The U.S. Securities and Exchange Commission (SEC) has rewarded another pair of whistleblowers with more than US$875,000 for information that led to successful enforcement action.

The SEC says that the award announced today is to be split evenly between two individuals who provided tips and assistance that helped the agency bring an enforcement action in an unspecified case. The law requires the commission to protect the identity of whistleblowers, and to avoid disclosing any information about the case that might reveal their identity.

“These whistleblowers provided original information and assistance that enabled us to investigate and bring a successful enforcement action in a complex area of the securities market,” said Sean McKessy, chief of the SEC’s Office of the Whistleblower. “Whistleblowers who report their concerns to the SEC perform a great service to investors and help us combat fraud.”

The SEC’s whistleblower program was set up as a result of reforms adopted in the wake of the financial crisis. It allows the commission to reward high-quality, original information that results in an enforcement action, which generates sanctions of at least $1 million. The awards it pays can range from 10% to 30% of the money collected in a case.

Since the program was adopted in late 2011, a total of eight whistleblowers have received awards. The Ontario Securities Commission has been considering its own whistleblower program for several years now, and is expected to put out a paper on the issue later this year.