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Home Corporate SEC

Joint Whistleblowers Receive $12 Million SEC Whistleblower Award

Geoff SchwellerbyGeoff Schweller
October 16, 2024
in SEC
Reading Time: 3 mins read
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On October 10, the U.S. Securities and Exchange Commission (SEC) issued a $12 million award to three joint whistleblowers who voluntarily provided the agency with original information that led to a successful enforcement action.

Through the SEC Whistleblower Program, qualified whistleblowers are eligible to receive awards of 10-30% of the funds collected in an enforcement action aided by their disclosure.

According to the SEC award order, the joint whistleblowers “provided significant information and extensive ongoing assistance that contributed to an expansion of the scope of the investigation and the charges in the Covered Action.”

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The SEC weighs a number of factors in determining the exact percentage to award whistleblowers. In this case, the SEC considered that “the information provided by the Joint Claimants allowed the staff to save significant time and resources; the Joint Claimants met with Enforcement staff on numerous occasions and staff relied heavily on the Joint Claimants’ leads and assistance during the course of the investigation; certain of the Joint Claimants suffered hardships as a result of their reporting; and there are high law enforcement interests.”

“Whistleblowers play a key role in helping the SEC hold wrongdoers accountable,” said Creola Kelly, Chief of the SEC’s Office of the Whistleblower. “Even where an investigation is already open, whistleblowers may contribute by providing new information about misconduct.”

The SEC Whistleblower Program was established in 2010 with the passage of the Dodd-Frank Act. The program has been an immense success. According to SEC Chair Gary Gensler, the program “has greatly aided the Commission’s work to protect investors.”

Overall, the SEC has awarded more than $2 billion to more than 400 individual whistleblowers.

The SEC Whistleblower Program had a record setting year in the 2023 Fiscal Year. The program issued nearly $600 million in whistleblower awards, the most ever in a fiscal year, including a $279 million award, the single largest award in program history. The whistleblower program also received a record 18,000 whistleblower tips over the course of the fiscal year.

Despite the success of the program, whistleblower advocates believe that certain reforms are needed to strengthen the program. National Whistleblower Center has issued an Action Alert allowing individuals to write to Congress calling for the passage of the bipartisan SEC Whistleblower Reform Act.

Join NWC in Taking Action:

Reform the SEC Whistleblower Program

Further Reading:

SEC Issues $12 Million Award to Joint Whistleblowers

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Geoff Schweller

Geoff Schweller

Geoff Schweller is the Assistant News Editor for Whistleblower Network News. He coordinates news coverage, and also writes about breaking whistleblower news, SEC whistleblowers, IRS whistleblowers, CFTC whistleblowers, and federal employee whistleblowers. Geoff graduated from Hamilton College with a degree in Sociology and minors in French & Francophone Studies and Cinema & New Media Studies.

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