iIn less than one week, the SEC issued two whistleblower awards totaling over $4.4 million. On December 5, 2016, the SEC issued a whistleblower award of approximately $3.5 million. Several days later, on December 9, 2016, the SEC issued another whistleblower award of more than $900,000.
As is typical, the SEC’s Orders granting the awards reveal little regarding the information that each whistleblower provided to the SEC. Including these latest awards, since 2011, the SEC whistleblower program has now awarded more than $136 million to 37 whistleblowers. In connection with the recent awards, Jane Norberg, Chief of the SEC’s Office of the Whistleblower, released a statement reiterating the SEC’s aim “to continue to encourage individuals to submit high-quality tips that we can leverage to enforce the law and protect investors[.]”
As the SEC continues to grant large whistleblower awards, it is clearly communicating its message that whistleblowers stand to reap substantial awards for reporting original information regarding alleged violations of securities laws.
