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Whistleblower’s Identity is Confidential but Receives $36 Million from the SEC

A whistleblower’s identity is confidential, and the SEC takes that confidentiality seriously. This is why the press releases about whistleblower awards are so thin on information.

However, the SEC just announced an award of approximately $36 million to a whistleblower whose information and assistance significantly contributed to the success of an SEC enforcement action as well as actions by another federal agency.

According to the SEC, the whistleblower provided crucial information on an illegal scheme to the SEC’s and the other agency’s staffs, which included multiple meetings and the identification of key documents and witnesses. Under the SEC’s whistleblower program, individuals who provide critical information to other agencies may be eligible for a related action award if they are also eligible for an award in the underlying SEC action.

“Today’s whistleblower brought valuable new information to the attention of the SEC and to another federal agency, greatly assisting ongoing investigations,” said Emily Pasquinelli, Acting Chief of the SEC’s Office of the Whistleblower. “Whistleblowers can act as a springboard for an investigation or, like here, they can propel forward an already existing investigation.”

If you believe you have information that may be the basis of a whistleblower claim, call the national law firm of Sallah Astarita & Cox, LLC at 212-509-6544.

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Have a securities law question? Call Sallah Astarita & Cox at 212-509-6544.