The U.S. Securities and Exchange Commission (SEC) is paying a US$10 million bounty to a whistleblower who tipped the regulator to misconduct that harmed investors.
“The whistleblower awarded today provided information that resulted in the return of a significant amount of money to harmed investors,” said Creola Kelly, chief of the SEC’s Office of the Whistleblower.
“This illustrates how the whistleblower program works to benefit, via financial remediation, investors who are victimized by those who violate our securities laws,” Kelly added.
To date, there has been more than US$1.3 billion paid out under the SEC’s whistleblower program, which was introduced in 2010 to encourage tipsters to come forward with information about industry misconduct.