SEC Walks Rare Path In $800K Whistleblower Award

Law360 (October 15, 2020, 9:19 PM EDT) -- The U.S. Securities and Exchange Commission on Thursday issued an $800,000 award to a whistleblower in a rare instance of the agency reconsidering a preliminary determination that recommended denying the claim.

The agency also resorted to a regulation that allows it to combine two actions in order to make the total monetary sanctions collected as a result of the whistleblower's actions large enough to warrant a bounty. 

Upon reconsidering the claim after the claimant contested the preliminary determination, the SEC found that the individual "satisfied the requirements for being considered a whistleblower" and "voluntarily provided original information to the commission that...

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