The Securities and Exchange Commission announced that it had awarded more than $5.5 million to a whistleblower.
According to the SEC, the whistleblower directly reported critical information to the commission about an ongoing scheme at their workplace, and that led to a successful enforcement action that ended the scheme.
Neither the whistleblower nor the company was identified.
“Whistleblowers play a key role in bringing wrongdoing to the SEC’s attention, and this whistleblower helped prevent further harm to a vulnerable investor community by boldly stepping forward while still employed at the company,” said Jane Norberg, chief of the SEC’s Office of the Whistleblower, in a statement.
SEC enforcement actions from whistleblower tips have resulted in more than $904 million in financial remedies. The whistleblower program has now awarded approximately $142 million to 38 whistleblowers since issuing its first award in 2012.
Daniel Hood is editor-in-chief of Accounting Today and Tax Pro Today, and has covered the tax and accounting field for over 20 years.