting internally and receiving no satisfactory response, the whistleblower alerted the agency to the securities violation and played a critical role during the investigation,” said Jane Norberg, Chief of the SEC’s Office of the Whistleblower. “Today’s award demonstrates the significant contributions that whistleblowers can make to substantially assist investigations and help the Commission save time and resources.”

The SEC has awarded approximately $687 million to 109 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 10-30% 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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