US Regulator SEC Awards Whistleblower $10 Million
- The information from the tipster resulted in a successful enforcement action for the SEC.
The Securities and Exchange Commission (SEC) recently announced that it has dolled out another sizeable award for a 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 Read this Term, granting them more than $10 million after their information and assistance played a key role in successful enforcement action from the US regulator.
Whilst the statement from the SEC on Monday does not disclose much information, the US watchdog does highlight that the whistleblower exposed serious financial misconduct.
Commenting on the $10 million award, Jane Norberg, Chief of the SEC's Office of the Whistleblower said in the statement: "This award recognizes the persistent efforts of the whistleblower to expose serious financial misconduct.
"This whistleblower also provided extensive and ongoing assistance to the investigative team over the course of the investigation, including identifying witnesses and helping staff understand complex fact patterns and issues related to the matters under investigation."
Since issuing its first award in 2012 to a whistleblower, the authority has granted around $520 million to 94 individuals. The awards are made from an investor protection fund which was established by Congress and is financed entirely through monetary sanctions paid to the SEC by securities law violators.
In its statement on Monday, the SEC highlights that the money granted to whistleblowers has not been taken or withheld from harmed investors to pay the whistleblower awards.
“Whistleblowers may be eligible for an award when they voluntarily provide the SEC with original, timely, and credible information that Leads Leads Leads or lead generation are an essential component of marketing and powerful tool by brokers. In its simplest form, leads can be defined as the outreach of customer interest or enquiry into products or services, most often associated with brokerages.These can be created for purposes such as list building, e-newsletter list acquisition, or for sales leads. Amongst marketers, such lists are one of their most important assets and instrumental to sales.There are a variety of methods for generating Leads or lead generation are an essential component of marketing and powerful tool by brokers. In its simplest form, leads can be defined as the outreach of customer interest or enquiry into products or services, most often associated with brokerages.These can be created for purposes such as list building, e-newsletter list acquisition, or for sales leads. Amongst marketers, such lists are one of their most important assets and instrumental to sales.There are a variety of methods for generating Read this Term to a successful enforcement action. Whistleblower awards can range from 10-30% of the money collected when the monetary sanctions exceed $1 million,” the regulator said on Monday.
SEC Whistleblower Record
As Finance Magnates reported, in June of this year, the SEC awarded a hefty $50 million to a tipster for blowing the whistle on misconduct, which produced a successful enforcement action and returned a significant amount of money to harmed investors.
The reward is the largest amount ever awarded by a federal regulator and the sum easily surpasses the previous record of $39 million set back in 2018.
The Securities and Exchange Commission (SEC) recently announced that it has dolled out another sizeable award for a 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 Read this Term, granting them more than $10 million after their information and assistance played a key role in successful enforcement action from the US regulator.
Whilst the statement from the SEC on Monday does not disclose much information, the US watchdog does highlight that the whistleblower exposed serious financial misconduct.
Commenting on the $10 million award, Jane Norberg, Chief of the SEC's Office of the Whistleblower said in the statement: "This award recognizes the persistent efforts of the whistleblower to expose serious financial misconduct.
"This whistleblower also provided extensive and ongoing assistance to the investigative team over the course of the investigation, including identifying witnesses and helping staff understand complex fact patterns and issues related to the matters under investigation."
Since issuing its first award in 2012 to a whistleblower, the authority has granted around $520 million to 94 individuals. The awards are made from an investor protection fund which was established by Congress and is financed entirely through monetary sanctions paid to the SEC by securities law violators.
In its statement on Monday, the SEC highlights that the money granted to whistleblowers has not been taken or withheld from harmed investors to pay the whistleblower awards.
“Whistleblowers may be eligible for an award when they voluntarily provide the SEC with original, timely, and credible information that Leads Leads Leads or lead generation are an essential component of marketing and powerful tool by brokers. In its simplest form, leads can be defined as the outreach of customer interest or enquiry into products or services, most often associated with brokerages.These can be created for purposes such as list building, e-newsletter list acquisition, or for sales leads. Amongst marketers, such lists are one of their most important assets and instrumental to sales.There are a variety of methods for generating Leads or lead generation are an essential component of marketing and powerful tool by brokers. In its simplest form, leads can be defined as the outreach of customer interest or enquiry into products or services, most often associated with brokerages.These can be created for purposes such as list building, e-newsletter list acquisition, or for sales leads. Amongst marketers, such lists are one of their most important assets and instrumental to sales.There are a variety of methods for generating Read this Term to a successful enforcement action. Whistleblower awards can range from 10-30% of the money collected when the monetary sanctions exceed $1 million,” the regulator said on Monday.
SEC Whistleblower Record
As Finance Magnates reported, in June of this year, the SEC awarded a hefty $50 million to a tipster for blowing the whistle on misconduct, which produced a successful enforcement action and returned a significant amount of money to harmed investors.
The reward is the largest amount ever awarded by a federal regulator and the sum easily surpasses the previous record of $39 million set back in 2018.