The U.S. Securities and Exchange Commission (SEC) announced on Friday that it has granted its largest-ever whistleblower award, totaling nearly $279 million. The substantial award was given to an individual who provided crucial information that aided the SEC in an enforcement action. The specific case related to the award was not disclosed in the SEC's statement.
The SEC has issued its largest ever award of nearly $279 million to a single whistleblower
5/5/2023
This latest award surpasses the previous record of $114 million, which was issued by the SEC in October 2020.
Gurbir Grewal, director of the SEC's Division of Enforcement, emphasized the significance of the award, stating, "As this award shows, there is a significant incentive for whistleblowers to come forward with accurate information about potential securities law violations."
The SEC's whistleblower awards are funded through an investor protection fund established by Congress. The fund is financed entirely by monetary penalties imposed on violators of securities laws. Whistleblowers who provide valuable information that leads to successful enforcement actions resulting in monetary sanctions exceeding $1 million are eligible to receive awards ranging from 10% to 30% of the collected funds.
Creola Kelly, chief of the SEC's Office of the Whistleblower, praised the whistleblower's contributions, noting, "The whistleblower's sustained assistance including multiple interviews and written submissions was critical to the success of these actions."
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