Today, the Securities and Exchange Commission (SEC) announced a $1.5 million whistleblower award issued to an individual whose tips led the SEC to open an investigation into ongoing fraud.

According to the award order, the claimant initially reported their concerns internally. The claimant then provided SEC staff to significant information about fraud that caused the Commission to open an investigation.

The SEC whistleblower met with Commission staff multiple times and submitted several written statements detailing their tips and identifying potential witnesses.

Since the SEC Whistleblower Program was established as part of the Dodd Frank Act of 2010, the SEC has awarded over $759 million to 143 individuals. Whistleblowers who file reward claims with the SEC can remain completely anonymous and confidential throughout their proceedings.

SEC whistleblowers who submit original information of frauds to the Commission that result in successful enforcement actions leading to sanctions totaling $1 million or more can become eligible for whistleblower awards ranging between 10-30% of the monies collected.

“The whistleblower alerted the SEC to previously unknown conduct and thereafter provided multiple submissions, identified potential witnesses, and met with staff on several occasions,” said Jane Norberg, Chief of the SEC’s Office of the Whistleblower. “As the numerous recent awards make clear, whistleblowers like the one awarded today play an integral part in the success of the SEC’s enforcement program.”

Ben Kostyack also contributed to this article.