Today, the Securities and Exchange Commission (SEC) announced a whistleblower award of over $800,000 given to an individual whose disclosures led to two successful SEC enforcement actions.
According to the SEC award order, the whistleblower alerted the Commission to the initial crimes and prompted the SEC to open an investigation into the alleged securities fraud.
Established under the Dodd Frank Act of 2010, the SEC Whistleblower Program has now awarded over $562 million to 107 individuals. Qualified SEC whistleblowers, including non-U.S. citizens, can apply for awards anonymously using an experienced whistleblower attorney.
In 2020, the SEC Whistleblower Office confirmed that whistleblowers were responsible for over $2.5 billion in sanctions ordered to be paid by fraudsters and another $750 million returned to harmed investors.
Last month, the SEC voted on major amendments that could have potentially changed the integrity of the highly successful program.
“The whistleblower provided the Commission with a detailed analysis that alerted staff to the underlying securities violations,” said Jane Norberg, Chief of the SEC’s Office of the Whistleblower. “Today’s award again demonstrates the Commission’s commitment to awarding individuals who provide high-quality independent analysis that leads to successful enforcement actions.”