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More than quarter billion dollars paid by SEC to whistleblower
May 10, 2023WASHINGTON D.C.: The US Securities and Exchange Commission has announced that it has issued a record award of nearly $279 million to a whistleblower whose information assisted its enforcement work.
The award is more than double the previous record of $114 million issued in October 2020.
While the SEC did not reveal the case in question, Gurbir Grewal, director of the SEC’s Division of Enforcement, stated, “As this award shows, there is a significant incentive for whistleblowers to come forward with accurate information about potential securities law violations.”
Whistleblower awards are paid from an investor protection fund established by Congress and financed by monetary sanctions paid by violators to the SEC.
Creola Kelly, chief of the SEC’s Office of the Whistleblower, said, “The whistleblower’s sustained assistance, including multiple interviews and written submissions, was critical to the success of these actions.”
