SEC issues second-largest whistleblower award

The Securities and Exchange Commission said Thursday it has issued a whistleblower award of more than $50 million to joint whistleblowers, which is the second-largest award in its history.

The SEC said in its statement that the whistleblowers provided information that alerted SEC staff to violations that involved “highly complex” transactions that would have been difficult to detect without their information.

The statement said the whistleblowers met with SEC staff numerous times and provided “voluminous” detailed documents, and their information resulted in the return of tens of millions of dollars to harmed investors.

The SEC does not identify the names of whistleblowers, nor that of the companies involved.

The SEC’s largest award of more than $114 million was issued in October.

Source: Business Insurance

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