SEC Awards $7 Million To Whistleblower

The SEC awarded more than $7 million to a whistleblower for providing critical information related to an enforcement action for "serious financial abuses."

According to the SEC, the whistleblower provided extensive assistance to the SEC in its investigation, including (i) identifying witnesses, (ii) explaining complex fact patterns pertinent to the investigation, and (iii) providing enough information so that the SEC was able to construct an investigation plan and compose initial document requests.

Since issuing its first whistleblower award in 2012, the SEC has granted roughly $394 million to 73 informants. Whistleblower awards can range from 10 percent to 30 percent of the money collected when the monetary sanctions exceed $1 million.