SEC Awards Whistleblower Record $30M

Sep 22 2014 | 1:15pm ET

The Securities and Exchange Commission has announced its highest ever award to a whistleblower and it's a doozy: $30 million.

It's the largest award to date within the program, more than doubling the previous record of $14 million, and the fourth award to a whistleblower living in a foreign country.

“This whistleblower came to us with information about an ongoing fraud that would have been very difficult to detect,” said Andrew Ceresney, director of the SEC’s division of enforcement, in a statement. “This record-breaking award sends a strong message about our commitment to whistleblowers and the value they bring to law enforcement.”

The SEC’s whistleblower program rewards high-quality, original information that results in an SEC enforcement action with sanctions exceeding $1 million. Whistleblower awards can range from 10% to 30%  of the money collected in a case and are paid from an investor protection fund established by Congress and financed through monetary sanctions paid by securities law violators to the SEC.

The identity of the whistleblower is kept confidential by law.

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