News
Danny McCance 6 Dec 2017 01:49pm

SEC pays more than $20m to whistleblowers in a week

The Securities and Exchange Commission (SEC) has awarded its latest whistleblower more than $4.1m for information relating to a securities law violation

The reward, issued yesterday by the US financial regulator, is the third in a week, as it paid more than $8m each to two whistelblowers on Thursday for their continuing assistance in providing information in an ongoing case.

This brings the total number of whistleblowers awarded to 50 and the total paid to $179m since the program started in 2012. Awards range from between 10% and 30% of money collected on sanctions over $1m.

Jane Norberg, chief of the SEC’s Office of the Whistleblower claims that this generated more than $1bn in financial remedies, which included “more than $671m in disgorgement of ill-gotten gains, much of which has been or is scheduled to be returned to harmed investors.”

Last month,the SEC released its financial reports for 2017, revealing that it brought in $3.8bn last year, $2.95bn of which was from successful prosecutions. A further $8.3m was generated from penalties this year.

The month prior to this, the SEC made history in approving landmark changes to US auditor reporting by agreeing to the adopt the Public Company Accounting Oversights Board’s new Auditor’s Reporting Standard.

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