SEC Awards Approximately $3.6 Million To Whistleblower Date
12/05/2021
The Securities and Exchange Commission today announced an award of approximately $3.6 million to a whistleblower whose information and assistance led to a successful SEC enforcement action.
“The whistleblower brought valuable information to the attention of the SEC, causing it to open a new investigation into wrongdoing,” said Emily Pasquinelli, Acting Chief of the SEC’s Office of the Whistleblower. “The whistleblower further assisted the SEC by providing ongoing assistance as the Commission’s investigation progressed. This award shows the significant help a whistleblower can provide by sharing information of potential violations of the federal securities laws with the Commission.”
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By Aaron Nicodemus2021-05-11T16:43:00+01:00
The Securities and Exchange Commission weighed the timing and content of evidence supplied by two whistleblowers regarding malfeasance at a financial services firm before awarding them a combined $22 million.
The first whistleblower, who was the initial source of the investigation, received $18 million. A second whistleblower who submitted additional information several years after the investigation began earned a $4 million award.
“This case demonstrates once again the value of the whistleblower program in helping to protect investors, and the Commission’s continued commitment to rewarding individuals who provide high-quality tips,” said Emily Pasquinelli, acting chief of the SEC’s Office of the Whistleblower, in a press release Monday.
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The U.S. Securities and Exchange Commission (SEC) announced whistleblowers awards totaling approximately $22 million issued to two anonymous individuals who provided information to the Commission of an ongoing fraud occurring at a financial services firm.
Due to the highly sensitive nature of the information at hand, the SEC leaves out any company names in all public documents.
According to the SEC award order,
Claimant 1 was a whistleblower whose initial tip “contributed substantially” to the Enforcement staff in their investigation into securities frauds.
Claimant 1 also suffered hardships during the reporting process but made persistent efforts to identify key witnesses in the case and detailed the complex schemes used by the fraudsters.
SEC Awards $22 Million To Two Whistleblowers Date
10/05/2021
The Securities and Exchange Commission today announced awards totaling approximately $22 million to two whistleblowers whose information and assistance were of crucial importance to successful SEC enforcement actions brought against a financial services firm.
The first whistleblower received an award of $18 million, while the second whistleblower received a $4 million award. The larger award was in recognition of the fact that, among other things, the first whistleblower was the initial source of the investigation while the second whistleblower submitted information much later after the investigation was already underway.
“This case demonstrates once again the value of the whistleblower program in helping to protect investors, and the Commission’s continued commitment to rewarding individuals who provide high-quality tips,” said Emily Pasquinelli, Acting Chief of the SEC’s Office of th