Today, the Securities and Exchange Commission (SEC) announced a whistleblower award of $1.1 million granted to an individual whose reporting served as an “emergency action” that prevented further investor harm.
According to the award order, the SEC whistleblower’s initial tip led the Commission to re-focus an ongoing investigation and inquire into different conduct, saving the SEC time and resources.
In this case, the whistleblower conducted an independent analysis based on publicly available material and revealed new insights into ongoing securities fraud.
Established under the Dodd Frank Act of 2010, the SEC Whistleblower Program has now issued over $720 million in awards to 113 individuals. Whistleblowers who file award claims with the SEC are provided with full anonymity and confidentiality to ensure no retaliation occurs.
Whistleblowers who provide the Commission with original and timely information of securities fraud can become eligible for awards ranging from 10 to 30 percent of the total monies collected if the sanctions exceed $1 million.
“Today’s award reflects the Commission’s commitment to award whistleblowers who provide high-quality independent analysis,” said Jane Norberg, Chief of the SEC’s Office of the Whistleblower. “Whistleblowers who devote time and effort to develop unique insights may afford the Commission important information about possible securities laws violations.”
Talk to an experienced SEC whistleblower attorney today if you have information about fraud.