(Washington D.C. – Insurance News 360) – On March 26, the Securities Exchange Commission announced $50 million in awards to two whistleblowers. One individual received the third largest award to date – $37 million. The second received a $13 million reward.
“Whistleblowers like those being awarded today may be the source of ‘smoking gun’ evidence and indispensable assistance that strengthens the agency’s ability to protect investors and the capital markets,” said Jane Norberg, Chief of the SEC’s Office of the Whistleblower. “These awards show how critically important whistleblowers can be to the agency’s investigation and ability to bring a case to successful and efficient resolution.”
Since 2012, when the first whistleblower award was given, the SEC has awarded more than $375 million to 61 different individuals. Payments for these awards come from an investor protection fund financed through the monetary sanctions paid to the SEC by those who violate securities laws. None of the award money has come from investors who were harmed by violators.
The SEC protects the confidentiality of whistleblowers and does not disclose information that could reveal a whistleblower’s identity as required by the Dodd-Frank Act.
For more information about the whistleblower program and how to report a tip, visit www.sec.gov/whistleblower.
Source: U.S. Securities and Exchange Commission.