The Securities and Exchange Commission weighed the timing and content of evidence supplied by two whistleblowers regarding malfeasance at a financial services firm before awarding them a combined $22 million.

The first whistleblower, who was the initial source of the investigation, received $18 million. A second whistleblower who submitted additional information several years after the investigation began earned a $4 million award.

Aaron Nicodemus is the Editor-in-Chief of Compliance Week. He previously worked as a reporter for Bloomberg Law and as business editor at the Telegram & Gazette in Worcester, Mass. Email: aaron.nicodemus@complianceweek.com LinkedIn:...