SEC hands out $30 million in largest-ever whistleblower award

The anonymous recipient will get more than double the previous record whistleblower award after providing information that led directly to an SEC enforcement. The U.S. Securities and Exchange Commission announced the largest-ever award to result from a whistleblower program that went into effect three years ago.The government will fork over more than $30 million to one anonymous whistleblower who provided information that led directly to enforcement in an undisclosed securities case, the SEC said Monday. The agency is required by law to protect whistleblowers’ identities, which results in a dearth of information being released with regard to the tipsters and the frauds they help the government uncover.

“This whistleblower came to us with information about an ongoing fraud that would have been very difficult to detect,” Andrew Ceresney, director of the SEC’s enforcement division, said in an unsurprisingly cryptic statement. “This record-breaking award sends a strong message about our commitment to whistleblowers and the value they bring to law enforcement.”

The award more than doubles the previous record for a whistleblower payout, which came in the form of a $14.7 million award announced last October. That whistleblower was initially anonymous, but a recent lawsuit actually unveiled the tipster’s identity as that of Global Capital Markets Advisors principal Michael Sears ...

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