In the first order, the SEC awarded three whistleblowers almost $500,000 in connection with two related enforcement actions. The first whistleblower provided information that prompted the opening of an investigation. The second and third whistleblowers provided information that significantly contributed to the success of the actions, and contributed additional, helpful assistance to the investigative staff.
In the second order, the SEC awarded nearly $600,000 to a whistleblower whose information caused the opening of an investigation. The whistleblower continued to provide helpful assistance by meeting with investigative staff in-person, providing documents, and identifying witnesses. The whistleblower also repeatedly reported the concerns internally in an effort to remedy the violations.
In the third order, the SEC awarded more than $100,000 to a whistleblower whose independent analysis led to a successful enforcement action. Among other things, the whistleblower conducted an analysis using information from publicly available documents to calculate an estimate of an important metric for a company, and then showed that the company’s disclosures regarding that metric were implausible. This is the fifth individual in FY21 who received an award based on independent analysis.
“These awards underscore the breadth of ways that company insiders, as well as whistleblowers not affiliated with a company, can positively impact SEC investigations,” said Jane Norberg, Chief of the SEC’s Office of the Whistleblower. “Whistleblowers who provide high-quality information or analysis may be eligible for an award where their information causes staff to open an investigation or meaningfully advances an existing investigation.”
Are you a potential whistleblower? The partners at Sallah Astarita & Cox, a national securities law firm, are former SEC Staff attorneys and brokerage firm lawyers, who can guide you through the process of filing a claim with the SEC. Call Sallah Astarita & Cox at 212-509-6544.
You may also be interested in:
- Three New Whistleblower awards for $1.1 Million
- SEC Issues Multiple Whistleblower Awards Totaling Over $3.6 Million
- Whistleblowers Need Lawyers
- Another SEC Whistleblower Award – $2 Million.
- SEC Awards More Than $300,000 to Whistleblower with Audit Responsibilities
- SEC Awards More Than $10 Million to Whistleblower
- SEC Whistleblower Program Ends Record-Setting Fiscal Year With Four Additional Awards
- SEC Awards Almost $30 Million to Two Insider Whistleblowers
- SEC Issues Two Whistleblower Awards for High-Quality Information Regarding Overseas Conduct
- Whistleblower Award for New Analysis, Not New Information