SEC Awards Two Whistleblowers More Than $16 Million

The SEC awarded approximately $16 million to two whistleblowers who provided valuable and original information that prompted or promulgated an SEC investigation into misconduct.

In the action, the first whistleblower received approximately $13 million for providing the tip that instigated an investigation as well as identifying (i) "difficult-to-detect violations," (ii) key witnesses and (iii) other information critical to the investigation. The second whistleblower was awarded approximately $3.3 million for the individual's role as a key witness and for providing documents and information that gave SEC staff a clearer picture of the details of the violations being investigated.