The Securities and Exchange Commission announced awards of more than $4 million to four whistleblowers who provided information and assistance in two separate enforcement proceedings.
In the first order, the SEC awarded more than $2 million to a whistleblower who provided valuable information that resulted in SEC staff initiating an investigation, as well as ongoing assistance that included participating in multiple interviews and identifying key individuals and entities. The SEC also awarded more than $150,000 to another whistleblower, whose information prompted SEC staff to expand its investigation into other alleged conduct at the relevant company.
In the second order, the SEC awarded more than $1.1 million to a whistleblower who reported misconduct internally and was the first to alert the SEC to the violations. The SEC also awarded another whistleblower more than $500,000. While the second whistleblower’s information was important, the first whistleblower’s information was more significant as it was broader and more timely submitted.
“Today’s awards underscore the important role that whistleblowers play in detecting and halting securities laws violations,” said Emily Pasquinelli, Acting Chief of the SEC’s Office of the Whistleblower. “Each of the whistleblowers provided high-quality information that made an important contribution to the success of the underlying enforcement action.”
Have a securities law question? Call Sallah Astarita & Cox at 212-509-6544.
