U.S. Securities and Exchange Commission (SEC) whistleblower awards have crossed the nine-figure threshold, with the first-ever award in excess of US$100 million.
The regulator announced a record-setting award of over US$114 million for a tip and assistance that led to successful enforcement actions.
The record-setting award is comprised of a US$52 million award stemming from a case brought by the SEC and another US$62 million generated by enforcement action by another agency.
“The actions of the whistleblower awarded today were extraordinary,” said Jane Norberg, chief of the SEC’s Office of the Whistleblower, in a release.
“After repeatedly reporting concerns internally, and despite personal and professional hardships, the whistleblower alerted the SEC and the other agency of the wrongdoing and provided substantial, ongoing assistance that proved critical to the success of the actions,” she added.
The new record more than doubles the previous high of US$50 million that was paid in June 2020.
“Today’s milestone award is a testament to the commission’s commitment to award whistleblowers who provide the agency with high-quality information,” said SEC chairman, Jay Clayton, in a statement.
“Whistleblowers make important contributions to the enforcement of securities laws and we are committed to getting more money to whistleblowers as quickly and as efficiently as possible,” he added.
With this latest award, the SEC has now paid approximately US$676 million to 108 whistleblowers.