Whistleblower Awarded $4 Million for Assisting SEC
The Securities and Exchange Commission (SEC) announced Tuesday that it issued an award of nearly $4 Million to a whistleblower who assisted the agency. The whistleblower reported specific information about serious misconduct and assisted investigators with 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’s has awarded more than $153 million to whistleblowers for tips that led to successful enforcement actions since the program’s inception in 2011. Enforcement actions from whistleblower tips have resulted in more than $953 million in financial remedies.
Whistleblowers may be eligible for an award when they voluntarily provide the SEC with unique and useful information that leads to a successful enforcement action. Whistleblower awards can range from 10 percent to 30 percent of the money collected when the monetary sanctions ordered exceed $1 million.
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