SEC Issues First Whistleblower Award under "Safe Harbor"
The SEC issued its first whistleblower award under its "safe harbor" protection, granting a former company insider more than $2.2 million.
According to the Order, the whistleblower submitted information to another federal agency first and then provided the same information to the SEC within 120 days. Under Exchange Act Rule 21F-4(b)(7), also known as the "safe harbor" provision, the SEC considers the date of the initial tip to the other federal agency as the date on which the SEC received the information.
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The SEC awarded its largest whistleblower payments to date, splitting approximately $50 million between two whistleblowers and giving more than $33 million to a third whistleblower.
