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United States SEC Gives Record $114 million to a Single Whistleblower
23rd October 2020 | Hong Kong
The United StatesSecurities and Exchange Commission (SEC) has awarded more than $114 millionto a single whistleblower, whose information and assistance had led to successful enforcement and related actions.
“ United States SEC Gives Record $114 million to a Single Whistle Blower “
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Record $114 million Payout
The $114 million award consists of around $52 million in connection with the SEC case and around $62 million arising out of the related actions by another agency.
The combined $114 million reward marks the highest award in the program’s history, and eclipses the last highest award of $50 million, made to an individual in June 2020.
$676 million Payout to 108 Individuals Since 2012
Since 2012, the SEC has awarded around $676 million to 108 individuals since issuing its first award in 2012. (An average of $6.25 million per payout)
Whistleblower Payout and Protection
All payments are made out of an investor protection fund established by Congress that is financed entirely through monetary sanctions paid to the SEC by securities law violators. No money has been taken or withheld from harmed investors to pay whistleblower awards.
Whistleblowers may be eligible for an award when they voluntarily provide the SEC with original, timely, and credible information that leads to a successful enforcement action. Whistleblower awards can range from 10 percent to 30 percent of the money collected when the monetary sanctions exceed $1 million.
In the Dodd-Frank Act, the SEC protects the confidentiality of whistleblowers and does not disclose information that could reveal a whistleblower’s identity.
“ Today’s milestone award is a testament to the Commission’s commitment to award whistleblowers who provide the agency with high-quality information. Whistleblowers make important contributions to the enforcement of securities laws and we are committed to getting more money to whistleblowers as quickly and as efficiently as possible.”
Chief of the SEC’s Office of the Whistleblower Jane Norberg:
“The actions of the whistleblower awarded today were extraordinary. After repeatedly reporting concerns internally, and despite personal and professional hardships, the whistleblower alerted the SEC and the other agency of the wrongdoing and provided substantial, ongoing assistance that proved critical to the success of the actions.”
About U.S. Securities and Exchange Commission
At the Securities and Exchange Commission (SEC), we work together to make a positive impact on America’s economy, our capital markets, and people’s lives.
For more than 85 years since our founding at the height of the Great Depression, we have stayed true to our mission of protecting investors, maintaining fair, orderly, and efficient markets, and facilitating capital formation.
Our mission requires tireless commitment and unique expertise from our staff of dedicated professionals who care deeply about protecting Main Street investors and others who rely on our markets to secure their financial futures.
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