SEC Issues 3rd-Largest Whistleblower Award For $5M

Law360, New York (May 17, 2016, 5:27 PM EDT) -- The U.S. Securities and Exchange Commission said on Tuesday it will pay a former company employee who tipped the regulator to potential violations between $5 million and $6 million — the third-largest award to date under the SEC's whistleblower program.

The largest payout under the SEC's whistleblower program so far is $30 million. (Credit: Law360) The tipster at the unnamed company had alerted the SEC to violations of securities law that the commission had no way of detecting, according to the regulator's statement.

“Employees are often best positioned to witness wrongdoing,” Andrew Ceresney, director of the SEC’s Division of Enforcement, said...

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