$9 Million Handed to Whistleblower by SEC

$9 Million Handed to Whistleblower by SEC

The Securities and Exchange Commission (SEC) of the US recently handed out around $9.2 million to an undisclosed whistleblower, as the individual in question aided the agency in busting a major financial scam. The official announcement by SEC was released this Tuesday, and the US regulator confirmed that the victims of the scam have been reimbursed.

Furthermore, this recent collaboration and its subsequent reward to the anonymous tipster is the first award since SEC’s reformation of the whistleblower program that came into being in December 2020.

The announcement also revealed that the same individual had previously been awarded an additional monetary premium for the same information from SEC.

SEC usually distributes anything between 10% to 30% of any confiscated funds to whistleblowers, should the stolen money be above $1 million. Up until now, the record of most rewarded money has not been beaten, which stands at a single payment of $50 million to one tipster.

SEC is heavily involved in its informer program because the agency has found that this is the best way to get its hands on any valuable financial crime information. Since the beginning of the project, which started around 2012, SEC has successfully paid out to more than 136 individuals more than $750 million.

 Jane Norberg, Chief of SEC’s whistleblower initiative, commented that the agency will continue to promote this approach and will not stop rewarding those that help with future investigations.

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