The SEC's whistleblower program was established by Congress to incentivize whistleblowers to report specific, timely and credible information about possible federal securities laws violations. The Commission is authorized to provide monetary awards to eligible individuals who come forward with high-quality original information that leads to an SEC enforcement action in which over $1 million in sanctions is ordered. The range for awards is between 10% and 30% of the money collected. Read the FY23...
The first whistleblower’s tip prompted the opening of the investigations, and thereafter provided critical additional information and ongoing assistance. As a result, this whistleblower will receive an award of $82 million. The second whistleblower, whose information was provided later, significantly contributed to one aspect of the actions and will receive an award of $16 million. “Whistleblower information and cooperation play an integral role in the SEC’s enforcement efforts,” said Cr...
The joint whistleblowers provided the SEC significant information and extensive cooperation, which helped expand the scope of the investigation and the charges brought in the enforcement action and also saved the agency substantial time and resources. The joint whistleblowers met numerous times with SEC’s enforcement staff and certain of the joint whistleblowers suffered hardships due to their whistleblowing. “Whistleblowers play a key role in helping the SEC hold wrongdoers accountable,” said Creola Kelly, Chief of the SEC’s Office of ...
"Today's announcement underscores the important role that whistleblowers play in helping the SEC detect, investigate, and prosecute potential violations of the securities laws," said SEC Chair Gary Gensler. "The assistance that whistleblowers provide is crucial to the SEC's ability to enforce the rules of the road for our capital markets." · "The whistleblower program has been instrumental to the success of numerous enforcement actions since it was instituted a decade ago," said SEC Director of Division of Enforcement Gurbir S. Grewal. "We hop ...
As set forth in the Dodd-Frank Act, the SEC protects the confidentiality of whistleblowers and does not disclose information that could reveal a whistleblower’s identity. For more...
“Whistleblowers serve as invaluable sources of information, and can propel an investigation forward by helping us overcome obstacles and delays in investigation,” said Jane Norberg, Chief of the SEC’s Office of the Whistleblower. “These substantial awards send a strong message about the SEC’s commitment to whistleblowers and the value they bring to the agency’s mission.” · The SEC has awarded more than $320 million to 57 individuals since issuing its first award in 2012. All payments are made out of an investor protection fund es ...
The first whistleblower will receive an award of $4 million, while the second whistleblower will receive an award of $20 million. While the first whistleblower reported first, prompting the opening of the investigation, the second whistleblower received the higher award, as their information and substantial cooperation proved critical to the success of the actions. “Today’s awards highlight the incredible public service provided by whistleblowers,” said Creola Kelly, Chief of the SEC’s Office of the Whistleblower. “The information wou ...
The seven whistleblowers were composed of a single claimant and two sets of joint claimants. Each of the claimants provided information that significantly contributed to an SEC investigation. The single claimant and first set of joint claimants provided significant and detailed information early in the investigation that saved staff considerable time and resources. The second set of joint claimants provided new, but more limited, information later in the investigation. “These whistleblowers provided valuable information and substantial assist ...
The SEC announces a settled action against KBR Inc. alleging its confidentiality agreements had the potential to stifle whistleblowers.
an SEC enforcement action. The joint whistleblowers’ detailed information prompted the opening of the SEC staff’s investigation and significantly contributed to the success of the...