The SEC announced an award of over $7 million split among three (3) whistleblower who helped the SEC litigate an investment scheme.
The SEC began their investigation when one of the whistleblowers provided a tip to the SEC. The initial whistleblower will receive more than $4 million for his initial information, per the SEC. During the SEC’s investigation, the two other whistleblowers together provided new information that significantly contributed to the SEC’s successful enforcement action. The two other whistleblowers will split more than $3 million for the information they provided to the SEC.
According to the SEC, the tips provided by various whistleblowers have resulted in almost $1 billion in financial remedies, a great amount given that the program was established less than five years ago.