SEC Issues Record $279 Million Whistleblower Award

The Securities and Exchange Commission has set a new record for a whistleblower award. The agency this morning reported that it has more than doubled the previous record of $114 million under a new award given to a whistleblower.

The award handed out this morning amounted to an eye-popping $279 million.

“The whistleblower’s sustained assistance including multiple interviews and written submissions was critical to the success of these actions. While the whistleblower’s information did not prompt the opening of the Commission’s investigation, their information expanded the scope of misconduct charged,” commented Creola Kelly, Chief of the SEC’s Office of the Whistleblower.

In line with the nature of the award, details on whom received the award, or for which file it was awarded, were not disclosed.

Whistleblower awards are said to range from 10% to 30% of the money collected on sanctions exceeding $1.0 million, however what percent this record was awarded at was also not disclosed.

“The size of today’s award – the highest in our program’s history – not only incentivizes whistleblowers to come forward with accurate information about potential securities law violations, but also reflects the tremendous success of our whistleblower program,” commented the director of the SEC’s Division of Enforcement, Gurbir S. Grewal.

The award marks the third such award that exceeds $100 million in value. The prior record of $114 million was issued in October 2020. Over $1.0 billion in awards have been granted since the program’s inception in 2011.


Information for this briefing was found via the sources mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

New Found Gold: The Strategic Maritime Resources Purchase

Amex Exploration: Revised Perron PEA Has INSANE Economics

Aris Mining: The Multi Billion Dollar Soto Norte PFS

Recommended

Canadian Copper Secures $8 Million Lead Order From Ocean Partners As Part Of Larger Funding Round

Northern Superior Expands Philibert With 350 Metre Step Out Testing 1.10 g/t Gold Over 25.5 Metres

Related News

SEC Raises Red Flags as FTX Tries to Repay Creditors with Crypto

In the ongoing saga of FTX’s bankruptcy, the beleaguered cryptocurrency exchange faces fresh legal challenges...

Tuesday, September 3, 2024, 10:01:00 AM

Coinbase Investment In Crypto Firms “Not A Factor” In Coin Listing Decision, Says CEO

Roped into a budding landmark legal battle with the Securities and Exchange Commission (SEC), Coinbase...

Monday, June 12, 2023, 11:42:00 AM

SEC Counters Binance’s Legal Defense: “Lacking Support In The Law”

In response to Binance’s attempt to dismiss a lawsuit filed by the U.S. Securities and...

Thursday, November 9, 2023, 12:36:00 PM

Coinbase vs. the SEC: “Story Time..”

(Feature image adapted from “Martyr,” original art by merkchen.) A plan by online cryptocurrency exchange...

Thursday, September 16, 2021, 12:25:00 PM

Was The SEC’s “Investomania” Campaign A Bad Investment?

The Securities and Exchange Commission’s Office of Investor Education and Advocacy recently launched a public...

Friday, June 3, 2022, 03:01:00 PM