Two former Merrill Lynch financial advisers who alleged the company made misleading statements related to a struggling investment product were the whistleblowers who received a $3m payout by the Securities and Exchange Commission.

The SEC announced the award on June 3 but didn’t identify the tipsters or which case the award is connected to, in keeping with its policy. Rebecca Katz, a senior counsel at law firm Motley Rice in New York who represents both whistleblowers, identified the company involved in the case as Merrill Lynch. Merrill Lynch declined to comment.