(HedgeCo.Net) Less than one week after announcing a $3-Million dollar award to a Whistleblower, The Securities and Exchange Commission today announced one of the largest awards in their history. The SEC will present an award of between $5 and $6 million to a former company insider whose detailed tip led the agency to uncover securities violations that would have been nearly impossible for it to detect but for the whistleblower\u2019s information. <\/p>\n
\u201cEmployees are often best positioned to witness wrongdoing,\u201d said Andrew Ceresney, Director of the SEC\u2019s Division of Enforcement. \u201cWhen they report specific and credible tips to us, we will leverage that inside knowledge to advance our enforcement of the securities laws and better protect investors and the marketplace.\u201d<\/p>\n
Today\u2019s award is the SEC\u2019s third highest to a whistleblower. In September 2014, the agency announced a more than $30 million whistleblower award, exceeding the prior highest award of more than $14 million announced in October 2013. Since the inception of the whistleblower program in 2011, the SEC has awarded more than $67 million to 29 whistleblowers, including one for more than $3.5 million announced last week.<\/p>\n
\u201cThe whistleblower program has seen tremendous growth since its inception and we anticipate the continued issuance of significant whistleblower awards in the months and years to come,\u201d said Sean X. McKessy, Chief of the SEC\u2019s Office of the Whistleblower. <\/p>\n
By law, the SEC protects the confidentiality of whistleblowers and does not disclose information that might directly or indirectly reveal a whistleblower\u2019s identity.
\nWhistleblowers may be eligible for an award when they voluntarily provide the SEC with unique and useful information that leads to a successful enforcement action. <\/p>\n
Whistleblower awards can range from 10 percent to 30 percent of the money collected when the monetary sanctions exceed $1 million. All payments are made out of an investor protection fund established by Congress that is financed through monetary sanctions paid to the SEC by securities law violators. No money has been taken or withheld from harmed investors to pay whistleblower awards.<\/p>\n","protected":false},"excerpt":{"rendered":"
(HedgeCo.Net) Less than one week after announcing a $3-Million dollar award to a Whistleblower, The Securities and Exchange Commission today announced one of the largest awards in their history. The SEC will present an award of between $5 and $6 […]<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[919,16,3,16048,16047],"tags":[],"class_list":["post-52697","post","type-post","status-publish","format-standard","hentry","category-hedge-fund-research","category-hedgeco-networks-press-releases","category-hedgeco-news","category-hedgecovest-news","category-insider-trading-2"],"_links":{"self":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/52697","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/comments?post=52697"}],"version-history":[{"count":1,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/52697\/revisions"}],"predecessor-version":[{"id":52698,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/52697\/revisions\/52698"}],"wp:attachment":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=52697"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=52697"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=52697"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}