Background
John Doe applied to the Securities and Exchange Commission for a whistleblower award. The Commission denied his application in a final order after determining that the information he provided did not lead to the successful enforcement action.
Doe petitioned the U.S. Court of Appeals for the Eighth Circuit to review the Commission’s order. The court considered whether substantial evidence supported the agency’s determination.
The Court’s Holding
The Eighth Circuit held that substantial evidence supported the Commission’s determination that Doe’s information did not lead to the successful enforcement action.
The court therefore denied Doe’s petition for review. The unpublished per curiam opinion disposed of the matter under Eighth Circuit Rule 47B.
Key Takeaways
- An SEC whistleblower-award applicant must establish the required connection between the submitted information and a successful enforcement action.
- The court applied substantial-evidence review to the Commission’s determination.
- Because substantial evidence supported the Commission’s finding, the court denied the petition for review.
Why It Matters
The decision illustrates the importance of showing that a whistleblower’s information led to the successful enforcement action for which an SEC award is sought. It also confirms that the Eighth Circuit reviews the Commission’s factual determination under the substantial-evidence standard.