The U.S. Securities and Exchange Commission (SEC) has rewarded another whistleblower for tips that, it says, helped stop a fraud scheme.
The SEC says that the award in this case (of more than US$150,000) represents 30% of the money collected by the SEC in its enforcement action, which is the maximum permitted under the law. Still, it pales in comparison to largest award to date, US$14 million, which was announced earlier this month.
The recipient of this latest award, 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,” it says.
“This is continued momentum and success for the SEC’s whistleblower program that is bringing our investigators valuable and timely information to stop ongoing frauds before additional investors can be harmed,” said Sean McKessy, chief of the SEC’s Office of the Whistleblower.