The Securities and Exchange Commission announced awards of $37 million and $13 million to two whistleblowers (while denying claims by two others) under the whistleblower reward provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act and implementing regulations, 17 CFR § 240.21F. Pursuant to its regulations, the SEC heavily redacted its order in making the awards and did not reveal which securities laws violations were the basis of the fines or the identity of the whistleblowers. In making the awards, the SEC referenced the “high-quality information” given by the two whistleblowers, which assisted the SEC in bringing a successful enforcement action, and that the $37 million award was the third-highest award since the inception of the whistleblower program in 2012.
March 26, 2019
SEC awards a total of $50 million to two whistleblowers
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