SEC Denies Whistleblower Award Claim Because Disclosure was Not Voluntary

Under the SEC Whistleblower Program rules, a whistleblower’s disclosure is voluntary if it is made “before a request, inquiry, or demand that relates to the subject matter of [their] submission is directed to [the whistleblower] or anyone representing [the whistleblower] by the Commission.”

In this case, the SEC issued a Preliminary Determination denying a whistleblower award claim because the Claimant provided information “after Enforcement staff had already subpoenaed Claimant and taken Claimant’s testimony in the Investigation on a subject matter related to his/her information.”

Source: SEC Denies Whistleblower Award Claim Because Disclosure was Not Voluntary