SEC Issues Whistleblower Awards Totaling Over $1.7 Million

The Securities and Exchange Commission today announced awards totaling more than $1.7 million to two whistleblowers in separate proceedings. Both whistleblowers provided Forms TCR to the Commission within 30 days of their first learning of the Form TCR filing requirement as set forth in new Securities and Exchange Act Rule 21F-9(e). In the first order, the SEC awarded a whistleblower over $900,000 in connection with an enforcement action and a related action. The whistleblower provided significant evidence, including a critical declaration, that helped expedite an ongoing investigation and enabled the SEC to shut down an ongoing fraudulent scheme preying on retail investors. In the second order, the SEC awarded a whistleblower over $800,000 for providing important evidence of false and misleading statements made to investors, resulting in the return of millions to harmed investors.