The Securities and Exchange Commission announced that it had awarded more than $1 million to a whistleblower.
By law, the commission does not release the identity of whistleblowers, but it noted that the whistleblower in this case has provided it with “new information and substantial corroborating documentation of a securities law violation by a registered entity that impacted retail customers.”
“Today’s award reflects the impact that whistleblower information can have in uncovering violations that harm the retail investor,” said Jane Norberg, chief of the SEC’s Office of the Whistleblower, in a statement. “We welcome high-quality information about potential securities-law violations from those in and outside a company.”
Since the whistleblower program began in 2012, the SEC has awarded more than $162 million to 47 different individuals. Awards can range from 10 to 30 percent of sanctions collected when those sanctions are more than $1 million. The payments are made from an investor protection fund established by Congress and financed by sanctions paid by securities law violators.
For more on the program, and to report a tip, visit www.sec.gov/whistleblower.