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That must have been some tip.
The SEC set a new record late last week when it issued nearly $279 million to a corporate whistleblower. It's a massive payout for a program that was nearly scuttled just a short time ago -- and that research suggests has ethical issues of its own.
For obvious reasons, the SEC closely guards the identities of tipsters. That means there's no knowing who scored the big award, or even which companies and/or corporations were embroiled in a scheme. But here's what we do know: the scope of the uncovered fraud must have been fairly massive, given that the SEC grants whistleblowers awards of 10% to 30% on collected fines for anything over $1 million. The payout more than doubled the agency's standing record -- a $114 million prize issued in October 2020.
It's the latest uptick in a now-yearslong trend of whistleblower payout inflation:
BRENTWOOD, Tenn. (WSMV) - A Tennessee doctor has pleaded guilty to committing millions of dollars’ worth of Medicare fraud through her Brentwood optometry practice. Helen Boerman, 48, pleaded guilt...