For tipping off and aiding the regulator in financial fraud proceedings, the United States Securities and Exchange Commission (SEC) has awarded $5 million to another four whistleblowers combined.
For alerting the watchdog to ‘hard-to-detect’ breaches with vital knowledge and supporting evidence, one of the four tipsters earned approximately $2.9 million, while another former company insider was awarded over $1.7 million for assistance in an ongoing investigation.
Another $400,000 was evenly distributed to the other two whistleblowers for tipping it off and giving continuing assistance during the SEC investigation.
“The awards issued in the last month demonstrate the variety and breadth of tips received from whistleblowers,” Jane Norberg, chief of the SEC’s office of the whistleblower, said. “Award recipients in the last month include company outsiders who provided independent analysis, international whistleblowers who shone a light on hard to detect overseas conduct, and company insiders who provided critical information and substantial assistance that helped the Commission better protect investors and the marketplace.”
In the last fiscal year, the regulator stressed that it set a milestone in the awarding of whistleblowers. For their insider knowledge, as many as 39 tipsters were given monetary compensation now amounting to the sum of $175 million for 2020.