SEC issues largest ever whistleblower award of $279 million newshub

SEC issues largest ever whistleblower award of $279 million

The U.S. Securities and Exchange Commission (SEC) has issued its largest-ever award of nearly $279 million to a whistleblower whose information helped the regulator’s enforcement action, it said on Friday.

The regulator did not disclose the case concerned in its statement.

The award is more than double the $114 million that it had issued in October 2020.

Awards to whistleblowers can range from 10% to 30% of the money collected when the monetary sanctions exceed $1 million.

“The whistleblower’s sustained assistance including multiple interviews and written submissions was critical to the success of these actions,” said Creola Kelly, chief of the SEC’s Office of the Whistleblower.

Source: Reuters