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United States SEC Awards $110 Million to Whistleblower

17th September 2021 | Hong Kong

The United States Securities and Exchange Commission (SEC) has awarded approximately $110 million to a whistleblower, whose information and assistance led to successful SEC and related actions.  The $110 million awarded is the 2nd highest award, with the largest award of $114 million issued in October 2020.  The announcement by the United States Securities and Exchange Commission (SEC) also includes a $4 million payout to another whistleblower.  Since the first award in 2012, the United States SEC has awarded approximately $1 billion to 207 individuals.  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 any information that could reveal a whistleblower’s identity.

“ United States SEC Awards $110 Million to Whistleblower “

 

$110 Million Payout to Whistleblower

United States
United States

The whistleblower’s $110 million award consists of approximately $40 million award in connection with an SEC case and an approximately $70 million award arising out of related actions by another agency. The whistleblower provided significant independent analysis that substantially advanced the SEC’s and the other agency’s investigations. The second whistleblower ($4 million award) voluntarily provided original information that led to the successful enforcement action, but this information was provided to the SEC after the staff had opened an investigation and undertaken significant investigative steps, and was much more limited as compared to the information and assistance provided by the first whistleblower.

The largest award of $114 million was issued in October 2020.

Related:

 

$1 Billion Payout to 207 Whistleblowers Since 2012

The SEC has awarded approximately $1 billion to 207 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 any 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.

 

United States SEC Chair Gary Gensler:

“Today’s announcement underscores the important role that whistleblowers play in helping the SEC detect, investigate, and prosecute potential violations of the securities laws.  The assistance that whistleblowers provide is crucial to the SEC’s ability to enforce the rules of the road for our capital markets.”

 

United States SEC Director of Division of Enforcement Gurbir S. Grewal:

“The whistleblower program has been instrumental to the success of numerous enforcement actions since it was instituted a decade ago.  We hope that today’s announcement encourages whistleblowers to continue to come forward with credible information about potential violations of the securities laws.”

 

Emily Pasquinelli, Acting Chief of the United States SEC’s Office of the Whistleblower:

“Whistleblowers can play an extraordinary role in helping the SEC ferret out wrongdoing.  Whistleblowers may provide critical information based on their own independent analysis that facilitates the SEC’s investigation and the successful resolution of the enforcement action.”

 

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