SEC awards whistleblower over $400k for original information leading to the covered action. Penalty levied ranged between $1.333-$4 million.

Whistleblower award of more than $400,000

ORDER DETERMINING WHISTLEBLOWER AWARD CLAIM — Source: https://www.sec.gov/files/rules/other/2023/34-98736.pdf

The Commission also considered, however, that Claimant had some involvement in two of the transactions that were charged by the Commission in the Covered Action.

Woah, for any potential whistleblowers out there that are worried about coming forward because they may have had a hand in the misconduct they want to report--you can still get paid!

Recall, the SEC is authorized by Congress to provide monetary awards to eligible individuals who come forward with high-quality original information that leads to an enforcement action in which over $1,000,000 in sanctions is ordered. The range for awards is between 10% and 30% of the money collected.

The award in this instance:

0.10 × penalty=$400,000 award
or
0.30 × penalty=$400,000 award

So, if the $400,000 award represents 10% of the penalty, the penalty was $4,000,000.

If the $400,000 award represents 30% of the penalty, the penalty was $1,333,333.33.

TLDRS:

SEC awards whistleblower over $400k for original information leading to the covered action.
Penalty levied ranged between $1.333-$4 million.
The award was given even though the whistleblower participated in two of the transactions charged by the SEC in the action.
How to submit a tip: https://www.sec.gov/whistleblower/submit-a-tip
Since the inception of its program in 2012, the SEC has paid more than $1.3 billion in 300+ awards to whistleblowers.
For comparison, since issuing its first award in 2014, the CFTC has granted whistleblower awards amounting to almost $350 million.

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