On July 26, 2024, the Securities and Exchange Commission awarded a whistleblower more than $37 million for providing information to the SEC that led to a successful enforcement action. The SEC described the whistleblower as “the impetus” for the “Firm” ultimately self-reporting the conduct to the SEC, which in turn led to the SEC opening an investigation. According to the SEC, the information was significant because it saved the SEC considerable time with the investigation and enabled SEC staff to learn “the full context and dimension” of the Firm’s misconduct. The SEC also credited the whistleblower with extensively cooperating with the SEC’s investigation. In its award recommendation, the SEC noted that the claimant suffered retaliation, including a negative performance review and a “sharply lower bonus” after reporting the alleged misconduct internally to his/her employer, and this was considered in determining the appropriate award.
On July 17, 2024, the SEC awarded another whistleblower in a separate matter more than $37 million for providing information that led to the success of an enforcement action that resulted in the return of tens of millions of dollars to investors. This fiscal year, the SEC has issued three awards, each larger than $25 million.