$50 MILLION IN WHISTLEBLOWER AWARDS BY SEC
On March 26, 2019, the SEC (Securities and Exchange Commission) awarded $50 million to two whistleblowers. The information provided the basis for an enforcement action.
One Whistleblower received an award of $37 million; the other $13 million.
The SEC stated in its Release: “Whistleblowers like those being awarded today may be the source of ‘smoking gun’ evidence and indispensable assistance that strengthens the agency’s ability to protect investors and the capital markets.”
The SEC has awarded about $376 million to 61 individuals since issuing its first award in 2012.
Payments are made out of an investor protection fund established by Congress, financed by monetary sanctions paid to the SEC from securities violators.
Whistleblowers may be eligible for an award when they provide with “original, timely, and credible” information for an enforcement action. Awards can range from 10 percent to 30 percent of the money collected when the monetary sanctions exceed $1 million.
The underlying facts of the case were not disclosed in the SEC Press Release.
Anthony M. Abraham, Esq., PC is experienced in SEC Whistleblower, churning and unauthorized trading claims. If you need help, please call us Toll Free at 1-877-430-4877 for a Free Consultation or email us at Anthony@Abrahamattorneys.com.