SEC Awards Approximately $18 Million to Three Whistleblowers
Three whistleblowers received approximately $18 million in awards from the SEC for providing information that led to a successful enforcement action against a fraudulent scheme, resulting in the return of millions of dollars to harmed investors.
The SEC awarded approximately $18 million to three whistleblowers whose information and assistance led to a successful enforcement action against a fraudulent scheme. The whistleblowers' information, which was provided at various stages of the investigation, significantly contributed to the success of the enforcement action. The awards, funded by monetary sanctions from violators, fall within the Dodd-Frank Act's 10-30% range for cases exceeding $1 million in sanctions.
The Securities and Exchange Commission (SEC) announced three awards totaling approximately $18 million to three whistleblowers whose information and assistance led to a successful enforcement action against a fraudulent scheme. The first whistleblower provided detailed and significant information that led to the opening of an investigation, while the second and third whistleblowers contributed valuable later-stage insights that enhanced the case's success. The whistleblowers' information significantly contributed to the success of the enforcement action, which resulted in the return of millions of dollars to harmed investors. The awards, funded by monetary sanctions from violators, fall within the Dodd-Frank Act's 10-30% range for cases exceeding $1 million in sanctions. The SEC emphasized the whistleblowers' pivotal role in recovering millions for harmed investors and reaffirmed its commitment to protecting whistleblower confidentiality. The SEC protects the confidentiality of whistleblowers and does not disclose information that could reveal a whistleblower's identity.
Exhibits & Attached Documents (1)
Extracted insights
- $18.00M $18 million $10M–$100M
- $1.00M $1 million $1M–$10M
- company an investor protection fund
- agency chief of the sec's office of the whistleblower
- person creola kelly
- agency critical role in the sec bringing an enforcement action
- person first whistleblower
- company investor protection fund
- agency monetary sanctions paid to the sec by securities law violators
- person no money
- agency Securities and Exchange Commission
- person whistleblower awards
- Securities And Exchange Commission announced three awards totaling approximately $18 million
- first whistleblower provided detailed and significant information
- information led to opening of an investigation into a fraudulent scheme
- information and assistance saved considerable staff time and resources
- information and assistance had significant impact on the overall success of the enforcement action
- second and third whistleblowers' information contributed to success of the enforcement action
- three whistleblowers provided valuable information and assistance
- information and assistance played critical role in the SEC bringing an enforcement action
- information and assistance played critical role in returning millions of dollars to harmed investors
- Creola Kelly said All three whistleblowers provided valuable information and assistance
- Creola Kelly is Chief of the SEC's Office of the Whistleblower
- Payments to whistleblowers are made out of an investor protection fund
- Congress established an investor protection fund
- investor protection fund is financed entirely through monetary sanctions paid to the SEC by securities law violators
- No money has been taken or withheld from harmed investors to pay whistleblower awards
- Whistleblowers may be eligible for an award
- Whistleblower awards can range from 10 to 30 percent of the money collected
- SEC protects confidentiality of whistleblowers
- SEC does not disclose information that could reveal a whistleblower's identity
The Securities and Exchange Commission today announced three awards totaling approximately $18 million to three whistleblowers whose information and assistance led to a successful enforcement action. The first whistleblower provided the SEC with detailed and significant information that led to the opening of an investigation into a fraudulent scheme. This whistleblower’s information and assistance saved considerable staff time and resources, and had a significant impact on the overall success of the enforcement action. The second and third whistleblowers’ information, which was provided later in the investigation, significantly contributed to the success of the enforcement action as well. "All three whistleblowers provided valuable information and assistance, which played a critical role in the SEC bringing an enforcement action and returning millions of dollars to harmed investors," said Creola Kelly, Chief of the SEC’s Office of the Whistleblower. Payments to whistleblowers are made out of an investor protection fund, established by Congress, which is financed entirely through monetary sanctions paid to the SEC by securities law violators. No money has been taken or withheld from harmed investors to pay whistleblower awards. Whistleblowers may be eligible for an award when they voluntarily provide the SEC with original, timely, and credible information that leads to a successful enforcement action. Whistleblower awards can range from 10 to 30 percent of the money collected when the monetary sanctions exceed $1 million. As set forth in the Dodd-Frank Act, the SEC protects the confidentiality of whistleblowers and does not disclose information that could reveal a whistleblower’s identity. For more information about the whistleblower program and how to report a tip, visit www.sec.gov/whistleblower.
The Securities and Exchange Commission today announced three awards totaling approximately $18 million to three whistleblowers whose information and assistance led to a successful enforcement action. The first whistleblower provided the SEC with detailed and significant information that led to the opening of an investigation into a fraudulent scheme. This whistleblower’s information and assistance saved considerable staff time and resources, and had a significant impact on the overall success of the enforcement action. The second and third whistleblowers’ information, which was provided later in the investigation, significantly contributed to the success of the enforcement action as well. "All three whistleblowers provided valuable information and assistance, which played a critical role in the SEC bringing an enforcement action and returning millions of dollars to harmed investors," said Creola Kelly, Chief of the SEC’s Office of the Whistleblower. Payments to whistleblowers are made out of an investor protection fund, established by Congress, which is financed entirely through monetary sanctions paid to the SEC by securities law violators. No money has been taken or withheld from harmed investors to pay whistleblower awards. Whistleblowers may be eligible for an award when they voluntarily provide the SEC with original, timely, and credible information that leads to a successful enforcement action. Whistleblower awards can range from 10 to 30 percent of the money collected when the monetary sanctions exceed $1 million. As set forth in the Dodd-Frank Act, the SEC protects the confidentiality of whistleblowers and does not disclose information that could reveal a whistleblower’s identity. For more information about the whistleblower program and how to report a tip, visit www.sec.gov/whistleblower.