SEC Awards Four Whistleblowers More Than $31 Million

Proskauer - Whistleblowing & Retaliation
Contact

Proskauer - Whistleblowing & Retaliation

On May 17, 2021, the SEC announced payment of more than $31 million to four whistleblowers who provided the SEC with information that resulted in the return of tens of millions of dollars to harmed investors.  The largest of the awards, totaling almost $27 million, was awarded to two joint whistleblowers who provided the SEC with new information and assisted with an existing investigation.  The second order included awards of approximately $3.75 million and $750,000 to two additional whistleblowers who independently provided information that assisted the SEC with an ongoing investigation.  (The orders granting the respective awards can be accessed here and here.)

Emily Pasquinelli, Acting Chief of the SEC’s Office of the Whistleblower, stated that “[w]histleblowers play a critical role in an investigation, whether at the outset or during the course of an investigation.”  She added that “[t]oday’s awards demonstrate that whistleblowers with specific, credible information who significantly contribute to the success of an existing investigation may be eligible for an award.”

Since the inception of the whistleblower program in 2011, the SEC has awarded approximately $873 million to 162 individuals, including over a quarter of a billion dollars in the first eight months of this fiscal year alone.

[View source.]

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Proskauer - Whistleblowing & Retaliation | Attorney Advertising

Written by:

Proskauer - Whistleblowing & Retaliation
Contact
more
less

Proskauer - Whistleblowing & Retaliation on:

Reporters on Deadline

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
Custom Email Digest
- hide
- hide

This website uses cookies to improve user experience, track anonymous site usage, store authorization tokens and permit sharing on social media networks. By continuing to browse this website you accept the use of cookies. Click here to read more about how we use cookies.