SEC Pays $50M Whistleblower Award, Its Largest Ever

Law360 (June 4, 2020, 6:01 PM EDT) -- The U.S. Securities and Exchange Commission said Thursday it was awarding nearly $50 million to a whistleblower — its largest-ever sum to a single person — in this case someone who gave firsthand information about a company's misconduct that resulted in a large amount of money returned to harmed investors.

The SEC said in its order that the unnamed whistleblower's "information was highly significant," as it "provided firsthand observations of misconduct by the company that was previously unknown to the staff."

The information "laid out in detail substantial aspects of the scheme and provided a road map for the investigation" that led...

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