SEC Rewards Whistleblower With $150,000 Payout
FOR IMMEDIATE RELEASE
Washington D.C., Oct. 30, 2013 —
The Securities and Exchange Commission today announced an award of more than $150,000 to a whistleblower whose tips helped the agency stop a scheme that was defrauding investors.
The award recipient, who does not wish to be identified, provided significant information that allowed the SEC to quickly open an investigation and obtain emergency relief before additional investors were harmed. By law, the SEC must protect the confidentiality of whistleblowers and cannot disclose any information that might directly or indirectly reveal an identity.
The award amount represents 30 percent of the money collected by the SEC in the successful enforcement action, the maximum permitted under the law.
“This is continued momentum and success for the SEC’s whistleblower program that is bringing our investigators valuable and timely information to stop ongoing frauds before additional investors can be harmed,” said Sean McKessy, chief of the SEC’s Office of the Whistleblower.
This is the sixth whistleblower to be awarded through the SEC’s whistleblower program since it began two years ago. The largest award was announced earlier this month when a whistleblower was awarded more than $14 million.
For more information about the whistleblower program and how to report a tip, visit www.sec.gov/whistleblower.