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The Securities and Exchange Commission said Thursday it has issued a whistleblower award of more than $2.1 million to a company insider whose information led to multiple successful enforcements.
The SEC said in its statement that the whistleblower’s information strongly supported the findings in the underlying actions and the whistleblower provided ongoing assistance to the staff during the investigation. The SEC does not identify whistleblowers nor their firms.
“The SEC has issued nearly $90 million in whistleblower awards in the past month alone,” Jane Norberg, chief of the SEC’s Office of the Whistleblower, said in the statement. “As these awards demonstrate, we continue to receive high-quality information from whistleblowers, which we use to detect and prosecute securities violations and safeguard investors.”
The SEC said in March that two whistleblowers are sharing an award of nearly $50 million, and a third is receiving more than $33 million, the highest-ever whistleblower awards under the Dodd-Frank Wall Street Reform and Consumer Protection Act.
Wednesday’s U.S. Supreme Court ruling, which says whistleblowers are not protected from retaliation under the Dodd-Frank Wall Street Reform and Consumer Protection Act if they only report wrongdoing internally, is likely to encourage them to go straight to the Securities and Exchange Commission, say attorneys.