From: RegTech Analyst
The US top market regulator has awarded $900,000 to a whistleblower who identified securities law violations overseas.
The Securities and Exchange Commission stated that the whistleblower’s timely and important information resulted in a significant expansion of an ongoing investigation.
“Today’s award underscores the significance of the SEC whistleblower program’s global reach,” said Jane Norberg, Chief of the SEC’s Office of the Whistleblower. “The agency has received whistleblower tips from individuals in 130 countries. Overseas whistleblowers are in a unique position to help identify wrongdoing occurring abroad that may otherwise be hard to detect.”
The SEC has awarded more than $721 million to 114 individuals since issuing its first award in 2012. All payments are made out of an investor protection fund established by congress that is financed entirely through monetary sanctions paid to the SEC by securities law violators.
As set forth in the Dodd-Frank Act, the SEC protects the confidentiality of whistleblowers and does not disclose information that could reveal a whistleblower’s identity.
Copyright @ 2020 FinTech Global