The Securities and Exchange Commission (SEC) has yesterday awarded two whistleblowers a total of $50 million ($37 million and $13 million) for their high-quality information.
LeapRate reminds that SEC gave away a record $61 million award to two whistleblowers for helping make the case that JPMorgan Chase & Co. (NYSE:JPM) back in 2017 and awarded $39 million to one whistleblower and $15 million to another last year.
Whistleblowers like those being awarded today may be the source of ‘smoking gun’ evidence and indispensable assistance that strengthens the agency’s ability to protect investors and the capital markets,” said Jane Norberg, Chief of the SEC’s Office of the Whistleblower. “These awards show how critically important whistleblowers can be to the agency’s investigation and ability to bring a case to successful and efficient resolution.
The SEC has now awarded approximately $376 million to 61 individuals since issuing its first award in 2012. No money has been taken or withheld from harmed investors to pay whistleblower awards. Whistleblower awards usually can range from 10% to 30% of the money collected when the monetary sanctions exceed $1 million.
The SEC protects the confidentiality of whistleblowers and does not disclose information that could reveal a whistleblower’s identity as required by the Dodd-Frank Act.