So far, the agency has awarded over $505 million to 87 individuals for their help since the first award was issued in 2012. Payment of the awards is taken out of an investor protection fund set up by Congress. It is financed through monetary sanctions of security law violations paid to SEC.
To be eligible for award, a whistleblower needs to voluntarily provide the commission with reliable information that leads to successful enforcement action. The awards range between 10 and 30 % of the money collected by SEC when the sanction is for more than $1 million.
According to the Dodd-Frank Act, SEC must protect the identity of the whistleblower and not disclose any information that could reveal it.
Read More:
- Whistleblower receives $125,000 award from SEC
- Whistleblower receives nearly $700K award from SEC
- Whistleblower receives nearly $50 million award from SEC
The post Whistleblower receives almost $4 million award from SEC appeared first on LeapRate.
,
