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ARTICLE · 08 NOVEMBER 2013

Another Whistleblower Bounty From The SEC

Proskauer Rose LLP
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On October 30, 2013, the SEC announced that it rendered a $150K award to an anonymous whistleblower whose tips allegedly helped thwart a scheme to defraud investors.

United StatesEmployment and HR

On October 30, 2013, the SEC announced that it rendered a $150K award to an anonymous whistleblower whose tips allegedly helped thwart a scheme to defraud investors (click here for the Order).  The bounty equals 30% of the proceeds the SEC collected in the enforcement action—the maximum percentage permitted. 

In its press release, the SEC stated: 

The award recipient, who does not wish to be identified, provided significant information that allowed the SEC to quickly open an investigation and obtain emergency relief before additional investors were harmed.  

However, there is no specific indication as to whether the tipster reported internally before contacting the SEC. 

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