Win Cash! SEC Looks for Whistleblowers
The Securities and Exchange Commission has awarded what it claims is nearly $4 million to an unidentified whistleblower who allegedly tipped the agency about misconduct.
The announcement of the reward emphasized that the person provided “detailed and specific information about serious misconduct and provided additional assistance during the ensuing investigation, including industry-specific knowledge and expertise.”
“Not only did this whistleblower step forward and report suspicious conduct, but continued to help after we opened our investigation,” said Jane Norberg, Chief of the SEC’s Office of the Whistleblower. “Whistleblowers with specialized experience or expertise can help us expend fewer resources in our investigations and bring enforcement actions more efficiently.”
The SEC claims approximately $153 million has been awarded to 43 whistleblowers who became eligible for an award after voluntarily providing the SEC with “original and useful” information that led to successful enforcement actions. SEC enforcement actions from whistleblower tips have resulted in more than $953 million in financial remedies against wrongdoers, the agency claimed.
Whistleblower awards can range from 10 percent to 30 percent of the money collected when the monetary sanctions exceed $1 million. All payments are made out of an investor protection fund established by Congress that is financed entirely through monetary sanctions paid to the SEC by securities law violators. No money has been taken or withheld from harmed investors to pay whistleblower awards.
For more information about the whistleblower program and how to report a tip, visit www.sec.gov/whistleblower.
