The Securities and Exchange Commission today announced an award of more than $37 million to a whistleblower whose information led to a successful SEC enforcement action and a related action.
The whistleblower was the initial source of the company’s internal investigation, as well as the source for investigations by the SEC and another agency. While the company reported the alleged conduct to the SEC and the other agency, the whistleblower receives credit for the investigations being initiated because the whistleblower provided the same information to the SEC within 120 days of providing it internally.
"The whistleblower here made persistent efforts to bring the conduct to the attention of the SEC, another agency, and the company and is credited with the results of the company’s internal investigation," said Creola Kelly, Chief of the SEC’s Office of the Whistleblower.
Payments to whistleblowers are made out of an investor protection fund, established by Congress, which is financed entirely through monetary sanctions paid to the SEC by securities law violators. No money has been taken or withheld from harmed investors to pay whistleblower awards. Whistleblowers may be eligible for an award when they voluntarily provide the SEC with original, timely, and credible information that leads to a successful enforcement action. Whistleblower awards can range from 10 to 30 percent of the money collected when the monetary sanctions exceed $1 million.
As set forth in the Dodd-Frank Act, the SEC protects the confidentiality of whistleblowers and does not disclose any information that could reveal a whistleblower’s identity.
For more information about the whistleblower program and how to report a tip, visit www.sec.gov/whistleblower.
And here we go, ready to deep dive into Part 2. Big shout out to u/Nisja who reached out to their MP to source this response - you're a legend 🙏 Heroic investors across the UK have been reaching out to their local representatives to ask how shareholders can get
Howdy all, and so begins the new year! Let's recap with where we left off in 2023 as we look ahead to 2024 together - ever in the quiet confidence that MOASS will one day be tomorrow. UK shareholders 🇬🇧 🦍 have been reaching out to both the HM Treasury and their
NFT Future Beckons Advocacy Action / UK Economic Secretary Fails to Champion Public Representation / CFTC Proposes Customer Fund Protection