Business
Unbelievable, Whistleblower Earns SEC’s $37 Million Volunteering Info

Imagine for a moment, what $37 Million income could do to you! Well, that is how much a whistleblower has just earned volunteering information.
The United States Securities and Exchange Commission (SEC) announced the largesse as a reward to a whistleblower whose information and assistance led to a successful enforcement action.
A report on its official website shows it took diligence on the part of the informant to earn such a princely sum, with the said fellow persistently reporting the misconduct internally, which led the employer to conduct its own investigation and eventually report the results to the Commission. According to the report, the persistence made the Commission to open an investigation.
In fact, it added that without the whistleblower’s ongoing, extensive, and timely assistance, the staff would not have learned the full context and extent of the employer’s misconduct.
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“Today’s whistleblower learned of misconduct and made the difficult decision to report their concerns. This individual, who was retaliated against for their whistleblowing activity, played a crucial role in the ultimate success of the enforcement proceeding,” said Creola Kelly, Chief of the SEC’s Office of the Whistleblower.
Much moreso, the enabling environment had been provided by Congress which established an investor protection fund, financed entirely through monetary sanctions paid to the SEC by securities law violators.
“Whistleblowers may be eligible for an award when they voluntarily provide the SEC with original, timely, and credible information that leads to a successful enforcement action. Whistleblower awards can range from 10 to 30 percent of the money collected when the monetary sanctions exceed $1 million”, the report said..
As set forth in the Dodd-Frank Act, the SEC protects the confidentiality of whistleblowers and does not disclose any information that could reveal a whistleblower’s identity, it added.
Initiatives like the above, it is believed, could help checkmate abuse by persons in positions of authority.