The Securities and Exchange Commission today announced awards totaling more than $3.5 million to three individuals in two separate enforcement proceedings.
In the first order, the SEC awarded approximately $2 million to a whistleblower whose information and assistance led to a successful SEC enforcement action. The whistleblower alerted SEC staff to an ongoing fraud, prompting the opening of an investigation. The whistleblower also participated in multiple voluntary interviews, and provided documents and additional information that saved staff time and resources.
In the second order, the SEC awarded one whistleblower approximately $1 million and a second whistleblower approximately $500,000. While both whistleblowers independently provided valuable information that assisted the staff in an existing investigation, the whistleblower receiving the larger award provided information and cooperation that was more impactful to the overall success of the case.
“Whistleblowers can provide a wealth of information and ongoing assistance that helps the SEC bring enforcement actions quicker and more efficiently,” said Emily Pasquinelli, Acting Chief of the SEC’s Office of the Whistleblower. “Today’s whistleblowers not only stepped forward to report suspicious conduct, but also continued to provide critical additional assistance.”
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Mark Astarita is a nationally recognized securities attorney, who represents investors, financial professionals and firms in securities litigation, arbitration and regulatory matters, including SEC and FINRA investigations and enforcement proceedings.
He is a partner in the national securities law firm Sallah Astarita & Cox, LLC, and the founder of The Securities Law Home Page - SECLaw.com, which was one of the first legal topic sites on the Internet. It went online in 1995 and is updated daily with news, commentary and securities law related links.