March 29, 2024

On November 23, the U.S. Securities and Exchange Commission (SEC) issued a $400,000 whistleblower award to an individual who provided the agency with information that led to both a successful SEC enforcement action and a Related Action by another federal agency.

Through the SEC Whistleblower Program, qualified whistleblowers are entitled to a monetary award of 10-30% of funds recovered by the government when the sanctions that the government recovers exceed $1 million. The SEC weighs a number of factors in determining the exact percentage to award a whistleblower.

According to the award order, in this case the SEC “positively assessed the following facts: (1) Claimant’s information alerted Enforcement staff to the potential wrongdoing, which, in part, prompted Enforcement staff to open the investigation; (2) Claimant provided significant ongoing assistance to Enforcement staff during the…

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