(Bloomberg) -- A whistleblower will receive more than $37 million for providing information that aided a probe by the US Securities and Exchange Commission.
The tipster first reported misconduct to the employer, which opened an investigation, the agency said in a statement Friday. When the employer reported its probe to the SEC, the whistleblower provided assistance to financial regulators.
“This individual, who was retaliated against for their whistleblowing activity, played a crucial role in the ultimate success of the enforcement proceeding,” said Creola Kelly, head of the SEC's whistleblower office.
In keeping with agency practice, the whistleblower wasn't identified.
The whistleblower program was established by the 2010 Dodd-Frank Act to organize and provide incentives to tipsters. Whistleblowers can receive between 10% and 30% of the amount collected in penalties in successful enforcement cases where fines top $1 million.
Awards tied to the program have reached almost $2 billion, according to the agency's website.
More stories like this are available on bloomberg.com
©2024 Bloomberg L.P.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
