The Securities and Exchange Commission (SEC) has awarded $22 million to a whistleblower whose detailed tip and extensive assistance helped the agency halt a well-hidden fraud at the company where the whistleblower worked.
100% CONFIDENTIAL SUPPORT:

SEC Whistleblower Gets $22 Million Award

Share This Post

SEC

The Securities and Exchange Commission (SEC) has awarded $22 million to a whistleblower whose detailed tip and extensive assistance helped the agency halt a well-hidden fraud at the company where the whistleblower worked.

The $22 million-plus award is the second-largest total the SEC has awarded a whistleblower.

The largest, $30 million, was awarded in 2014.

?Company employees are in unique positions behind-the-scenes to unravel complex or deeply buried wrongdoing,? said Jane Norberg, Acting Chief of the SEC?s Office of the Whistleblower. ?Without this whistleblower?s courage, information, and assistance, it would have been extremely difficult for law enforcement to discover this securities fraud on its own,?

The SEC?s whistleblower program, which has been rewarding valuable information from tipsters since its inception in 2011, has now surpassed $100 million in total money awarded.

More than $107 million has been awarded to 33 whistleblowers who became eligible for an award by voluntarily providing the SEC with original and useful information that led 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.

All payments are made out of an investor protection fund established by Congress that is financed 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.

By law, the SEC protects the confidentiality of whistleblowers and does not disclose information that might directly or indirectly reveal a whistleblower?s identity.

More To Explore

OSINT
Uncategorized

The Power of Open Source Intelligence Explained

The presence of easily accessible public records is one of the most crucial tools for private investigators in the digital era. While the information available to the public hasn’t significantly changed, the process of obtaining it has undergone a remarkable transformation. In our latest blog post we explain the power of open source intelligence and public records.

canada-scams
Blog

4 of the Top Scams in Canada Right Now and How to Avoid Them

The rise of the internet and technology has not only made our daily activities more convenient but has also opened up opportunities for scammers. Fraudsters are always coming up with new ways to trick their targets, and sadly, they are often successful. A recent study by CPA Canada’s annual fraud survey revealed that 46% of respondents had fallen victim to financial fraud at some point in their lives. This blog post outlines some of the scams that are currently taking the greatest financial toll on Canadians and offers advice on how to protect yourself.