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The Securities and Exchange Commission today announced an award of approximately $2.5 million to a whistleblower whose information and ongoing assistance to the staff significantly contributed to the success of an SEC enforcement action.

“The whistleblower in this matter provided key evidence that supported charges related to a breach of fiduciary duties owed to investors,” said Jane Norberg, Chief of the SEC’s Office of the Whistleblower. “This award highlights the impact whistleblower information has on the SEC’s ability to enforce the federal securities laws and the value whistleblowers can offer to the investing public.”

The SEC has awarded approximately $762 million to 148 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.

As set forth in the Dodd-Frank Act, the SEC protects the confidentiality of whistleblowers and does not disclose any information that could reveal a whistleblower’s identity.

 

 

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