SEC Awards Almost $3 Million Total in Separate Whistleblower Awards
summary
The SEC awarded nearly $3 million to two whistleblowers for providing information that led to an enforcement action and the exposure of a fraudulent reporting scheme.
paragraph
The SEC issued two separate awards totaling almost $3 million to whistleblowers who reported misconduct. One individual received over $2.2 million for information that helped return millions of dollars to clients, while another received nearly $700,000 for exposing a fraudulent reporting scheme. These awards are funded by an investor protection fund financed through monetary sanctions paid by securities law violators.
narrative
The Securities and Exchange Commission announced two whistleblower awards totaling nearly $3 million for providing critical information. The first whistleblower was awarded over $2.2 million after their tip aided an enforcement action that returned millions of dollars to harmed clients. The second whistleblower received almost $700,000 for alerting staff to a fraudulent reporting scheme and helping identify key documents and witnesses. Both individuals raised their concerns internally before reporting them to the Commission. These awards are paid from an investor protection fund established by Congress and financed by sanctions from securities law violators. Since 2012, the SEC has awarded approximately $741 million to 136 individuals through this program. The program allows for awards ranging from 10 to 30 percent of collected sanctions when they exceed $1 million.
Classified accounting-fraud(confidence 90%). EDGAR detection: forms 10-K/10-Q/8-K/NT 10-K· recall 80% / precision 48%. detection rule →
Parties
chief of the sec's office of the whistleblowerinvestor protection fundjane norbergmonetary sanctions paid to sec by securities law violatorssec investigation resulting in return of millions of dollars to harmed clientssec staff to fraudulent reporting schemesec to protect confidentiality of whistleblowersSecurities and Exchange Commissionwhistleblower awards
Keywords
whistleblowersecwhistleblower awardsawardsmillionalmost millionseparate whistlebloweralmostinformationawards almostmillion totaltotal separateinvestigation whistleblowerenforcement actionreturn millions
Exhibits & Attached Documents (2)
Extracted insights
Dollar amounts 5
- $741.00M $741 million $100M–$1B
- $3.00M $3 million $1M–$10M
- $2.20M $2.2 million $1M–$10M
- $1.00M $1 million $1M–$10M
- $700K $700,000 $100K–$1M
Entities 9
- agency chief of the sec's office of the whistleblower
- company investor protection fund
- person jane norberg
- agency monetary sanctions paid to sec by securities law violators
- agency sec investigation resulting in return of millions of dollars to harmed clients
- agency sec staff to fraudulent reporting scheme
- agency sec to protect confidentiality of whistleblowers
- agency Securities and Exchange Commission
- person whistleblower awards
Triples 10
- SEC awarded whistleblower over $2.2 million
- SEC awarded whistleblower almost $700,000
- SEC announced two separate whistleblower awards for total payments of almost $3 million
- Whistleblower aided SEC investigation resulting in return of millions of dollars to harmed clients
- Whistleblower alerted SEC staff to fraudulent reporting scheme
- SEC awarded approximately $741 million to 136 individuals since 2012
- Jane Norberg is Chief of the SEC's Office of the Whistleblower
- Dodd-Frank Act requires SEC to protect confidentiality of whistleblowers
- Whistleblower awards range from 10 percent to 30 percent of money collected when sanctions exceed $1 million
- Investor protection fund financed by monetary sanctions paid to SEC by securities law violators
PDF (from attached: pdf)
Text layers
Extracted body text (2,056c)
The Securities and Exchange Commission today announced two separate whistleblower awards for total payments of almost $3 million. In the first order, the SEC awarded a whistleblower over $2.2 million for providing important, high-quality information that aided an investigation. The whistleblower’s tip helped the SEC bring an enforcement action that resulted in the return of millions of dollars to harmed clients. In the second order, the SEC awarded almost $700,000 to a whistleblower who alerted SEC staff to a fraudulent reporting scheme, prompting the opening of the investigation. The whistleblower provided critical evidence to the staff, and helped identify key documents and witnesses. “Both whistleblowers who received awards today raised their concerns internally and then timely reported those concerns to the Commission,” said Jane Norberg, Chief of the SEC’s Office of the Whistleblower. “The return of millions of dollars to harmed clients in one matter, and the uncovering of a fraudulent scheme in the other matter, underscore the tremendous value that whistleblowers provide.” The SEC has awarded approximately $741 million to 136 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.
OCR text (2,056c · html-text · 99% conf)
The Securities and Exchange Commission today announced two separate whistleblower awards for total payments of almost $3 million. In the first order, the SEC awarded a whistleblower over $2.2 million for providing important, high-quality information that aided an investigation. The whistleblower’s tip helped the SEC bring an enforcement action that resulted in the return of millions of dollars to harmed clients. In the second order, the SEC awarded almost $700,000 to a whistleblower who alerted SEC staff to a fraudulent reporting scheme, prompting the opening of the investigation. The whistleblower provided critical evidence to the staff, and helped identify key documents and witnesses. “Both whistleblowers who received awards today raised their concerns internally and then timely reported those concerns to the Commission,” said Jane Norberg, Chief of the SEC’s Office of the Whistleblower. “The return of millions of dollars to harmed clients in one matter, and the uncovering of a fraudulent scheme in the other matter, underscore the tremendous value that whistleblowers provide.” The SEC has awarded approximately $741 million to 136 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.