In the Matter of the Claims for Awards

UNITED STATES OF AMERICA 
before the 
SECURITIES AND EXCHANGE COMMISSION 
SECURITIES EXCHANGE ACT OF 1934 
Release No. 92086 / June 2, 2021 
WHISTLEBLOWER AWARD PROCEEDING 
File No. 2021-54 
In the Matter of the Claims for Awards 
in connection with 
Redacted 
Redacted 
Notice of Covered Action 
Redacted 
ORDER DETERMINING WHISTLEBLOWER AWARD CLAIMS 
The Claims Review Staff (“CRS”) issued Preliminary Determinations recommending: (i)   
that 
Redacted 
(“Claimant 1”) receive a whistleblower award in the amount of 
Redacted 
percent ( 
*** 
%) of the monetary sanctions collected, or to be collected, in 
Redacted 
related 
Redacted 
action, 
Redacted 
(the “Covered Action”) and in a 
(the “Related Action”);
2
 and (ii) that 
1 
Redacted 
Redacted 
(“Claimant 2”) receive a 
2
Rule 21F-11(a) of the Securities Exchange Act of 1934 (“Exchange Act”) provides that, 
“If you are eligible to receive an award following a Commission action that results in monetary 

2 
 
whistleblower award in the amount of 
Redacted 
percent ( 
*** 
%) of the monetary sanctions 
collected, or to be collected, in the Covered Action and in the Related Action. This will result in 
awards of approximately $13 million to Claimant 1 and $10 million to Claimant 2. Claimant 1 
and Claimant 2 provided written notice of their decisions not to contest the Preliminary 
Determinations. 
 
The recommendations of the CRS are adopted. The record demonstrates that Claimant 1 
and Claimant 2 each voluntarily provided original information to the Commission and to the 
Redacted 
(the “Other Agency”), and each Claimant’s original 
information led to the successful enforcement of both the Covered Action and the Related 
Action.
3
 The Related Action is a 
Redacted 
between 
Redacted 
 
deem 
the Whistleblower Rules, 
Redacted 
Redacted 
a “related action” that is eligible for a 
whistleblower award, and Claimant 1 and Claimant 2 satisfy the requirements for such an 
award.
4
 
 
Moreover, as to Claimant 2, we have determined that it would be in the public interest 
and consistent with the protection of investors for the Commission to exercise our discretionary 
authority under Section 36(a) of the Exchange Act to exempt Claimant 2 from the Form WB- 
APP 90-day filing deadline specified in Rules 21F-10(a) and (b)(1) of the Exchange Act in light 
of the specific facts and circumstances present here.
5
 
 
 
sanctions totaling more than $1,000,000, you also may be eligible to receive an award based on 
the monetary sanctions that are collected from a related action.” 17 C.F.R. § 240.21F-11(a). 
 
3
 See Exchange Act Section 21F(b)(1), 15 U.S.C. § 78u-6(b)(1); Rule 21F-3(a), 17 C.F.R. 
§ 240.21F-3(a). 
 
4 
Redacted 
 
Here, the 
Related Action constitutes a “related action” to the Covered Action within the meaning of 
Exchange Act Section 21F(a)(5), 15 U.S.C. §   78u-6(a)(5), and Rule 21F-3(b) promulgated 
thereunder, 17 C.F.R. § 240.21F-3(b), as it is 
Redacted 
, it is based on the same original information that the 
whistleblower voluntarily provided to the Commission, and it led the Commission to obtain 
monetary sanctions totaling more than $1,000,000. 
 
5
 Rules 21F-10(a) and (b)(1) of the Exchange Act provide that a claimant must submit a 
claim for an award within 90 calendar days of the Notice of Covered Action to be considered 

3 
 
Applying the award criteria in Rule 21F-6 of the Exchange Act to the specific facts and 
circumstances here, we find the proposed award amounts are appropriate.
6
 In reaching that 
determination, we considered that: (i) Claimant 1 submitted a whistleblower tip providing 
information that led to the initiation of investigations by the Commission and the Other Agency; 
(ii) Claimant 2 submitted a whistleblower tip providing information that significantly contributed 
to the Commission’s and the Other Agency’s investigations; (iii) Claimant 1’s and Claimant 2’s 
information led to 
Redacted 
actions related to a  complex and fraudulent 
Redacted 
scheme involving multiple individuals and tens of millions of dollars in ill-gotten 
gains; (iv) Claimant 1 and Claimant 2 substantially assisted the Commission and the Other 
Agency by, among other things, submitting information and documents, participating in 
interviews, and identifying key individuals and systems involved in the investigations; but (v) 
Claimant 2 unreasonably delayed by waiting several years to report the conduct to the 
Commission, during which time the conduct continued. Based on the facts and circumstances of 
this matter, we believe a 
*** 
% whistleblower award to Claimant 1 and a  
*** 
% whistleblower 
award to Claimant 2 would recognize the significance of Claimant 1’s and Claimant 2’s 
information and the high law enforcement interest involved in this matter. 
 
Finally, we find that the contributions made by Claimant 1 and Claimant 2 to the Covered 
Action are similar to Claimant 1’s and Claimant 2’s contributions to the success of the Related 
 
for an award. Here, Claimant 2’s award application was first received by the Commission’s 
staff 18 days after that 90-day deadline. Claimant 2 asserts several mitigating factors, but 
because the record does not demonstrate that compliance with the deadline was beyond 
Claimant 2’s control, we find that the facts do not present “extraordinary circumstances” that 
would trigger our discretion to waive the deadline under Rule 21F-8(a) of the Exchange 
Act. See, e.g., Claim for Award, Release No. 34-77368, 2016 WL 1019130, at *2 (Mar. 14, 
2016), pet. denied sub nom. Cerny v. SEC, 707 F. App’x 29 (2d Cir. 2017). We determine, 
however, that the record supports the exercise of our separate, discretionary authority under 
Section 36(a) of the Exchange Act to exempt Claimant 2 from the 90-day deadline. Strict 
application of the deadline would result in undue hardship to Claimant 2, particularly in light 
of Claimant 2’s significant contributions to the successful enforcement of the Covered Action 
and certain unique obstacles faced by Claimant 2. Accordingly, we find it in the public 
interest and consistent with the protection of investors to exempt Claimant 2 from the 90-day 
deadline. 
 
6
 In assessing the appropriate award amounts, Rule 21F-6 of the Exchange Act provides 
that the Commission consider: (1) the significance of information provided to the Commission; 
(2) the assistance provided in the Commission action; (3) law enforcement interest in deterring 
violations by granting awards; (4) participation in internal compliance systems; (5) culpability; 
(6) unreasonable reporting delay; and (7) interference with internal compliance and reporting 
systems.  17 C.F.R. § 240.21F-6. 

4 
Action, and, therefore, it is appropriate that Claimant 1 and Claimant 2 receive the same award 
percentage for both actions. 
Accordingly, it is hereby ORDERED that Claimant 1 shall receive an award of 
Redacted 
percent ( 
*** 
%) of the monetary sanctions collected, or to be collected, in the Covered Action and 
in the Related Action, and that Claimant 2 receive an award of 
Redacted 
percent ( 
*** 
%) of the 
monetary sanctions collected, or to be collected, in the Covered Action and in the Related 
Action. 
By the Commission. 
Vanessa A. Countryman 
Secretary 

UNITED STATES OF AMERICA 
before the 

SECURITIES AND EXCHANGE COMMISSION 

SECURITIES EXCHANGE ACT OF 1934 
Release No. 92086 / June 2, 2021 

WHISTLEBLOWER AWARD PROCEEDING 
File No. 2021-54 

In the Matter of the Claims for Awards 

in connection with 

Redacted 

Redacted 

Notice of Covered Action Redacted 

ORDER DETERMINING WHISTLEBLOWER AWARD CLAIMS 

The Claims Review Staff (“CRS”) issued Preliminary Determinations recommending: (i) 
that Redacted (“Claimant 1”) receive a whistleblower award in the amount of Redacted 

percent ( *** %) of the monetary sanctions collected, or to be collected, in Redacted 

related Redacted action, Redacted 
(the “Covered Action”) and in a 

(the “Related Action”);2 and (ii) that 

1 

Redacted 

Redacted 

(“Claimant 2”) receive a 

2 Rule 21F-11(a) of the Securities Exchange Act of 1934 (“Exchange Act”) provides that, 
“If you are eligible to receive an award following a Commission action that results in monetary 



2  

whistleblower award in the amount of Redacted percent ( *** %) of the monetary sanctions 
collected, or to be collected, in the Covered Action and in the Related Action. This will result in 
awards of approximately $13 million to Claimant 1 and $10 million to Claimant 2. Claimant 1 
and Claimant 2 provided written notice of their decisions not to contest the Preliminary 
Determinations. 

 
The recommendations of the CRS are adopted. The record demonstrates that Claimant 1 

and Claimant 2 each voluntarily provided original information to the Commission and to the 
Redacted (the “Other Agency”), and each Claimant’s original 

information led to the successful enforcement of both the Covered Action and the Related 
Action.3 The Related Action is a Redacted between Redacted 

 
deem 

the Whistleblower Rules, 
Redacted 

Redacted 

a “related action” that is eligible for a 
whistleblower award, and Claimant 1 and Claimant 2 satisfy the requirements for such an 
award.4 

 
Moreover, as to Claimant 2, we have determined that it would be in the public interest 

and consistent with the protection of investors for the Commission to exercise our discretionary 
authority under Section 36(a) of the Exchange Act to exempt Claimant 2 from the Form WB- 
APP 90-day filing deadline specified in Rules 21F-10(a) and (b)(1) of the Exchange Act in light 
of the specific facts and circumstances present here.5 

 
 

sanctions totaling more than $1,000,000, you also may be eligible to receive an award based on 
the monetary sanctions that are collected from a related action.” 17 C.F.R. § 240.21F-11(a). 

 
3 See Exchange Act Section 21F(b)(1), 15 U.S.C. § 78u-6(b)(1); Rule 21F-3(a), 17 C.F.R. 
§ 240.21F-3(a). 

 

4 Redacted  
Here, the 

Related Action constitutes a “related action” to the Covered Action within the meaning of 
Exchange Act Section 21F(a)(5), 15 U.S.C. § 78u-6(a)(5), and Rule 21F-3(b) promulgated 
thereunder, 17 C.F.R. § 240.21F-3(b), as it is Redacted 

, it is based on the same original information that the 
whistleblower voluntarily provided to the Commission, and it led the Commission to obtain 
monetary sanctions totaling more than $1,000,000. 

 
5 Rules 21F-10(a) and (b)(1) of the Exchange Act provide that a claimant must submit a 
claim for an award within 90 calendar days of the Notice of Covered Action to be considered 



3  

Applying the award criteria in Rule 21F-6 of the Exchange Act to the specific facts and 
circumstances here, we find the proposed award amounts are appropriate.6 In reaching that 
determination, we considered that: (i) Claimant 1 submitted a whistleblower tip providing 
information that led to the initiation of investigations by the Commission and the Other Agency; 
(ii) Claimant 2 submitted a whistleblower tip providing information that significantly contributed 
to the Commission’s and the Other Agency’s investigations; (iii) Claimant 1’s and Claimant 2’s 
information led to Redacted actions related to a complex and fraudulent Redacted 

scheme involving multiple individuals and tens of millions of dollars in ill-gotten 
gains; (iv) Claimant 1 and Claimant 2 substantially assisted the Commission and the Other 
Agency by, among other things, submitting information and documents, participating in 
interviews, and identifying key individuals and systems involved in the investigations; but (v) 
Claimant 2 unreasonably delayed by waiting several years to report the conduct to the 
Commission, during which time the conduct continued. Based on the facts and circumstances of 
this matter, we believe a *** % whistleblower award to Claimant 1 and a *** % whistleblower 
award to Claimant 2 would recognize the significance of Claimant 1’s and Claimant 2’s 
information and the high law enforcement interest involved in this matter. 

 
Finally, we find that the contributions made by Claimant 1 and Claimant 2 to the Covered 

Action are similar to Claimant 1’s and Claimant 2’s contributions to the success of the Related 
 

for an award. Here, Claimant 2’s award application was first received by the Commission’s 
staff 18 days after that 90-day deadline. Claimant 2 asserts several mitigating factors, but 
because the record does not demonstrate that compliance with the deadline was beyond 
Claimant 2’s control, we find that the facts do not present “extraordinary circumstances” that 
would trigger our discretion to waive the deadline under Rule 21F-8(a) of the Exchange 
Act. See, e.g., Claim for Award, Release No. 34-77368, 2016 WL 1019130, at *2 (Mar. 14, 
2016), pet. denied sub nom. Cerny v. SEC, 707 F. App’x 29 (2d Cir. 2017). We determine, 
however, that the record supports the exercise of our separate, discretionary authority under 
Section 36(a) of the Exchange Act to exempt Claimant 2 from the 90-day deadline. Strict 
application of the deadline would result in undue hardship to Claimant 2, particularly in light 
of Claimant 2’s significant contributions to the successful enforcement of the Covered Action 
and certain unique obstacles faced by Claimant 2. Accordingly, we find it in the public 
interest and consistent with the protection of investors to exempt Claimant 2 from the 90-day 
deadline. 

 
6 In assessing the appropriate award amounts, Rule 21F-6 of the Exchange Act provides 
that the Commission consider: (1) the significance of information provided to the Commission; 
(2) the assistance provided in the Commission action; (3) law enforcement interest in deterring 
violations by granting awards; (4) participation in internal compliance systems; (5) culpability; 
(6) unreasonable reporting delay; and (7) interference with internal compliance and reporting 
systems. 17 C.F.R. § 240.21F-6. 



4 

Action, and, therefore, it is appropriate that Claimant 1 and Claimant 2 receive the same award 
percentage for both actions. 

Accordingly, it is hereby ORDERED that Claimant 1 shall receive an award of Redacted 

percent ( *** %) of the monetary sanctions collected, or to be collected, in the Covered Action and 
in the Related Action, and that Claimant 2 receive an award of Redacted percent ( *** %) of the 
monetary sanctions collected, or to be collected, in the Covered Action and in the Related 
Action. 

By the Commission. 

Vanessa A. Countryman 
Secretary