Photo of Kelly Anne Targett

Yesterday, the SEC issued a stunning $17 million award to a former employee, whose “detailed tip” provided original information to SEC enforcement staff that “substantially advanced their investigation” into the whistleblower’s former employer.  The SEC specifically credited the “company insider” with allowing enforcement staff “to conserve time and resources in the investigation, and help[ing] staff to gather evidence supporting the [SEC’s] charges.”  Four other claimants who sought awards in conjunction with the same enforcement action saw their claims denied for failing to meet the standard of “voluntarily provid[ing] the Commission with original information that leads to” successful enforcement.