The US top financial regulator has awarded a whistleblower with over $10m for their role in a successful investigation.
The Securities and Exchange Commission did not provide any information that could be used to identify the whistleblower, accordance to the Dodd-Frank act.
“After reporting internally and receiving no satisfactory response, the whistleblower alerted the agency to the securities violation and played a critical role during the investigation,” said Jane Norberg, chief of the SEC’s Office of the Whistleblower. “Today’s award demonstrates the significant contributions that whistleblowers can make to substantially assist investigations and help the Commission save time and resources.”
The SEC has awarded approximately $687mn to 109 individuals since issuing its first award in 2012. 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.
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