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ARTICLE · 18 OCTOBER 2021

SEC Hits $1 Billion Milestone

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The Securities and Exchange Commission's (SEC) whistleblower program hit a big milestone, topping $1 billion in awards in less than a decade (it began in 2012).

United StatesEmployment and HR
Manatt, Phelps & Phillips, LLP
Manatt, Phelps & Phillips, LLP

The Securities and Exchange Commission's (SEC) whistleblower program hit a big milestone, topping $1 billion in awards in less than a decade (it began in 2012).

A pair of whistleblowers received awards to reach that mark: one individual who received $4 million and a second who received $110 million, approximately $40 million from the SEC and $70 million arising out of related actions by another agency.

The $110 million recipient provided “significant independent analysis” that substantially advanced investigations by the SEC and the other agency, while the $4 million award recipient's informationwhile original and leading to a successful enforcement actionwas provided after SEC staff had already opened an investigation and undertaken “significant” investigative steps, the agency said.

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