SEC awards more than $6M to whistleblowers

The U.S. Securities and Exchange Commission said Friday it has awarded more than $6 million to two whistleblowers who provided critical information and assistance in two separate actions.

The agency said in the first order, the SEC issued awarded more than $3 million to a whistleblower who was solicited to invest in a product the whistleblower believed was being misrepresented. 

The individual’s expeditious alert to the SEC prompted the opening of an investigation. The whistleblower also continued to cooperate with the SEC’s enforcement staff.

In the second case, which also involved an award of more than $3 million, an insider initially reported concerns internally, and then later submitted a detailed tip and met with the SEC’s enforcement staff multiple times to provide additional information during the investigation.