Washington D.C. Jan. 6, 2017. The Securities and Exchange Commission announced an award of more than $5.5 million paid to a whistleblower who provided critical information that helped the SEC uncover an ongoing scheme.
The whistleblower was employed at the company involved in the wrongdoing and reported the information directly to the SEC, which brought a successful enforcement action to end the scheme.
“Whistleblowers play a key role in bringing wrongdoing to the SEC’s attention, and this whistleblower helped prevent further harm to a vulnerable investor community by boldly stepping forward while still employed at the company,” said Jane Norberg, Chief of the SEC’s Office of the Whistleblower.
SEC enforcement actions from whistleblower tips have resulted in more than $904 million in financial remedies.
The SEC’s whistleblower program has now awarded approximately $142 million to 38 whistleblowers since issuing its first award in 2012.
By law, the SEC protects the confidentiality of whistleblowers and does not disclose information that might directly or indirectly reveal a whistleblower’s identity. Whistleblowers may be eligible for an award when they voluntarily provide the SEC with unique and useful information that leads to a successful enforcement action.