SEC Awards Whistleblower $18 Million Whose Reporting Resulted in Millions Returned to Retail Investors
Today, the Securities and Exchange Commission (SEC) announced a whistleblower award of over $18 million given to an individual whose information lead to an important enforcement action. Millions of dollars were returned to retail investors as a result of the whistleblower’s reporting.
According to the SEC order, the whistleblower suffered hardships after reporting several times internally.
“Because of this whistleblower’s actions, harmed investors were able to recover millions of dollars in losses,” said Jane Norberg, Chief of the SEC’s Office of the Whistleblower. “This whistleblower stepped forward and helped the agency better protect Main Street investors.”
Since 2012, the SEC Whistleblower Program has awarded over $448 million to 81 individuals. Under the Dodd-Frank Act, SEC whistleblowers can file anonymous and confidential reward claims. Whistleblower awards range between 10 and 30 of the money collected if the enforcement action results in sanctions of $1 million or more.
Co-Authored by Ben Kostyack