May 5 (UPI) -- The Securities and Exchange Commission on Friday announced a $279 million award to a whistleblower, the largest the agency has ever given someone who stepped forward with information benefiting an SEC investigation.
The agency said the whistleblower, who was not named, gave information and assistance that led to the successful enforcement of SEC and related actions. The award more than doubled the previous whistleblower award of $114 million issued in October 2020.
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"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 S. Grewal, director of the SEC's Division of Enforcement in a statement.
"This success directly benefits investors, as whistleblower tips have contributed to enforcement actions resulting in orders requiring bad actors to disgorge more than $4 billion in ill-gotten gains and interest. As this award shows, there is a significant incentive for whistleblowers to come forward with accurate information about potential securities law violations."
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