The Securities and Exchange Commission announced giving a nearly $50 million award to a whistleblower who provided the agency with important, first hand information and helped the agency bring a successful enforcement action and allowed investors to recover much of their money. This is the largest amount SEC has awarded to a whistleblower. The second largest award amounted $39 millions and was given in 2018.
Jane Norberg, Chief of the SEC’s Office of the Whistleblower commented:
This award marks several milestones for the whistleblower program. This award is the largest individual whistleblower award announced by the SEC since the inception of the program, and brings the total awarded to whistleblowers by the SEC to over $500 million, including over $100 million in this fiscal year alone.
Whistleblowers have proven to be a critical tool in the enforcement arsenal to combat fraud and protect investors.