Taking a Bite Out of Financial Crime
“The SEC has issued nearly $90 million in whistleblower awards in the past month alone,” said Jane Norberg, Chief of the SEC’s Office of the Whistleblower.
Just last week, a Securities and Exchange Commission (SEC) award exceeded $2.1 million; paid to a former company insider (a “whistleblower”). In this instance, the information provided by the whistleblower facilitated positive enforcement outcomes. Moreover, the whistleblower’s information and ongoing cooperation were lynchpin to the investigation.
SEC Whistleblower Awards – Program Funding
The SEC Whistleblower program is funded through a U.S. Congressional initiative. Within the legal framework, funding is secured entirely via monetary sanctions paid to the SEC by securities law violators. In effect, the SEC whistleblower program pays for itself. And not only that, it proves as a strong deterrent for future violators. Furthermore, remuneration is never withheld from affected investors; that is, the investors that have fallen victim to the specified fraud are not further wronged.