A dogged whistleblower has been rewarded after successfully uncovering and alerting regulators to serious misconduct.
The U.S. Securities and Exchange Commission (SEC) announced a payout of more than US$10 million for a tipster who provided crucial assistance to the regulator, ultimately resulting in an enforcement action.
“This award recognizes the persistent efforts of the whistleblower to expose serious financial misconduct,” said Jane Norberg, chief of the SEC’s Office of the Whistleblower.
The SEC does not disclose the details of whistleblower cases in order to protect the identity of tipsters.
In this case, Norberg noted that the whistleblower “provided extensive and ongoing assistance” to SEC investigators, “including identifying witnesses and helping staff understand complex fact patterns and issues related to the matters under investigation.”
The U.S. regulators has now paid out approximately US$520 million to 94 whistleblowers.