SEC Awards Overseas Whistleblower Half-Million Dollars

Posted on August 5th, 2019 at 2:22 PM
SEC Awards Overseas Whistleblower Half-Million Dollars

The U.S. Securities and Exchange Commission ("SEC") announced that it has awarded an overseas whistleblower $500,000.

In a brief press release, the SEC said the whistleblower's "expeditious reporting" helped the SEC bring a successful enforcement action.

The SEC reports that "with recent actions, more than $2 billion in monetary sanctions have been ordered against wrongdoers based on actionable information received by whistleblowers. [It] represents the direct and important role that whistleblowers, like the overseas whistleblowers awarded today, have in enforcement actions and the protection of investors."

The SEC's release did not provide any details about the whistleblower or the company involved. As provided in the Dodd-Frank Act, the SEC protects the confidentiality of whistleblowers and does not disclose information that could reveal a whistleblower's identity.

Whistleblowers can be eligible for an award when they voluntarily provide the SEC with "original, timely, and credible information" that leads to a successful enforcement action. Awards can range from 10 percent to 30 percent of the money collected when penalties are more than $1 million.

According to the release, the SEC has awarded $385 million to 65 individuals since its first whistleblower award in 2012.

Related Attorneys: James J. Eccleston

Tags: james eccleston, eccleston law, eccleston law llc, eccleston, sec, whistleblower, overseas whistleblower

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