SEC Awards Whistleblower More Than $27 Million
On April 16, 2020, the SEC announced payment of more than $27 million to a whistleblower who alerted the agency to misconduct that had occurred, in part, overseas. (The order granting the award can be accessed here.)
In explaining the reason for its award determination, the SEC noted that the whistleblower had “repeatedly and strenuously raised [his or her] concerns internally.” The SEC noted that it had considered whether the whistleblower had unreasonably delayed in reporting the information to the SEC, but declined to reduce the award due to the whistleblower’s repeated internal complaints.
This is the sixth largest award overall since the inception of the SEC’s whistleblower program in 2011 and brings the total amount awarded to whistleblowers by the SEC over the $400 million mark.
Since the inception of the program, the SEC has received over 26,000 whistleblower tips and awarded approximately $425 million to 79 individuals.