Whistleblower Alert! The SEC awards $24 million to two whistleblowers, meaning the fine levied ranged between $80,000,000 and $240,000,000 dollars.

The Securities and Exchange Commission today announced awards of more than $24 million to two whistleblowers whose information and assistance led to an SEC enforcement action and an action brought by another agency.

The first whistleblower will receive an award of $4 million, while the second whistleblower will receive an award of $20 million. While the first whistleblower reported first, prompting the opening of the investigation, the second whistleblower received the higher award, as their information and substantial cooperation proved critical to the success of the actions.

Reminder, whistleblower awards are funded by an investor protection fund, established by Congress and financed through monetary sanctions paid by securities law violators. Eligible whistleblowers who provide original, timely, and credible information leading to successful enforcement actions can receive awards ranging from 10 to 30 percent of the collected monetary sanctions, provided these exceed $1 million.

This means that the fine levied ranged between $80,000,000 and $240,000,000 dollars.

It would be great to know more about these actions taken, especially if any of the misdeeds called out impacted GameStop!

TLDRS:

• The SEC announced over $24 million in awards to two whistleblowers for their roles in leading to an SEC enforcement action and another agency's action.
• The first whistleblower, who initiated the investigation, will receive $4 million.
• The second whistleblower will receive $20 million, as their information and substantial cooperation were crucial to the success of the actions.
• Whistleblower awards are funded by an investor protection fund, supported by monetary sanctions paid by securities law violators.
• Eligible whistleblowers can receive 10-30% of the monetary sanctions collected if the sanctions exceed $1 million, indicating that the fines in this case ranged between $80 million and $240 million.
• There is interest in knowing more details about the actions taken, particularly if they relate to GameStop.
  • Does show that if anyone working for folks that have manipulated GameStop, you can get PAID for your information!