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The U.S. Securities and Exchange Commission (SEC) issued a joint whistleblower award of more than $1.5 million to two individuals who voluntarily provided the SEC with original information that led to successful enforcement actions.
SEC announced whistleblower awards totaling nearly $2.6 million. The awards, which stem from three separate enforcement actions, were issued to five individuals. The SEC Whistleblower Program has now issued awards totaling approximately $959 to 203 individual whistleblowers.
To win the battle against corruption, the Biden Administration should utilize whistleblower rewards programs at federal agencies to encourage whistleblowers to report bribery, money laundering, and other fraud schemes that would otherwise go undetected.
Two whistleblowers providing info of fraud schemes awarded $10-13 million each, whistleblowers eligible for awards ranging from 10-30% of the penalties collected if SEC brings forth enforcement actions resulting in monetary sanctions exceeding $1 million.
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