Yesterday, the Securities and Exchange Commission (SEC) announced a joint whistleblower award of over $2.5 million. According to an SEC press release, the whistleblowers provided assistance in an investigation that led to several successful enforcement actions.
This award marks the second whistleblower award granted by the SEC in the past two days.
“The SEC Whistleblower Program continues to be a flagship operation for ensuring whistleblowers get their well-deserved pay day,” said whistleblower attorney Stephen M. Kohn, partner at Kohn, Kohn & Colapinto.
SEC whistleblowers who proved the Commission with timely, credible, original information that lead to successful enforcement actions can become eligible for awards.
Under the Dodd Frank Act, the SEC Whistleblower Program must protect the confidentiality of whistleblowers and will not reveal any information that could expose their identity.
Since 2012, the SEC Whistleblower Program has issued $510 million in whistleblower awards to 92 individuals.
“Detailed analysis by outsiders of companies can have a significant impact on the enforcement of the federal securities laws,” said Jane Norberg, Chief of the Office of the Whistleblower. “Today’s award demonstrates the Commission’s commitment to awarding individuals who provide high quality independent analysis that leads to successful enforcement actions.”