SEC Announces Record-Breaking Whistleblower Award of $18 Million
The U.S. Securities and Exchange Commission (SEC) awarded a whistleblower more than $18 million for aiding in the successful enforcement of a securities law violation. After initially reporting the misconduct internally, the whistleblower notified the SEC and provided additional information and assistance during the investigation that saved the Commission time and resources. The reward for the whistle blower was paid out of an investor protection fund which is totally financed through monetary sanctions taken from violators. In accordance with the Dodd-Frank Act, the SEC provides confidentiality to whistleblowers and does not reveal any information which would indicate their identity.