SEC Awards More Than $37 Million to a Whistleblower

Washington, D.C.--(Newsfile Corp. - July 17, 2024) - The Securities and Exchange Commission today announced an award of more than $37 million to a whistleblower who provided information not previously known to the SEC and which significantly contributed to a successful enforcement action. The whistleblower also met with Enforcement staff and identified potential witnesses and documents, which conserved staff time and resources.

Todays award illustrates the importance of the SECs whistleblower program, as the whistleblowers information helped the agency return millions of dollars to harmed investors, said Creola Kelly, Chief of the SECs Office of the Whistleblower.

Payments to whistleblowers are made out of an investor protection fund, established by Congress, which is financed entirely through monetary sanctions paid to the SEC by securities law violators. 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 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 any information that could reveal a whistleblowers identity.

For more information about the whistleblower program and how to report a tip, visitwww.sec.gov/whistleblower.

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