In a press release the Securities and Exchange Commission today announced an award of approximately $36 million to a whistleblower whose information and assistance significantly contributed to the success of an SEC enforcement action as well as actions by another federal agency.
“Today’s whistleblower brought valuable new information to the attention of the SEC and to another federal agency, greatly assisting ongoing investigations,”
“Whistleblowers can act as a springboard for an investigation or, like here, they can propel forward an already existing investigation.”Emily Pasquinelli, Acting Chief of the SEC’s Office of the Whistleblower.
The SEC has awarded approximately $1.1 billion to 214 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.
Whistleblower awards can range from 10-30% of the money collected when the monetary sanctions exceed $1 million.