SEC Issues $3.8 Million Whistleblower Award

The Securities and Exchange Commission today announced a $3.8 million award to a whistleblower who provided significant information that helped the SEC disrupt an ongoing fraudulent scheme. The resulting enforcement action returned millions of dollars to harmed investors. “Today’s award underscores the paramount role the SEC’s whistleblower program plays in safeguarding the Main Street investor. Since the beginning of the program nearly ten years ago, the SEC has ordered more than $2.5 billion in financial remedies based on whistleblower information, including more than $1.4 billion in disgorgement and prejudgment interest, of which almost $750 million has been returned or is scheduled to be returned to harmed investors,” said Jane Norberg, Chief of the SEC’s Office of the Whistleblower. The SEC has awarded approximately $505 million to 87 individuals since issuing its first award in 2012.