SEC Makes Another Round of Whistleblower Awards, Including $20M Payout

Posted July 1, 2026

By the Constantine Cannon Whistleblower Team

Over the past two weeks, the Securities and Exchange Commission (SEC) made another round of awards under the SEC Whistleblower Program, which rewards whistleblowers with up to 30% of the Government’s recovery for enforcement actions they prompt or facilitate. It follows a steady stream of whistleblower payouts the SEC has made over the past year — six awards on April 7 and 8; five on September 29-30; another five between August 28 and September 4; and three on July 16.

How Large Were the Recent SEC Whistleblower Awards?

The most recent wave of awards include:

- A $20 million award on June 25 to a whistleblower who “provided significant information about misconduct that would have been difficult to detect . . . concerning an ongoing fraudulent scheme that was harming investors, which prompted the opening of an investigation,” “provided extraordinary assistance, meeting with Enforcement staff numerous times, helping them understand highly complex transactions,” and “internally reported his/her concerns.”[1]

- An $800,000 award on June 23 to a whistleblower who caused the SEC “to open an investigation” which led to charges “based, in part, on the conduct alleged by” the whistleblower, and who “provided additional helpful information and documents, including participating in interviews with the Enforcement staff.”[2]

- A 30% share of a yet-to-be collected recovery on June 23 to a whistleblower who provided information “prompting the opening on the investigation,” and further provided “key nonpublic documents and additional information such as the identity of the bank used by defendants.”[3]

- A $7 million award on June 17 to a whistleblower who caused the opening of the underlying investigation and “provided substantial, ongoing assistance that “focused the examination and investigations and conserved significant Commission and Other Agency time and resources.”[4]

Other than this basic information, the SEC provided virtually no additional information on the whistleblowers, the information they provided, the subject of the SEC’s enforcement action, or the misconduct involved. This is consistent with the SEC’s practice of taking all steps necessary to protect the identity of its whistleblowers. This includes issuing heavily redacted Award Orders that remove any information that might give even a whiff of who the whistleblower is, the company involved, and the misconduct at issue.

Any Notable Takeaways From This Latest Round of SEC Whistleblower Awards?

Despite the dearth of any meaningful information surrounding these latest awards, there are several takeaways worth noting.

First, the $20 million award is the second largest SEC whistleblower award in almost two years and follows the $53 million award the agency issued in April, which followed an extended period of relatively small awards.

Second, as large as the $20 million award is, it likely would have been even larger but for what the SEC characterized as the whistleblower’s “unreasonable delay” in reporting. The SEC has repeatedly stressed the importance of prompt reporting to the agency and has reduced the size of awards for whistleblowers it believes waited too long. In this case, the whistleblower waited roughly 10 months before reporting to the SEC.

Third, with respect to the whistleblower receiving the 30% award, the SEC showed flexibility in applying Rule 21F-4(b)(4)(iii), which puts certain constraints on company officers, directors, and compliance professionals serving as whistleblowers under the SEC program. One of the exceptions to this rule is if the whistleblower reasonably believes reporting to the agency “is necessary to prevent the relevant entity from engaging in conduct that is likely to cause substantial injury to the financial interest or property of the entity or investors.” The SEC found this exception readily satisfied, clearing the path for the whistleblower to immediately report to the agency and qualify for an award.

Fourth, the SEC also showed flexibility with this whistleblower in applying the Rule 21F-6(c) presumption of a 30% award where it would lead to a maximum award of $5 million or less. Although this $5 million threshold would be exceeded if the SEC collected the full amount of the penalties it assessed against the defendant, the SEC found it unlikely it would fully collect on the matter and was therefore willing to apply the 30% presumption.

Constantine Cannon whistleblower partner Gordon Schnell looks to this latest string of SEC awards as another indication the agency continues to stand behind its whistleblower program. “With this latest spate of awards,” Schnell says, “the SEC has issued more than 20 whistleblower awards in the past year, sending a very strong signal that it fully supports the whistleblower program and continues to recognize the critical value of whistleblowers.”

Schnell is especially heartened by the size of the more recent awards. “After a slew of uncharacteristically low awards, it is comforting to see these more sizeable awards, making it clear the SEC remains willing to provide large rewards for deserving whistleblowers.” Schnell is optimistic this flow of SEC whistleblower awards will continue, with more large awards to follow in the coming months.

Constantine Cannon Has Substantial Experience Representing SEC Whistleblowers

Constantine Cannon has substantial experience representing SEC whistleblowers. If you would like to learn more about the SEC Whistleblower Program, our work representing whistleblowers under the program, our long list of whistleblower successes, or what it means to be a whistleblower more broadly, please do not hesitate to contact us. We will connect you with an experienced member of the Constantine Cannon whistleblower team for a free and confidential consultation.