Whistleblower Receives $50M Award, Largest in SEC History
With the latest award, the SEC topped its previous record: a $39 million bounty issued in 2018.
June 04, 2020 at 02:01 PM
3 minute read
The original version of this story was published on National Law Journal
The U.S. Securities and Exchange Commission on Thursday issued the largest bounty in the decadelong history of its program for paying tipsters, awarding nearly $50 million to a whistleblower who was credited with providing "firsthand" information about corporate misconduct that led to an enforcement action.
"This award marks several milestones for the whistleblower program," Jane Norberg, chief of the SEC's whistleblower office, said. "This award is the largest individual whistleblower award announced by the SEC since the inception of the program, and brings the total awarded to whistleblowers by the SEC to over $500 million, including over $100 million in this fiscal year alone. Whistleblowers have proven to be a critical tool in the enforcement arsenal to combat fraud and protect investors."
With the latest award, the SEC topped its previous record: a $39 million bounty issued in 2018. The SEC has now awarded 13 separate tipsters in 2020. In the fiscal year that ended Sept. 30, the SEC issued awards to eight tipsters, according to the whistleblower office's most recent report to Congress.
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