News
Danny McCance 28 Apr 2017 10:50am

SEC awards whistleblower $4m

The Securities and Exchange Commission (SEC) has handed out its 43rd reward to a whistleblower for providing information that led to enforcement actions, bringing the total up to approximately $153m (£118m)

The $4m is the third highest reward this year, and the ninth-largest overall sum. The highest ever figure was on 22 September 2014, when the SEC awarded more than $30m.

“Not only did this whistleblower step forward and report suspicious conduct, but continued to help after we opened our investigation,” said Jane Norberg, chief of the SEC’s office of the whistleblower.

The award initiative has helped the SEC to claim back more than $950m in funds garnered through misconduct.

The SEC claims that the standard award ranges from 10% to 30% of the proceedings when monetary sanctions exceed $1m.

“Whistleblowers with specialised experience or expertise can help us expend fewer resources in our investigations and bring enforcement actions more efficiently,” Norberg added.

In the UK, the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) launched an investigation into Barclays Bank and its chief executive Jes Staley Staley attempted to identify the author of a letter that was treated by the bank as a whistleblow.

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