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Early SEC Enforcement Trends From Chairman Gary Gensler s First 100 Days - Corporate/Commercial Law
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another record-breaking year. In the
first 8 months of FY2021, the SEC has granted an additional $339 million to 57 individuals. This represents more than a third of the total $901 million awarded to 163 separate individuals since the SEC issued its first award pursuant to this program in 2012. This includes an award of $114 million in October 2020, the largest single award in the program’s history, which was covered in this recent post.
It’s sometimes difficult to get a sense of what warrants these large awards. Typically, publicly available orders relating to whistleblower awards are heavily redacted, especially the subject matter underlying the whistleblower tip and alleged misconduct. However, at the end of each month, the SEC publishes Notices of Covered Action (“NoCA”) for every SEC enforcement action that results in monetary sanctions of over $1 million by a final judgment or order, by itself or together with other judgments or orders in the same action. Individuals
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By Aaron Nicodemus2021-04-15T16:02:00+01:00
A pair of whistleblowers were awarded over $50 million by the Securities and Exchange Commission (SEC) on Thursday for helping the agency uncover violations involving complex transactions that “would have been difficult to detect without their information.”
The tips were the result of numerous interviews between the two whistleblowers and SEC investigators and were supported by extensive documentation. The information led to a covered action that “resulted in the return of tens of millions of dollars to harmed investors,” the SEC said in a press release.
“Today’s award is the second largest in the history of the program, reflecting the tremendous contribution of these joint whistleblowers to our ability to recover funds for harmed investors,” said Jane Norberg, chief of the SEC’s Office of the Whistleblower. Norberg recently announced she will leave the SEC by the end of the month. The office’s deputy chief, Emily Pasqu
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