“The whistleblower alerted the SEC to previously unknown conduct and thereafter provided multiple submissions, identified potential witnesses, and met with staff on several occasions,” said Jane Norberg, Chief of the SEC’s Office of the Whistleblower. “As the numerous recent awards make clear, whistleblowers like the one awarded today play an integral part in the success of the SEC’s enforcement program.”
The SEC has awarded approximately $759 million to 143 individuals since issuing its first award in 2012. All payments are made out of an investor protection fund established by Congress that is financed entirely through monetary sanctions paid to the SEC by securities law violators. No money has been taken or withheld from harmed investors to pay whistleblower awards. 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. Whistleblower awards can range from 10 percent to 30 percent of the money collected when the monetary sanctions exceed $1 million.
Sallah Astarita & Cox represents whistleblowers across the country. Call 212-509-6544 to schedule a consultation regarding your potential whistleblower claim.
Read the Full Press Release, and review the Award Order.
