Whistleblower awarded $4 million by SECReprints
The U.S. Securities and Exchange Commission said Tuesday that it is awarding nearly $4 million to a whistleblower.
The SEC, which does not identify whistleblowers or their companies, said the whistleblower tipped the agency “with detailed and specific information about serious misconduct and provided additional assistance during the ensuing investigation, including industry-specific knowledge and expertise.”
Jane Norberg, chief of the SEC’s Office of the Whistleblower, said in a statement: “Not only did this whistleblower step forward and report suspicious conduct, but continued to help after we opened our investigation. Whistleblowers with specialized experience or expertise can help us expend fewer resources in our investigations and bring enforcement actions more efficiently.”
The SEC said it has awarded about $153 million to 43 whistleblowers, and that its enforcement actions from whistleblower tips have resulted in more than $953 million in financial remedies against wrongdoers.
The whistleblower awards began in 2011 as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act.