Whistleblower Alert! The SEC awards whistleblower more than $37 million, meaning the fine levied ranged between $123,333,333 and $370,000,000 dollars.

The Securities and Exchange Commission (SEC) announced today a substantial award of more than $37 million to a whistleblower whose information and assistance were pivotal in a successful enforcement action. The whistleblower's internal reporting prompted their employer to conduct an investigation and self-report the findings to the SEC, leading to the Commission's own investigation.

The whistleblower continued to provide extensive and timely assistance, which was crucial in uncovering the full extent of the employer's misconduct. Creola Kelly, Chief of the SEC’s Office of the Whistleblower, highlighted the whistleblower's bravery and significant contribution despite facing retaliation for their 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 the fine levied ranged between $123,333,333 - $370,000,000 million.

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 an award of over $37 million to a whistleblower for their crucial role in a successful enforcement action.
• The whistleblower's internal reporting led their employer to investigate and self-report findings to the SEC, prompting the Commission's investigation.
• Continued assistance from the whistleblower was essential in uncovering the full extent of the employer's misconduct.
• Creola Kelly, Chief of the SEC’s Office of the Whistleblower, praised the whistleblower's bravery and significant contribution despite facing retaliation.
• Whistleblower awards are funded by an investor protection fund, established by Congress and financed through monetary sanctions paid by securities law violators, ranging from 10 to 30 percent of collected sanctions if they exceed $1 million.
• The fine levied in this case ranged between $123 million and $370 million.
• It would be great to know more about these actions taken, especially if any of the misdeeds called out impacted GameStop!