SEC Awards Almost $700,000 to Whistleblower
According to a press announcement on June 19, 2020, the Securities and Exchange Commission announced an award of close to $700,000 to a whistleblower for information that led the regulator to return money to harmed investors.
The whistleblower contacted the SEC after reporting the information internally, and reportedly provided continued assistance throughout the SEC’s investigation, according to the regulator.
The SEC has awarded almost $501 million to 84 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 percent to 30 percent of the money collected when the monetary sanctions exceed $1 million.
The SEC protects the confidentiality of whistleblowers and does not disclose information that could reveal a whistleblower’s identity, as set forth in the Dodd-Frank Act,.
For more information about the whistleblower program and how to report a tip, visit www.sec.gov/whistleblower.
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Tags: SEC, SEC investigation, SEC whistleblower, securities fraud attorneys Last modified: June 23, 2020