Two SEC Whistleblowers Share $50 Million Award

The SEC has announced one of the largest whistleblower awards since the creation of the agency’s whistleblower program. Two anonymous securities industry insiders will share a $50 million award for assisting the Commission in a large-scale fraud investigation. The probe led to the restitution of tens of millions of dollars to harmed investors. The defendant’s name remains confidential.

The SEC said in a statement that the whistleblowers helped the agency detect violations involving complex transactions and provided “exemplary assistance.” Officials said the whistleblowers met with investigators on several occasions and furnished an abundance of “detailed documents.”

Over the last decade, 151 SEC whistleblowers have received a total of $812 million for their assistance in exposing securities fraud. The size and frequency of awards saw a considerable increase in 2020, and 2021 is already showing signs of a steady upward trend. SEC whistleblowers can be eligible for awards ranging between 10 and 30 percent of any recovery surpassing $1 million.

10 Largest SEC Whistleblower Awards

  • $114 million - October 2020
  • $50 million - April 2021
  • $50 million - June 2020
  • $50 million - March 2018
  • $39 million - September 2018
  • $37 million - March 2019
  • $33 million - March 2018
  • $30 million - September 2014
  • $28 million - May 2021
  • $28 million - November 2020

In a press release, SEC Chief Jane Norberg said that the Commission has awarded more than $270 million to whistleblowers over the last fiscal year, with a record $114 million awarded last October. Last year’s milestone award comprised $52 million granted by the SEC and $62 million awarded by a separate agency in connection with a related action.

To qualify for an SEC award, industry insiders must provide original information leading to an investigation that results in monetary recoveries surpassing $1 million. In the case of the two whistleblowers receiving a $50 million award, there was a third claimant who applied for the same bounty. However, the SEC decided that the third tipster´s information was repetitive and did not significantly contribute to the investigation.

If you have information about securities violations by your employer or another entity, it is important to consult with a seasoned whistleblower attorney to evaluate your chances of securing a reward. An attorney specialized in SEC fraud cases can help you maximize your award and protect your identity.


Steve Halperin

New York trial attorney Steve T. Halperin is a well-known litigator with extensive knowledge of whistleblower laws and the New York False Claims Act. He has 28 years of experience as one of New York’s top tier attorneys. From the Manhattan offices of HalperinBikel, Steve’s whistleblower cases can run the gamut from lawsuits against healthcare. Whistleblowers: A New Yorker’s Step By Step Guide systems and providers cheating on New York Medicaid to private companies providing worthless services, or false billings by government contractors. With hundreds of winning verdicts and favorable settlements in healthcare and corporate cases, attorney Halperin’s meticulous preparation, courtroom acuity, and client-centered professionalism create remarkable outcomes.

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