The SEC (Securities and Exchange Commission) announced an award of nearly $700,000 to a whistleblower.
The whistleblower, who had first reported the issue internally before going to the SEC, assisted the SEC during its investigation. The whistleblower provided “significant information” that lead the SEC to “bring a successful enforcement action that resulted in the return of money to harmed investors.”
Jane Norberg, Chief of the SEC’s Office of the Whistleblower, said about the whistleblower’s action, that the agency was able to “identify the misconduct and conserve time and resources during the investigation.” She went on to say that “This whistleblower stepped forward and helped the agency to protect and compensate harmed investors.”
Since the SEC Office of the Whistleblower issued its first award in 2012, the agency has awarded almost $501 million to 84 whistleblowers. If a whistleblower discloses “original, timely and credible information that leads to a successful enforcement action,” they can be eligible for a whistleblower award, which “can range from 10 percent to 30 percent of the money collected when the monetary sanctions exceed $1 million.” Additionally, under the Dodd-Frank Act, the SEC must protect a whistleblower’s identity.
Read more the SEC’s press release.