SEC Awards $6 Million to Joint Whistleblowers

The Securities and Exchange Commission today announced an award of approximately $6 million to joint whistleblowers who provided new information that led to the opening of an examination and provided a roadmap for an enforcement action that resulted in the covered action. “Today’s award illustrates that the agency can leverage whistleblower information in various ways, including by prompting an examination,” said Jonathan Carr, Acting Chief of the SEC’s Office of the Whistleblower. “If that examination ultimately results in an enforcement action, the whistleblower may be eligible for an award.” Payments to whistleblowers are made out of an investor protection fund, established by Congress, which is financed entirely through monetary sanctions paid to the SEC by securities law violators.