by Sven Magnussen
The Securities and Exchange Commission ("SEC") announced on September 22, 2014 an award of $30 million to a whistleblower who provided information that led to a successful SEC enforcement action.
The SEC stated:
The SEC’s whistleblower program rewards high-quality, original information that results in an SEC enforcement action with sanctions exceeding $1 million. Whistleblower awards can range from 10 percent to 30 percent of the money collected in a case. The money paid to whistleblowers comes from an investor protection fund established by Congress at no cost to taxpayers or harmed investors. The fund is financed through monetary sanctions paid by securities law violators to the SEC. Money is not taken or withheld from harmed investors to pay whistleblower awards.
The order resulting from an SEC hearing on the matter was as follows:
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