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.