SEC Awards $22 Million to Two Whistleblowers
The SEC awarded $22 million to two whistleblowers for their crucial role in successful enforcement actions against a financial services firm, with $18 million to the initial source and $4 million to the second.
The Securities and Exchange Commission announced $22 million in awards to two whistleblowers who provided critical information leading to successful enforcement actions against a financial services firm. The first whistleblower received $18 million for initiating the investigation, while the second received $4 million for later assistance. These funds come from an investor protection finance by violator penalties, not harmed investors.
The Securities and Exchange Commission announced awards totaling approximately $22 million to two whistleblowers whose information was crucial to successful enforcement actions against a financial services firm. The first whistleblower received $18 million as the initial source of the investigation, while the second received $4 million for submitting information later in the process. Acting Chief of the Office of the Whistleblower Emily Pasquinelli highlighted the value of the program in protecting investors through high-quality tips. The awards are funded by an investor protection fund established by Congress and financed entirely by monetary sanctions paid by securities law violators. No money was taken from harmed investors to pay these awards. Since 2012, the SEC has awarded approximately $838 million to 156 individuals under the Dodd-Frank Act. Whistleblower identities are protected, and awards typically range from 10% to 30% of sanctions exceeding $1 million.
Exhibits & Attached Documents (1)
Extracted insights
- $838.00M $838 million $100M–$1B
- $22.00M $22 million $10M–$100M
- $18.00M $18 million $10M–$100M
- $4.00M $4 million $1M–$10M
- $1.00M $1 million $1M–$10M
- person emily pasquinelli
- person first whistleblower
- agency sec office of the whistleblower
- person second whistleblower
- agency Securities and Exchange Commission
- agency successful sec enforcement action
- person whistleblower awards
- person whistleblower information
- SEC announced awards $22 million to two whistleblowers
- First Whistleblower received award $18 million
- Second Whistleblower received award $4 million
- SEC brought enforcement actions against a financial services firm
- Emily Pasquinelli is Acting Chief of SEC Office of the Whistleblower
- SEC awarded approximately $838 million to 156 individuals since 2012
- Whistleblower Awards range from 10 percent to 30 percent of money collected when sanctions exceed $1 million
- Dodd-Frank Act requires SEC to protect confidentiality of whistleblowers
- First Whistleblower was initial source of investigation
- Whistleblower Information led to successful SEC enforcement action
The Securities and Exchange Commission today announced awards totaling approximately $22 million to two whistleblowers whose information and assistance were of crucial importance to successful SEC enforcement actions brought against a financial services firm. The first whistleblower received an award of $18 million, while the second whistleblower received a $4 million award. The larger award was in recognition of the fact that, among other things, the first whistleblower was the initial source of the investigation while the second whistleblower submitted information much later after the investigation was already underway. “This case demonstrates once again the value of the whistleblower program in helping to protect investors, and the Commission’s continued commitment to rewarding individuals who provide high-quality tips,” said Emily Pasquinelli, Acting Chief of the SEC’s Office of the Whistleblower. “The reporting of credible information by these whistleblowers and their subsequent cooperation with the staff’s investigation allowed the Commission to better understand complex transactions related to the matters under investigation.” The SEC has awarded approximately $838 million to 156 individuals since issuing its first award in 2012. All payments are made out of an investor protection fund established by Congress that 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 percent 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 awards totaling approximately $22 million to two whistleblowers whose information and assistance were of crucial importance to successful SEC enforcement actions brought against a financial services firm. The first whistleblower received an award of $18 million, while the second whistleblower received a $4 million award. The larger award was in recognition of the fact that, among other things, the first whistleblower was the initial source of the investigation while the second whistleblower submitted information much later after the investigation was already underway. “This case demonstrates once again the value of the whistleblower program in helping to protect investors, and the Commission’s continued commitment to rewarding individuals who provide high-quality tips,” said Emily Pasquinelli, Acting Chief of the SEC’s Office of the Whistleblower. “The reporting of credible information by these whistleblowers and their subsequent cooperation with the staff’s investigation allowed the Commission to better understand complex transactions related to the matters under investigation.” The SEC has awarded approximately $838 million to 156 individuals since issuing its first award in 2012. All payments are made out of an investor protection fund established by Congress that 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 percent 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.