The Securities and Exchange Commission has awarded two separate whistleblowers a total of almost $3m.
In the first order, the SEC awarded a whistleblower over $2.2m for providing important, high-quality information that aided an investigation. The whistleblower’s tip helped the SEC bring an enforcement action that resulted in the return of millions of dollars to harmed clients.
In the second order, the regulator awarded almost $700,000 to a whistleblower who alerted SEC staff to a fraudulent reporting scheme, prompting the opening of the investigation.
“Both whistleblowers who received awards today raised their concerns internally and then timely reported those concerns to the Commission,” said Jane Norberg, chief of the SEC’s Office of the Whistleblower.
“The return of millions of dollars to harmed clients in one matter, and the uncovering of a fraudulent scheme in the other matter, underscore the tremendous value that whistleblowers provide.”
The SEC has awarded approximately $741m to 136 individuals since issuing its first award in 2012.
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