By Lukas I. Alpert
The agency didn't divulge details of the cases or name the informant, but said the award was more than double the previous record.
The Securities and Exchange Commission announced Friday that it had given out its largest-ever whistleblower reward to a tipster who proved to be instrumental in more than one enforcement case.
The agency didn't divulge any information about the cases involved or name the informant, but said the reward was more than double the SEC's previous record of $114 million given out in 2020.
"The size of today's award -- the highest in our program's history -- not only incentivizes whistleblowers to come forward with accurate information about potential securities law violations, but also reflects the tremendous success of our whistleblower program," said Gurbir Grewal, head of the SEC's enforcement division.
The SEC launched its whistleblower program in 2010 as part of the Dodd-Frank Act which overhauled financial regulations in the wake of the 2008 economic crisis. As a matter of policy, the agency doesn't disclose the identity of people who have received awards or details of which case the reward stems from.
But the SEC says whistleblower awards can range from 10% to 30% of money recovered through an enforcement action where sanctions exceed $1 million. To qualify, a whistleblower must voluntarily provide pertinent information that leads to a successful enforcement action.
The agency said that in this particular case, the...
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