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ARTICLE · 12 SEPTEMBER 2018

SEC Issues More Than $54 Million To Two Whistleblowers

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On September 6, 2018, the SEC Office of the Whistleblower awarded $39 million to one whistleblower and $15 million to another.

United StatesEmployment and HR
Steven Pearlman
Steven Pearlman
Austin McLeod
Austin McLeod
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On September 6, 2018, the SEC Office of the Whistleblower awarded $39 million to one whistleblower and $15 million to another. The $39 million award is the second-largest award in the history of the program, behind a $50 million award made in March of this year.

The Chief of the SEC Office of the Whistleblower, Jane Norberg, said in a press release that "[w]histleblowers serve as invaluable sources of information, and can propel an investigation forward by helping us overcome obstacles and delays in investigation." She added, "[t]hese substantial awards send a strong message about the SEC's commitment to whistleblowers and the value they bring to the agency's mission."

According to the Order, the first whistleblower's award was slightly reduced based on delay in reporting the misconduct. This reduction, however, was smaller than usual because the majority of the time period during which the whistleblower failed to report predated the SEC whistleblower program.

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