United States SEC Awards Whistleblower $37 Million, Whistleblowers are Awarded 10% to 30% if Penalties Exceed $1 Million

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United States SEC Awards Whistleblower $37 Million, Whistleblowers are Awarded 10% to 30% if Penalties Exceed $1 Million

22nd December 2022 | Hong Kong

The United States Securities & Exchange Commission (SEC) has awarded a whistleblower $37 million for providing critical information that led to successful enforcement action.  Creola Kelly, Chief of the SEC’s Office of the Whistleblower: “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.”  Whistleblowers are awarded 10% to 30% of the money sanctioned, if penalties exceed $1 million.  The United States SEC protects the confidentiality of whistleblowers and does not disclose information that could reveal a whistleblower’s identity (Dodd-Frank Act).  The largest payout to a whistleblower is $114 million in 2020. More info below | 2022 United States Enforcement Report

“ United States SEC Awards Whistleblower $37 Million, Whistleblowers are Awarded 10% to 30% if Penalties Exceed $1 Million “

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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.

$114 Million Record Payout to a Single Whistleblower

In 2020, the United States Securities and Exchange Commission (SEC) has awarded a record $114 million to a single whistleblower.   In 2021, the United States Securities and Exchange Commission (SEC) has awarded approximately $110 million to a whistleblower. 

In 2021, the United States Commodity Futures Trading Commission (CFTC) awarded nearly $200 million to a single whistleblower whose specific, credible, and timely original information significantly contributed to an investigation and led to a successful enforcement action by a U.S. federal regulator and a foreign regulator.  

Related:

• United States SEC Enforcement Result 2022: Record $6.4 Billion Penalties & 760 Enforcement Actions, JP Morgan, Morgan Stanley, UBS, Credit Suisse, Barclays, Allianz, EY, Deloitte, Bill Hwang Archegos, Boeing CEO Mislead Public on 737 MAX Planes
• United States SEC Whistleblower Rules to Incentivise Whistleblower Tips, Total $1.3 Billion Paid & $5 Billion Sanctions Since 2010
• United States Commodity Futures Gives Record $200 Million Payout to Whistleblower, Former Deutsche Bank Employee
• United States SEC Awards $110 Million to Whistleblower
• SGX RegCo Increases Enforcement Powers, Issuers to Implement Whistleblowing Policy
• United States SEC Gives Record $114 million to a Single Whistleblower

United States Whistleblowers Program

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 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.

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