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PRESS RELEASE




SEC ISSUES LARGEST-EVER WHISTLEBLOWER AWARD

FOR IMMEDIATE RELEASE
2023-89

Washington D.C., May 5, 2023 —

The Securities and Exchange Commission today announced the largest-ever award,
nearly $279 million, to a whistleblower whose information and assistance led to
the successful enforcement of SEC and related actions. This is the highest award
in the SEC’s whistleblower program’s history, more than doubling the $114
million whistleblower award the SEC issued in October 2020.

"The size of today’s award – the highest in our program’s history – not only
incentivizes whistleblowers to come forward with accurate information about
potential securities law violations, but also reflects the tremendous success of
our whistleblower program," said Gurbir S. Grewal, Director of the SEC’s
Division of Enforcement. "This success directly benefits investors, as
whistleblower tips have contributed to enforcement actions resulting in orders
requiring bad actors to disgorge more than $4 billion in ill-gotten gains and
interest. As this award shows, there is a significant incentive for
whistleblowers to come forward with accurate information about potential
securities law violations."

"The whistleblower’s sustained assistance including multiple interviews and
written submissions was critical to the success of these actions," said Creola
Kelly, Chief of the SEC’s Office of the Whistleblower.  "While the
whistleblower’s information did not prompt the opening of the Commission’s
investigation, their information expanded the scope of misconduct charged."

Payments to whistleblowers are made out of an investor protection fund,
established by Congress, which is financed entirely through monetary sanctions
paid to the SEC 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 SEC with original,
timely, and credible information that leads to a successful enforcement action,
and adhere to filing requirements in the whistleblower rules.  Whistleblower
awards can range from 10 to 30 percent of the money collected when the monetary
sanctions exceed $1 million.

As set forth in the Dodd-Frank Act, the SEC 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 https://www.sec.gov/whistleblower.

###




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