Two International Whistleblowers Issued Awards from SEC Totaling $2.5 Million
Today, the Securities and Exchange Commission (SEC) announced two whistleblower awards totaling over $2.5 million. Both whistleblowers brought information of frauds occurring overseas to the SEC.
The first whistleblower, who was granted a $1.8 million award for their efforts, took exceptional personal and professional risk when reporting internally. The initial tip by the whistleblower led the company to launch an internal investigation into the frauds, resulting in the SEC intervening shortly thereafter.
The second whistleblower was granted a $750,000 award for their efforts in reporting securities violations to the Commission. According to the award order, The whistleblower prompted the SEC to open an investigation into frauds occurring in foreign jurisdictions.
Since 2012, the SEC Whistleblower Program, which was established under the Dodd Frank Act, has issued over $525 million in awards to whistleblowers, including those who report crimes occurring overseas. The Dodd Frank Act protects the identity of whistleblowers who file award claims with the SEC.
“Misconduct occurring overseas can have a major impact on U.S. markets while at the same time remaining hard to detect. Today’s awards demonstrate the unique ability of whistleblowers to help the SEC uncover and pursue these cases,” said Jane Norberg, Chief of the SEC’s Office of the Whistleblower. “The awards further confirm the strength and vitality of the SEC’s whistleblower program as the agency has made an unprecedented eight whistleblower awards in the last month alone.”
Ben Kostyack also contributed to this article.