The Securities and Exchange Commission (SEC) revealed it has awarded a whistleblower with over $13 million.
The whistleblower provided the regulator with information which prompted an investigation and significantly helped the enforcement action. SEC staff was promptly alerted to an ongoing fraud by the whistleblower and they provided extensive assistance through in person meetings. They also helped the staff understand the mechanics of the fraudulent scheme.
Additionally, the whistleblower’s information also helped the SEC obtain emergency relief to minimize investor losses.
Creola Kelly, Acting Chief of the SEC’s Office of the Whistleblower said:
Today’s whistleblower provided significant information that alerted SEC staff to ongoing fraud, which had caused and was likely to continue to cause substantial injury to the financial interests of investors. Whistleblowers who provide information swiftly can not only save SEC staff’s time and resources, but also help minimize potential investor losses.