The SEC awarded more than $16 million to two whistleblowers for providing information critical to an investigation that resulted in an enforcement action.
According to the SEC, the first whistleblower informed enforcement staff of specific misconduct that became the "cornerstone" of an enforcement action, and the second whistleblower provided significant information and cooperation that saved a substantial amount of agency resources during the investigation.
The SEC stated that its Whistleblower Program has resulted in $1 billion in "financial remedies ordered against wrongdoers," and has awarded $175 million to 49 whistleblowers.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.