Monday, March 19,
2018 05.59PM / SEC News
The Securities and Exchange Commission
today announced its highest-ever Dodd-Frank whistleblower awards, with two
whistleblowers sharing a nearly $50 million award and a third whistleblower
receiving more than $33 million.
The previous high was a $30 million award
“These awards demonstrate that
whistleblowers can provide the SEC with incredibly significant information that
enables us to pursue and remedy serious violations that might otherwise go
unnoticed,” said Jane Norberg, Chief of the SEC’s Office of the
Whistleblower. “We hope that these awards encourage others with specific,
high-quality information regarding securities laws violations to step forward
and report it to the SEC.”
The SEC has awarded more than $262
million to 53 whistleblowers 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 with this case, whistleblowers can report jointly under the
program and share an award.
By law, the SEC protects the confidentiality
of whistleblowers and does not disclose information that might directly or
indirectly reveal a whistleblower’s identity.
Whistleblower Program Info & Statistics