The Securities and Exchange Commission is awarding more than $104 million to seven people who assisted in a successful enforcement action and related actions by another agency, representing the fourth largest combined award in the SEC's whistleblower program's history.
The seven whistleblowers — two sets of joint claimants and three single claimants — provided information for the investigation by supplying documents supporting the allegations of misconduct, sitting for interviews, and identifying potential witnesses.
"Today's awards show that specific and credible information plays an integral part in the SEC's enforcement efforts," said Creola Kelly, chief of the commission's Office of the Whistleblower, in a statement. "These whistleblowers provided information that helped enforcement staff detect and prosecute wrongdoing in a timely manner."
Provided out of an investor protection fund established by Congress, whistleblower awards can range from 10% to 30% of the money collected when the monetary sanctions exceed $1 million. 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, and adhere to filing requirements in the whistleblower rules.
Their identities are also protected under the Dodd-Frank Act.
