SEC Pays Whistleblower $18M After Tips Spurred Bigger Case
By Al Barbarino (April 28, 2020, 9:22 PM EDT) -- The U.S. Securities and Exchange Commission said Tuesday that it paid $18 million to a whistleblower who provided information leading to an agency examination and subsequent enforcement action, highlighting that the tips allowed the SEC to uncover additional violations that stretched beyond the original complaint.
In its order, the SEC listed factors that went into determining the award amount, including that the whistleblower provided continued assistance during the examination and that they "suffered hardships" after reporting concerns internally at their firm.
"Because of this whistleblower's actions, harmed investors were able to recover millions of dollars in losses," said Jane Norberg, chief...
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