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After rejection, SEC whistleblower's persistence leads to $3.5 million award

Bruce Carton | May 14, 2016

On Friday, the SEC announced its latest whistleblower award -- a sizable one that is noteworthy for at least three reasons.

First, the award to a company employee was for more than $3.5 million, a significant award that now becomes the third-largest on record. The largest award to date was for $30 million (announced Sept. 22, 2014) and the second-largest was for $14 million (announced Oct. 1, 2013). To date, the SEC’s whistleblower program has now awarded more than $62 million to 28 whistleblowers since it launched in 2011.

Second, the SEC emphasized in its announcement that the case at issue was one that the SEC was already investigating (based on media reports...

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