The Securities and Exchange Commission on Friday announced the award of more than $7 million to a whistleblower who provided “extensive and ongoing assistance” during the course of an investigation.

The $7 million award is the highest distributed by the SEC’s Office of the Whistleblower since bounties of $37 million and $13 million were handed out under the same covered action in March 2019. The SEC has awarded approximately $394 million to 73 individuals since issuing its first award in 2012.

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Source: SEC

In this case, the whistleblower identified witnesses and helped SEC staff understand complex fact patterns and issues related to the matters under investigation. The Commission then used this information to form its initial document requests on its way to a successful enforcement action.

“The whistleblower showed great tenacity and effort in attempting to expose the misconduct that was the basis for the SEC’s action,” said Jane Norberg, chief of the SEC’s Office of the Whistleblower, in a news release.

SEC whistleblower awards can range from 10 percent to 30 percent of the money collected when the penalties exceed $1 million. All award payments are made through an investor protection fund established by Congress and financed by monetary sanctions paid to the SEC by securities law violators.

The SEC neither identifies whistleblowers, nor discloses information that could reveal a whistleblower’s identity.