On October 22, 2020, the SEC announced an award of over $114 million to a whistleblower who, after reporting internally to their employer, provided the SEC with information and assistance that led to the successful enforcement of SEC and related actions. The $114 million award consists of an approximately $52 million award in connection with the SEC case and an approximately $62 million award arising out of the related actions by another unidentified agency. The combined $114 million is the largest amount ever awarded under the SEC’s whistleblower program and far surpasses the next-largest award of $50 million made to an individual in June 2020.
SEC Chairman Jay Clayton noted that “[w]histleblowers make important contributions to the enforcement of securities laws and we are committed to getting more money to whistleblowers as quickly and as efficiently as possible.” Jane Norberg, Chief of the SEC’s Office of the Whistleblower, added, “[t]he actions of the whistleblower awarded today were extraordinary,” explaining that “[a]fter 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.”
Since the inception of the whistleblower program in 2011, the SEC has awarded approximately $676 million to 108 individuals. The order granting this record-breaking award can be accessed here.