SEC awards over $27M to whistleblower
The Securities and Exchange Commission announced that it has awarded more than $27 million to a whistleblower who reported financial misconduct occurring, in part, overseas.
Following the tip provided to the Commission, the whistleblower provided investigative leads that advanced the investigation and saved the Commission both time and resources.
“This award marks several milestones for the program,” said Jane Norberg, chief of the SEC’s Office of the Whistleblower, in a statement. “This is the largest whistleblower award announced by the Commission this year, and the sixth largest award overall since the inception of the program. This award also brings the total amount awarded to whistleblowers by the SEC over the $400 million mark.”
The SEC has now awarded approximately $425 million to 79 anonymous tipsters since issuing its first award in 2012. All payments come from an investor protection fund established by Congress, completely financed by monetary sanctions paid to the SEC by securities law violators.
For more on the whistleblower program, head to the SEC's site here.