The U.S. Securities and Exchange Commission (SEC) is paying a whistleblower more than US$1.6 million for an enforcement tip.
The SEC said that its latest whistleblower award stemmed from a tip involving securities law violations that led to a successful enforcement action.
In addition to the initial tip, the whistleblower also provided “helpful assistance early in the investigation,” the SEC said, noting that this saved the regulator time and resources.
The details of these cases are not revealed in order to preserve the anonymity of tipsters.
“The violations would have been difficult to detect without the whistleblower’s information and assistance,” said Jane Norberg, chief of the SEC’s Office of the Whistleblower.
“This matter highlights the importance of the SEC’s whistleblower program to the agency’s enforcement efforts and to its ability to maximize staff resources,” Norberg said.
Since its first whistleblower award was paid in 2012, the SEC has now paid approximately US$395 million to 74 tipsters.