The Securities and Exchange Commission (SEC) has announced a combined award exceeding $104 million to seven whistleblowers, marking the fourth largest sum in the SEC’s whistleblower program's history. This award is a result of the individuals' significant contributions that led to successful enforcement by the SEC, as well as related actions by another agency.
The seven whistleblowers, including two joint claimant pairs and three single claimants, furnished key information and support that either initiated or considerably aided an SEC investigation. The evidence provided consisted of documents supporting allegations of misconduct, participation in interviews, and the identification of potential witnesses.
Several of the whistleblowers are reported to be foreign nationals, reporting misconduct in "multiple territories". Qui tam firm Kohn, Kohn & Colapinto notes the SEC has received over 5,000 whistleblower tips from foreign countries.
Creola Kelly, Chief of the SEC’s Office of the Whistleblower, highlighted that the awards demonstrate the essential role of specific, credible information in the SEC's enforcement processes.
The awards can range from 10 to 30 percent of the money collected when monetary sanctions surpass $1 million, conditional upon whistleblowers voluntarily providing original, timely, and credible information leading to a successful enforcement action.
For additional details on the whistleblower program and how to submit a tip, individuals are directed to visit www.sec.gov/whistleblower.
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