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Whistleblower awarded over $27 million



The Securities and Exchange Commission announced yesterday awarding $27 million to a whistleblower who alerted the agency of a misconduct and provided important information in the investigation.

Jane Norberg, Chief of the SEC’s Office of the Whistleblower commented:

Jane Norberg, SEC

This award marks several milestones for the program. 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.

Whistleblower

So far, the agency has awarded over $425 million to 79 individuals for their help since the first award was issued in 2012. Payment of the awards is taken out of an investor protection fund set up by Congress. It is financed through monetary sanctions of security law violations paid to SEC.

To be eligible for award, a whistleblower needs to voluntarily provide the commission with reliable information that leads to successful enforcement action. The awards range between 10 and 30 % of the money collected by SEC when the sanction is for more than $1 million.

According to the Dodd-Frank Act, SEC must protect the identity of the whistleblower and not disclose any information that could reveal it.


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Whistleblower awarded over $27 million

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