Whistleblower Alert! SEC Awards Whistleblower More Than $18 Million. With the award 10%-30% of the fine levied, the fine for this infraction ranged between $60 million and $180 million.
It sure would be great to know more about leads to such a big fine!
https://www.sec.gov/files/rules/other/2023/34-98219.pdf
TLDRS:
- SEC Awards Whistleblower More Than $18 Million.
- With the award 10%-30% of the fine levied, the fine for this infraction ranged between $60 million and $180 million.
The Securities and Exchange Commission today announced an award of more than $18 million to a whistleblower whose information and assistance led to a successful SEC enforcement action.
After initially reporting misconduct internally, the whistleblower submitted information to the Commission that prompted the opening of an investigation. The whistleblower thereafter provided additional helpful information and substantial cooperation that saved the Commission time and resources during the investigation.
โWhistleblowers continue to play an essential role in assisting the agency in detecting misconduct and bringing securities law violators to justice,โ said Creola Kelly, Chief of the SECโs Office of the Whistleblower. โTodayโs whistleblower refused to turn a blind eye to the wrongdoing, reporting misconduct internally and then to the Commission.โ
Payments to whistleblowers are made out of an investor protection fund, established by Congress, which 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. Whistleblowers may be eligible for an award when they voluntarily provide the SEC with original, timely, and credible information that leads to a successful enforcement action. Whistleblower awards can range from 10 to 30 percent of the money collected when the monetary sanctions exceed $1 million.
