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SEC Awards Over $2.5 Million to Joint Whistleblowers for Detailed Analysis That Led to Multiple Successful Actions


Washington D.C., Sept. 1, 2020 —

The Securities and Exchange Commission today announced an award of over $2.5 million to joint whistleblowers whose tip based largely on highly probative independent analysis of a public company’s filings led to several successful enforcement actions.  In addition to their tip, the whistleblowers provided helpful assistance early in the investigation, which helped save Commission time and resources. 

“Detailed analysis by outsiders of companies can have a significant impact on the enforcement of the federal securities laws,” said Jane Norberg, Chief of the Office of the Whistleblower.  “Today’s award demonstrates the Commission’s commitment to awarding individuals who provide high quality independent analysis that leads to successful enforcement actions.”

The Commission has awarded approximately $510 million to 92 individuals since issuing its first award in 2012.  This includes awards to 25 individuals in this fiscal year, totaling approximately $123 million.  All payments are made out of an investor protection fund established by Congress that is financed entirely through monetary sanctions paid to the Commission by securities law violators.  No money has been taken or withheld from harmed investors to pay whistleblower awards.  Whistleblowers may be eligible for an award when they voluntarily provide the Commission with original, timely, and credible information that leads to a successful enforcement action.  Whistleblower awards can range from 10 percent to 30 percent of the money collected when the monetary sanctions exceed $1 million.

As set forth in the Dodd-Frank Act, the Commission protects the confidentiality of whistleblowers and does not disclose any information that could reveal a whistleblower’s identity.

For more information about the whistleblower program and how to report a tip, visit


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