The SEC gives record-setting $30 million to whistleblower
The Securities and Exchange Commission announced Monday that it will award more than $30 million to a whistleblower. The reward will be its largest whistleblower award to date.
The individual in question "provided key original information that led to a successful SEC enforcement action," the SEC said in a statement. The reward will be the SEC's fourth award to a whistleblower in a foreign country.
"This whistleblower came to us with information about an ongoing fraud that would have been very difficult to detect," Andrew Ceresney, director of the SEC's Division of Enforcement, said in a statement. "This record-breaking award sends a strong message about our commitment to whistleblowers and the value they bring to law enforcement."
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
The whistleblower program rewards confidential sources for providing the SEC with information that results in action with sanctions greater than $1 million, according to the SEC. Whistleblowers can earn anywhere from 10 to 30 percent of the money collected from an SEC case, thanks to Congress' investor protection fund, which collects sanctions from violators of securities laws.
Before the new award, the previous whistleblower award record was $14 million, announced last October. The SEC has awarded 14 whistleblowers so far, from the program's beginning in 2012 through 2014.
Create an account with the same email registered to your subscription to unlock access.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Meghan DeMaria is a staff writer at TheWeek.com. She has previously worked for USA Today and Marie Claire.
-
On the trail of India’s wild lions at Sasan Gir National Park
The Week Recommends The sanctuary is a 'roaring' conservation success
By The Week UK Published
-
Recipe: almond marmalade cake
The Week Recommends This syrupy cake can be toasted for brunch
By The Week UK Published
-
Crossword: May 5, 2024
The Week's daily crossword
By The Week Staff Published
-
Puffed rice and yoga: inside the collapsed tunnel where Indian workers await rescue
Speed Read Workers trapped in collapsed tunnel are suffering from dysentery and anxiety over their rescue
By Sorcha Bradley, The Week UK Published
-
More than 2,000 dead following massive earthquake in Morocco
Speed Read
By Justin Klawans Published
-
Mexico's next president will almost certainly be its 1st female president
Speed Read
By Peter Weber Published
-
North Korea's Kim to visit Putin in eastern Russia to discuss arms sales for Ukraine war, U.S. says
Speed Read
By Peter Weber Published
-
Gabon's military leader sworn in following coup in latest African uprising
Speed Read
By Justin Klawans Published
-
Nobody seems surprised Wagner's Prigozhin died under suspicious circumstances
Speed Read
By Peter Weber Published
-
Western mountain climbers allegedly left Pakistani porter to die on K2
Speed Read
By Justin Klawans Published
-
'Circular saw blades' divide controversial Rio Grande buoys installed by Texas governor
Speed Read
By Peter Weber Published