The Securities and Exchange Commission today announced it is awarding $54 million to two whistleblowers, whose critical information and continued assistance helped the agency bring an enforcement action. One whistleblower will receive an award of $39 million—the second-largest award in the history of the SEC’s whistleblower program—and the second whistleblower will receive an award of $15 million.
“Whistleblowers serve as invaluable sources of information and can propel an investigation forward by helping us overcome obstacles and delays in investigation,” Jane Norberg, chief of the SEC’s Office of the Whistleblower, said in a statement. “These substantial awards send a strong message about the SEC’s commitment to whistleblowers and the value they bring to the agency’s mission.”
The SEC has awarded more than $320 million to 57 individuals since issuing its first award in 2012. Whistleblowers may be eligible for an award when they voluntarily provide the SEC with original, timely, and credible information that leads to a successful enforcement action. Whistleblower awards can range from 10 percent to 30 percent of the money collected when the monetary sanctions exceed $1 million. By law, the SEC protects the confidentiality of whistleblowers and does not disclose information that might directly or indirectly reveal a whistleblower’s identity.