Reporting suspected misconduct is paying off in a big way for a tipster who is receiving a record-setting US$279 million-award from the U.S. Securities and Exchange Commission (SEC).
The SEC announced its largest ever payout for an enforcement tip, far surpassing the previous record of US$114 million, which was handed out in October 2020.
According to the SEC’s order, the misconduct that was reported by the tipster was already under investigation by the regulator — however, it said that the whistleblower voluntarily provided significant new information that caused it to expand its investigation, saved the regulator time and resources, and provided “substantial, ongoing assistance,” including multiple written submissions, communications and interviews.
Additionally, the tip led to successful enforcement action by both the SEC and another agency, based in part on the information provided by the whistleblower to both the SEC and the other agency.
“The whistleblower’s sustained assistance including multiple interviews and written submissions was critical to the success of these actions,” said Creola Kelly, chief of the SEC’s Office of the Whistleblower, in a release.
“While the whistleblower’s information did not prompt the opening of the commission’s investigation, their information expanded the scope of misconduct charged,” she added.
The SEC’s whistleblower program pays between 10% and 30% of sanctions collected in a successful enforcement action, but the regulator does...
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...