SEC Announces $83 Million in Whistleblower Awards; Largest Award Ever

The Securities and Exchange Commission (the “SEC”) announced on March 19, 2018 its largest whistleblower award: a $50 million bounty split between two whistleblowers and a $33 million award to a third whistleblower. Prior to the combined $83 million award, the SEC’s highest whistleblower award was $30 million awarded in 2014. In 2010, Congress added Section 21F to the Securities Exchange Act of 1934 (the “Exchange Act”). Part of 21F authorized the SEC to pay monetary awards to individuals who voluntarily provided the SEC with original information about a securities law violation that lead to the SEC sanctioning the wrongdoer in excess of $1 million. Continue reading

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