A whistleblower received a monetary award of more than $27 million for providing information critical to the investigation of the Securities and Exchange Commission (SEC).

According to the SEC, the whistleblower’s investigative leads regarding misconduct that was in part happening overseas helped saved Commission resources and most importantly, resulted in successful enforcement action.

In its order, the Commission stated that it decided to depart from the Claims Review Staff’s Preliminary Determination recommendation regarding the monetary award for the whistleblower.

The SEC wrote, “After considering the administrative record, we choose….to increase the award…for a payout of more than $27,000.”

The Commission explained that the whistleblower’s information was significant because its staff “uncovered hidden conduct occurring, in part overseas. The whistleblower also “provided a substantial amount of ongoing assistance and cooperation by meeting with staff” multiple times.

Additionally, the whistleblower gave relevant information and critical leads that helped advance the investigation and saved a significant amount of time and resources.

Furthermore, the whistleblower’s information helped the SEC carry out law enforcement interests by enabling it to bring an action addressing particular misconduct. The whistleblower repeatedly and tenaciously opposed and raised concerns regarding the misconduct within the organization.

One of the largest award for a whistleblower

In a statement, Commission’s Office of Whistleblower Chief Jane Norberg commented, “This award marks several milestones for the program. This is the largest whistleblower award announced by the Commission this year, and the sixth-largest award overall since the inception of the program.  This award also brings the total amount awarded to whistleblowers by the SEC over the $400 million mark.”

Since issuing its first whistleblower award in 2012, the SEC already released approximately $427 million to 79 individuals who provided original, timely, and credible information that leads to successful enforcement action. Whistleblower awards can range from 10 percent to 30 percent of the money collected when the monetary sanctions exceed $1 million, according to the SEC.