The Securities and Exchange Commission (SEC) has awarded a whistleblower more than $37m for providing information that led to one successful enforcement action and a related action. Of all 16 SEC awards this year, this is the biggest granted to a single whistleblower.

The whistleblower was both the initial source of the company’s internal investigation, as well for the SEC and another agency. Even if the company reported the alleged conduct to the Commission and the other agency, the whistleblower still receives credit for the investigations being started because they provided the same information to the SEC within 120 days of providing it to the company.

“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.  

$114m to one whistleblower

The biggest amount SEC ever has awarded a single whistleblower was in October 2020, when an award of over $114m was made. Jane Norberg, Chief of the SEC’s Office of the Whistleblower said then: “After repeatedly reporting concerns internally, and despite personal and professional hardships, the whistleblower alerted the SEC and the other agency of the wrongdoing and provided substantial, ongoing assistance that proved critical to the success of the actions.”  

This year’s biggest total award was $40m, which was awarded to three whistleblowers who provided assistance in three separate actions. The total amount awarded in 2022 is approaching $214.25m.