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News
September 23, 2014

SEC Announces Record $30 Million “Whistleblower” Award

The U.S. Securities and Exchange Commission has announced the largest-ever award — $30 million — under the Commission’s three-year “whistleblower” program. This award more than doubles the previous record of $14.7 million, which was announced last October.

In this case, the whistleblower was anonymous in what the SEC described as an “undisclosed securities case.” The SEC did note, however, that this award goes to the “fourth foreign whistleblower” to participate in the Commission’s program.

“This whistleblower came to us with information about an ongoing fraud that would have been very difficult to detect,” said Andrew Ceresney, director of the SEC’s enforcement division. “This record-breaking award sends a strong message about our commitment to whistleblowers and the value they bring to law enforcement.”

Fortune reports that SEC whistleblower awards “generally amount to anywhere from 10% to 30% of the amount of money collected from the relevant securities case, with a possibility for future payments should the government subsequently collect even more money from a defendant.”

Read the full article here.

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