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October 29, 2021

Following amendments on types of actions that may be considered “related” under whistleblower rules, the SEC has awarded more than $2 million to an individual who was previously awarded for contributing to a successful enforcement action.  According to the agency, the whistleblower’s information sparked investigations by both the SEC and DOJ.  SEC

Tagged in: Financial and Investment Fraud, SEC Whistleblower Reward Program, Securities Fraud,

October 15, 2021

The SEC has granted awards totaling approximately $40 million to two whistleblowers whose contributions helped result in a successful enforcement action.  Approximately $32 million went to a whistleblower whose tip about difficult-to-detect violations launched the investigation, and who then helped agency staff understand complex fact patterns and identify witnesses.  The remaining $8 million went to a whistleblower who reported new information but who waited years before reporting wrongdoing to the agency.  SEC

Tagged in: Financial and Investment Fraud, SEC Whistleblower Reward Program, Securities Fraud, Whistleblower Rewards,

September 24, 2021

An anonymous whistleblower received an award of $36 million from the SEC.  The SEC found that the individual provided information that significantly contributed to a previously-opened SEC investigation and recoveries by the SEC and another agency.  The SEC found that the individual had unreasonably delayed in reporting the conduct, and had participated in the underlying scheme, although they did not direct, plan, or initiate it.  Two other claimants were denied any recoveries on the grounds that the information they provided did not significantly contribute to the recoveries in the covered action or related action.  SEC

Tagged in: Financial and Investment Fraud, SEC Whistleblower Reward Program, Whistleblower Rewards,

September 15, 2021

Two unnamed whistleblowers received awards totaling $114 million for recoveries in an SEC enforcement action and two related actions.  The first whistleblower, who received an award of $110 million, provided independent analysis of publicly-available information about an unnamed company, as well as a witness list and substantial ongoing assistance during investigations by the SEC and another unidentified agency.  The second whistleblower, who received an award of $4 million, provided more limited information after the SEC had already undertaken significant investigative steps.    SEC

Tagged in: Financial and Investment Fraud, SEC Whistleblower Reward Program, Securities Fraud, Whistleblower Rewards,

August 27, 2021

Five whistleblowers whose information and assistance led to three separate SEC enforcement actions have been awarded approximately $2.6 million.  In the first award, one whistleblower received $1.2 million for developing a complex algorithm, applying it to publicly available data, and providing the agency with independent analysis that saved valuable time and resources.  In the second award, three whistleblowers received over $1 million for reporting information after reporting internally failed to achieve results.  In the third award, one whistleblower received $350,000 for providing independent analysis based on patterns detected in publicly available data, which required expertise developed over many years.  SEC

Tagged in: Financial and Investment Fraud, SEC Whistleblower Reward Program, Whistleblower Rewards,

August 10, 2021

The SEC has made awards of nearly $6 million total to two whistleblowers.  According to the agency, one whistleblower received $3.5 million for providing valuable new information that expanded the geographic scope of an existing investigation.  The second whistleblower received more than $2.4 million for providing information about previously unknown conduct.  SEC

Tagged in: Financial and Investment Fraud, SEC Whistleblower Reward Program, Whistleblower Rewards,

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