The Securities and Exchange Commission on Aug. 29 announced an award of more than $1.8 million to a whistleblower whose information and assistance were “critically important” to the success of an enforcement action involving misconduct committed overseas.
After alerting the agency to the violations, the whistleblower provided “extensive and ongoing cooperation” throughout the investigation, the SEC said, including the review of documents and the provision of sworn testimony, as well as providing additional new information that advanced the investigation.
“The whistleblower in this matter provided stellar information and ongoing assistance that resulted in the Commission bringing a programmatically significant enforcement action,” said Jane Norberg, chief of the SEC’s Office of the Whistleblower. “Moreover, the misconduct occurred abroad, and without the whistleblower’s tip and assistance, the violations at issue would have been difficult to identify.”
The SEC said that, to date, it has awarded approximately $387 million to 66 individuals since issuing its first award in 2012. As set forth in the Dodd-Frank Act, the SEC protects the confidentiality of whistleblowers and does not disclose information that could reveal a whistleblower’s identity.