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SEC Awards $104 Million to Seven Whistleblowers

The SEC awarded seven individual whistleblowers more than $104 million, the fourth-largest whistleblower amount ever awarded.

The SEC Claims Review staff recommended whistleblower awards to the individuals that assisted in a particular enforcement action by providing supporting documentation of the allegations of misconduct, sitting for interviews, and identifying potential witnesses to investigators. The SEC found that the individuals provided information that materially contributed to the SEC’s enforcement action.

The SEC denied award claims made by two separate individuals on the grounds that the information they provided did not contribute to the SEC's enforcement action. The SEC added that the information provided by one of the individuals came from employment as an attorney and was developed from privileged attorney-client communication.

Primary Sources

  1. SEC Press Release: SEC Awards More Than $104 Million to Seven Whistleblowers
  2. SEC Whistleblower Award Proceeding Release No. 98054

Tags

Regulated Activities
Enforcement Procedures
Sub-Activity
Whistleblowing
Body of Law
Securities Law
Jurisdiction
US - Federal
Organization
SEC