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$28 Million Whistleblower Reward for SEC, Agency Assistance
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James Langton
Despite a subsequent falling out between a pair of tipsters over possible financial rewards, the U.S. Securities and Exchange Commission (SEC) is jointly awarding US$27 million to the couple of whistleblowers.
The SEC announced on Monday four whistleblower awards totalling US$31.5 million, including a joint award to two whistleblowers who initially reported to the regulator as a team but later sought separate awards.
According to the SEC’s order, the pair initially contacted the SEC together, met jointly with enforcement investigators, and were initially represented by the same lawyer.
However, one of the tipsters later hired their own lawyer and filed their own application for a whistleblower award, leading the other to argue that they should be treated separately and considered for individual awards rather than a joint payout.
SEC Awards More Than $31 Million To Whistleblowers In Two Enforcement Actions
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On May 10, 2021, the SEC’s Office of the Whistleblower announced multi-million dollar awards to two whistleblowers who provided the SEC with information that assisted the agency in bringing a successful enforcement action against a financial services firm. (The order granting the awards can be accessed here.) The larger of the two awards, $18 million, was awarded to the whistleblower who was the initial source of the information that prompted the SEC’s investigation. The second award of $4 million was given to a second whistleblower who submitted additional information after the investigation was already underway.
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