The U.S. Securities and Exchange Commission (SEC) says it recently awarded the largest award ever in the history of the regulatory agency’s whistleblowing program.
According to a new press release, the SEC awarded $279 million to a whistleblower who provided information and assistance leading to successful enforcement actions.
According to the SEC, the amount is more than double the $114 million whistleblower award awarded by the regulator in October 2020.
Gurbir S. Grewal, director of the SEC’s Division of Enforcement, says whistleblower tips contributed to enforcement actions that led to orders requiring bad actors to turn over more than $4 billion in ill-gotten gains and interest.
“As this award shows, there is a significant incentive for whistleblowers to come forward with accurate information about potential securities law violations.”
Creola Kelly, chief of the SEC’s whistleblower’s office, says the unnamed individual who received the award provided assistance through multiple interviews and written submissions, aiding the success of the regulator’s enforcement actions.
“While the whistleblower’s information did not lead to the opening of the Commission’s investigation, their information broadened the scope of the alleged misconduct.”
Whistleblowers may be eligible for a reward if they voluntarily provide the regulator with timely and credible information leading to successful enforcement action. Prizes can range from 10% to 30% of the money collected when fines or penalties exceed $1 million.
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