Whistleblower Alert! The SEC awards $98 million to two whistleblowers, meaning the fine levied ranged between $326,666,666.67 and $980,000,000 dollars.

The Securities and Exchange Commission today announced awards of more than $98 million to two whistleblowers whose information and assistance led to an SEC enforcement action and an action brought by another agency.

The first whistleblower’s tip prompted the opening of the investigations, and thereafter provided critical additional information and ongoing assistance. As a result, this whistleblower will receive an award of $82 million. The second whistleblower, whose information was provided later, significantly contributed to one aspect of the actions and will receive an award of $16 million.

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 $326,666,666.67 and $980,000,000 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 $98 million in awards to two whistleblowers whose information and assistance led to significant enforcement actions.
• The first whistleblower, whose tip initiated the investigations and provided ongoing critical information, received $82 million.
• The second whistleblower, who contributed later and significantly to one aspect of the actions, was awarded $16 million.
• 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 $326.7 million and $980 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!