The U.S. Securities and Exchange Commission (SEC) has issued its largest ever award of nearly $279 million to a whistleblower whose information helped the regulator’s enforcement action, it said on Friday.
The regulator did not disclose the case concerned in its statement.
The award is more than double the $114 million that it had issued in October 2020.
“As this award shows, there is a significant incentive for whistleblowers to come forward with accurate information about potential securities law violations,” said Gurbir Grewal, director of the SEC’s Division of Enforcement, in a statement.
Payments to whistleblowers are made out of an investor protection fund that was established by Congress and financed entirely through monetary sanctions paid to the SEC by securities law violators.
Awards to whistleblowers can range from 10% to 30% of the money collected when the monetary sanctions exceed $1 million.
“The whistleblower’s sustained assistance including multiple interviews and written submissions was critical to the success of these actions,” said Creola Kelly, chief of the SEC’s Office of the Whistleblower.
Was this article valuable?
Here are more articles you may enjoy.
Trump Administration Backtracks on Removing Ocean Sensors 
Eli Lilly Wins Court Order in Fraud Allegations Against Florida, TN Pharmacy Groups 
Read 14-Point Draft Memorandum of Understanding Between the US and Iran 
Hacking Group Claims Major Hack of Novo Nordisk and Attempted $25M Extortion 
