Sept. 22 (Bloomberg) — The U.S. Securities and Exchange Commission awarded more than $30 million to a whistle-blower in its largest payout from a program started in 2011 to encourage people to come forward with evidence of securities fraud.
The whistle-blower, who lives outside of the U.S., provided key information in an enforcement action that the SEC didn't identify, the agency said today in a statement. Whistle-blower awards range from 10 percent to 30 percent of the money collected in a case.
"This whistle-blower came to us with information about an ongoing fraud that would have been very difficult to detect," Andrew Ceresney, director of the SEC's enforcement division, said in the statement. "This record-breaking award sends a strong message about our commitment to whistleblowers and the value they bring to law enforcement."
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
