Another U.S. whistleblower is receiving a payout after providing regulators with a tip that touched off an investigation that ultimately saved investors millions.
The U.S Securities and Exchange Commission (SEC) announced that a whistleblower — who provided the agency with information that prompted an examination and enforcement action that resulted in millions of dollars being returned to harmed investors — has received a US$1.25 million reward.
“The whistleblower’s expeditious reporting alerted the agency to previously unknown securities violations,” said Jane Norberg, chief of the SEC’s Office of the Whistleblower, in a statement.
“This whistleblower’s vigilance and prompt reporting helped the agency move quickly to protect investors, resulting in the return of millions of dollars to harmed investors,” she added.
The details of whistleblower cases are not disclosed to protect the identity of tipsters.
To date, the SEC has now paid out over US$507 million to 90 whistleblowers since issuing its first award in 2012.