SEC whistleblower will receive $30m award

Blowing Whistle

An anonymous tipster living abroad will be receiving more than $30 million, in the largest whistleblower award ever doled out by U.S. securities regulators as part of a program that aims to incentivize insiders to report wrongdoing.

Reuters reports that the Securities and Exchange Commission said on Monday that the whistleblower provided crucial information that helped investigators uncover a 'difficult to detect' ongoing fraud.

'This record-breaking award sends a strong message about our commitment to whistleblowers and the value they bring to law enforcement,' SEC Enforcement Director Andrew Ceresney said.

The SEC won new powers in the 2010 Dodd-Frank Wall Street reform law to entice whistleblowers with monetary awards. Prior to the new law, the SEC was only able to reward people for helping on insider-trading cases.

The new program lets the SEC pay a whistleblower who provides tips and original information that leads to an enforcement action with sanctions that exceed $1 million.

Hit the link below to access the complete Reuters article:

U.S. SEC to pay $30 million-plus in largest whistleblower award

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