• Sat. May 8th, 2021

SEC Awards Almost $2 Million to Whistleblower

SEC Awards Almost $2 Million to Whistleblower

Washington DC (STL.News) The Securities and Exchange Commission (SEC) today announced an award of nearly $2 million to a whistle-blower whose information and assistance helped the agency bring a successful enforcement action and allowed investors to recover much of their money.

“The whistle-blower’s information and assistance helped the SEC stop an ongoing fraud in its tracks,” said Jane Norberg, Chief of the SEC’s Office of the Whistle-blower.  “The whistle-blower’s tip had a substantial impact on the investigation, and aided the Commission’s ability to obtain an asset freeze and prevent the dissipation of investor funds.”

The SEC has awarded approximately $450 million to 82 individuals since issuing its first award in 2012.  All payments are made out of an investor protection fund established by Congress that is financed entirely through monetary sanctions paid to the SEC by securities law violators.  No money has been taken or withheld from harmed investors to pay whistle-blower awards.  Whistle-blowers may be eligible for an award when they voluntarily provide the SEC with original, timely, and credible information that leads to a successful enforcement action.  Whistle-blower awards can range from 10 percent to 30 percent of the money collected when the monetary sanctions exceed $1 million.

As set forth in the Dodd-Frank Act, the SEC protects the confidentiality of whistle-blowers and does not disclose information that could reveal a whistle-blower’s identity.

For more information about the whistleblower program and how to report a tip, visit www.sec.gov/whistleblower.

Marty Smith

Marty Smith

Marty Smith is the acting Editor in Chief as well as the founder of STL.News, DirectSourceNews.org, and St. Louis Restaurant Review. Additionally, Smith is the IT Manager responsible for STL.News and affiliate sites. Smith has created multiple aggregator sites to manage the large amount of content used to select which content to published on STL.News. As Editor in Chief, Smith is responsible for the content posted on the network with the help of the publishing team, which is located around the globe.