SEC Issues $28 Million Award to Joint Whistleblowers

The Securities and Exchange Commission today announced an award of more than $28 million to joint whistleblowers who provided critical information and assistance in 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 action. They provided substantial analysis and ongoing assistance, which resulted in the return of millions of dollars to harmed investors. "Whistleblowers play an instrumental role in helping the SEC detect and prosecute wrongdoing and in protecting investors and the capital markets," said Creola Kelly, Chief of the SEC’s Office of the Whistleblower. "Whistleblowers perform an incredible public service, as reflected by today’s 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.