SEC Awards Over $18 Million to Whistleblower

The Securities and Exchange Commission today announced an award of more than $18 million to a whistleblower whose significant information prompted an examination that resulted in an important enforcement action. The whistleblower repeatedly reported the problem internally before contacting the SEC. “Because of this whistleblower’s actions, harmed investors were able to recover millions of dollars in losses,” said Jane Norberg, Chief of the SEC’s Office of the Whistleblower. “This whistleblower stepped forward and helped the agency better protect Main Street investors.” The SEC has awarded over $448 million to 81 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.