23-09-2014, 10:07 AM
The new power of SEC, will create a new profession, professional whistlebrower. A reward of US$30 million, is extremely attractive...
US SEC announces US$30m payout in largest whistleblower award
23 Sep 2014 07:07
[WASHINGTON] An anonymous tipster living abroad will be receiving US$30 million, in the largest whistleblower award ever doled out by US securities regulators as part of a program that aims to incentivise insiders to report wrongdoing.
The Securities and Exchange Commission said on Monday that the whistleblower provided crucial information that helped investigators uncover a "difficult to detect" ongoing fraud. "This record-breaking award sends a strong message about our commitment to whistleblowers and the value they bring to law enforcement," SEC Enforcement Director Andrew Ceresney said.
The SEC won new powers in the 2010 Dodd-Frank Wall Street reform law to entice whistleblowers with monetary awards. Prior to the new law, the SEC was only able to reward people for helping on insider-trading cases.
The new program lets the SEC pay a whistleblower who provides tips and original information that leads to an enforcement action with sanctions that exceed US$1 million.
The SEC can award a whistleblower anywhere between 10 per cent and 30 per cent of the money the agency collects.
...
Source: Business Times Breaking News
US SEC announces US$30m payout in largest whistleblower award
23 Sep 2014 07:07
[WASHINGTON] An anonymous tipster living abroad will be receiving US$30 million, in the largest whistleblower award ever doled out by US securities regulators as part of a program that aims to incentivise insiders to report wrongdoing.
The Securities and Exchange Commission said on Monday that the whistleblower provided crucial information that helped investigators uncover a "difficult to detect" ongoing fraud. "This record-breaking award sends a strong message about our commitment to whistleblowers and the value they bring to law enforcement," SEC Enforcement Director Andrew Ceresney said.
The SEC won new powers in the 2010 Dodd-Frank Wall Street reform law to entice whistleblowers with monetary awards. Prior to the new law, the SEC was only able to reward people for helping on insider-trading cases.
The new program lets the SEC pay a whistleblower who provides tips and original information that leads to an enforcement action with sanctions that exceed US$1 million.
The SEC can award a whistleblower anywhere between 10 per cent and 30 per cent of the money the agency collects.
...
Source: Business Times Breaking News