SEC Whistleblower Receives $10 Million Award for Assisting in Investigation
Last week, the Securities and Exchange Commission (SEC) awarded an anonymous whistleblower $10 million for their efforts in prompting and assisting in an investigation.
According to a press release, the SEC whistleblower provided key evidence in more than a dozen communications with the staff. The whistleblower also helped decipher complex issues during the investigation process.
“This has been a record year for the SEC Program and a sign of progress for the entire whistleblower community,” said whistleblower attorney Stephen M. Kohn, partner at Kohn, Kohn & Colapinto. “Whistleblowers are vital to the ongoing detection of financial frauds and to holding major corporations accountable.”
Since issuing its first whistleblower award in 2012, the SEC has awarded over $687 million to 109 individuals. In 2020, the SEC has awarded a record $175 million whistleblowers. SEC whistleblower awards are issued to individuals who provide the Commission with timely and original information of frauds that result in enforcement actions that bring $1 million or more in monetary sanctions.
Established under the Dodd Frank Act of 2010, the SEC Whistleblower Program protects the identity of whistleblower and provides full anonymity and confidentiality for whistleblowers who file for awards.
“After reporting internally and receiving no satisfactory response, the whistleblower alerted the agency to the securities violation and played a critical role during the investigation,” said Jane Norberg, Chief of the SEC’s Office of the Whistleblower. “Today’s award demonstrates the significant contributions that whistleblowers can make to substantially assist investigations and help the Commission save time and resources.”
If you have knowledge of financial frauds, contact an SEC whistleblower lawyer today.
