Friday, April 16, 2021
Today, the U.S. Securities and Exchange Commission (SEC) announced a joint whistleblower award of $50 million to claimants whose information of highly complex illegal transactions led to successful enforcement actions.
As a result of their reporting, the whistleblowers helped in the recovery of tens of millions of dollars that were returned to harmed investors.
According to the SEC award order, Claimants 1 and 2 provided the Commission staff with highly valuable information that led to the opening of an investigation into an ongoing fraud. The fraudulent scheme, the award order continued, would have been difficult to detect without the assistance of the whistleblowers.
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Legal Disclaimer
You are responsible for reading, understanding and agreeing to the National Law Review s (NLR’s) and the National Law Forum LLC s Terms of Use and Privacy Policy before using the National Law Review website. The National Law Review is a free to use, no-log in database of legal and business articles. The content and links on www.NatLawReview.com are intended for general information purposes only. Any legal analysis, legislative updates or other content and links should not be construed as legal or professional advice or a substitute for such advice. No attorney-client or confidential relationship is formed by the transmission of information between you and the National Law Review website or any of the law firms, attorneys or other professionals or organizations who include content on the National Law Review website. If you require legal or professional advice, kindly contact an attorney or other suitable professional advisor.