U.S. SEC Grants Over $24 Million to Two Whistleblowers

The U.S. Securities and Exchange Commission (SEC) has announced awards totaling more than $24 million to two whistleblowers whose contributions were pivotal in recent enforcement actions.

The first whistleblower will receive $4 million for the role in triggering the investigation, which led to significant legal actions by the SEC and another agency. The second whistleblower will be awarded $20 million, reflecting the substantial impact of the detailed information and cooperation in the success of these actions.

Creola Kelly, Chief of the SEC's Office of the Whistleblower, commented, "Today's awards highlight the incredible public service provided by whistleblowers. The information would have been difficult to obtain in the absence of the whistleblowers as it pertained to conduct occurring abroad."

The whistleblower awards are funded by an investor protection fund established by the U.S. Congress, which is replenished through monetary sanctions collected from securities law violators.

Awards can range from 10% to 30% of the sanctions collected, depending on the significance of the information provided. The SEC maintains the confidentiality of whistleblowers to protect their identities under the Dodd-Frank Act.