SEC’s Whistleblower Office Hands Out $7 Million Award to Three Tipsters
- Since 2012, SEC enforcement actions from whistleblower tips have resulted in more than $935 million in financial remedies.
A group of three whistleblowers were awarded decent sums by the Securities and Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Commission (SEC) for their efforts to uncover securities law violations made by an investment scheme.
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The SEC’s Office of the Whistleblower Whistleblower A whistleblower is an individual who manages to provide information or activity within a private or public organization that is deemed illegal, unethical, or not correct. In many countries, including the United States, whistleblowers are protected by law and in some cases can even recoup rewards if their information leads to successful prosecution.In the context of the financial services industry, whistleblowers play a large role in oversight, helping unmask several episodes of illicit behavior A whistleblower is an individual who manages to provide information or activity within a private or public organization that is deemed illegal, unethical, or not correct. In many countries, including the United States, whistleblowers are protected by law and in some cases can even recoup rewards if their information leads to successful prosecution.In the context of the financial services industry, whistleblowers play a large role in oversight, helping unmask several episodes of illicit behavior today announced that the agency gave an award of $7.0 million split among three whistleblowers for providing information that led to a successful enforcement action. This brings the whistleblower program’s total endowment to approximately $149 million since issuing its first award in 2012. On the other side of the coin, SEC enforcement actions from whistleblower tip-offs have resulted in more than $935 million in financial remedies.
As usual, the U.S. regulator protected the anonymity of the whistleblowers and disclosed no information that could directly or indirectly reveal their identity.
One whistleblower who provided the primary information that helped the SEC expose the shady scheme will get more than $4 million, while the two other whistleblowers that later provided critical information will split nearly $3 million.
It may come under Trump’s fire
“Whistleblowers played an important role in the success of this case as they helped our agency detect and prosecute a scheme preying on vulnerable investors. Whistleblowers not only helped us open the investigation but provided critical information after the investigation was already underway,” said Jane Norberg, Chief of the SEC’s Office of the Whistleblower.
On top of this, the latest SEC award comes in the midst of Donald Trump’s call to his financial services policy implementation team to work on dismantling the Dodd-Frank Act and replacing it with new policies to encourage economic growth and job creation.
The SEC Office of the Whistleblower Program was created by Congress in 2011, and the program paid out its first award a year later. Under the program, eligible whistleblowers receive between 10 percent and 30 percent of the monetary sanctions collected when they report financial mishandlings of over $1 million. All whistleblower awards are paid from the CFTC Customer Protection Fund established by Congress and financed entirely through monetary sanctions paid to the CFTC by violators of the CEA.
A group of three whistleblowers were awarded decent sums by the Securities and Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Commission (SEC) for their efforts to uncover securities law violations made by an investment scheme.
To unlock the Asian market, register now to the iFX EXPO in Hong Kong
The SEC’s Office of the Whistleblower Whistleblower A whistleblower is an individual who manages to provide information or activity within a private or public organization that is deemed illegal, unethical, or not correct. In many countries, including the United States, whistleblowers are protected by law and in some cases can even recoup rewards if their information leads to successful prosecution.In the context of the financial services industry, whistleblowers play a large role in oversight, helping unmask several episodes of illicit behavior A whistleblower is an individual who manages to provide information or activity within a private or public organization that is deemed illegal, unethical, or not correct. In many countries, including the United States, whistleblowers are protected by law and in some cases can even recoup rewards if their information leads to successful prosecution.In the context of the financial services industry, whistleblowers play a large role in oversight, helping unmask several episodes of illicit behavior today announced that the agency gave an award of $7.0 million split among three whistleblowers for providing information that led to a successful enforcement action. This brings the whistleblower program’s total endowment to approximately $149 million since issuing its first award in 2012. On the other side of the coin, SEC enforcement actions from whistleblower tip-offs have resulted in more than $935 million in financial remedies.
As usual, the U.S. regulator protected the anonymity of the whistleblowers and disclosed no information that could directly or indirectly reveal their identity.
One whistleblower who provided the primary information that helped the SEC expose the shady scheme will get more than $4 million, while the two other whistleblowers that later provided critical information will split nearly $3 million.
It may come under Trump’s fire
“Whistleblowers played an important role in the success of this case as they helped our agency detect and prosecute a scheme preying on vulnerable investors. Whistleblowers not only helped us open the investigation but provided critical information after the investigation was already underway,” said Jane Norberg, Chief of the SEC’s Office of the Whistleblower.
On top of this, the latest SEC award comes in the midst of Donald Trump’s call to his financial services policy implementation team to work on dismantling the Dodd-Frank Act and replacing it with new policies to encourage economic growth and job creation.
The SEC Office of the Whistleblower Program was created by Congress in 2011, and the program paid out its first award a year later. Under the program, eligible whistleblowers receive between 10 percent and 30 percent of the monetary sanctions collected when they report financial mishandlings of over $1 million. All whistleblower awards are paid from the CFTC Customer Protection Fund established by Congress and financed entirely through monetary sanctions paid to the CFTC by violators of the CEA.