Whistleblower Awarded Over $114 Million By SEC – Forbes

Topline

The Securities and Exchange Commission announced Thursday it awarded the highest payment ever to a whistleblower, over $114 million, for information that led to a successful clampdown.

Key Facts

The unnamed whistleblower was awarded about $52 million for assisting in an SEC case, which the agency did not share details of, and another $62 million for helping a different, unidentified agency in a related matter.

The $114 million award is more than twice the previous record-holding award made to a single person, $50 million in June.

Awards can range from 10% to 30% of the money collected by sanctions when those sanctions are greater than $1 million.

The SEC praised the whistleblower, who continuously provided the agency with information “despite personal and professional hardships” and whose assistance “proved critical to the success of the actions.” 

Key Background

The SEC has distributed over $675 million to 108 whistleblowers since giving out its first award in 2012. Whistleblowers are paid from a fund established by Congress, financed entirely by monetary sanctions, paid by securities law violators to the SEC. The agency doesn’t reveal the names of or information about whistleblowers in order to protect their identities. 

Crucial Quote

“Whistleblowers make important contributions to the enforcement of securities laws and we are committed to getting more money to whistleblowers as quickly and as efficiently as possible.” said SEC Chairman Jay Clayton.

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Whistleblower Awarded Over $114 Million By SEC – Forbes

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