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Jing Chen has been eVestment’s hedge fund industry news reporter since 2011. To submit industry-related press releases or request feature ideas please contact her at editor@evestment.com

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SEC Awards $14M to Whistleblower

Oct 02, 2013
Jing Chen

The Securities and Exchange Commission announced on Tuesday that it has awarded more than $14 million to a whistleblower whose information helped the agency recover substantial investor funds. 

While the whistleblower chose not to be identified, the SEC revealed that the individual provided original information and assistance that allowed the agency investigate an enforcement matter more quickly. Less than six months after receiving the whistleblower’s tip, the SEC was able to bring an enforcement action against the perpetrators and secure investor funds.

The award is the largest one yet under the SEC’s whistleblower program, which was launched in 2011 under the Dodd-Frank financial regulatory law.

"Our whistleblower program already has had a big impact on our investigations by providing us with high-quality, meaningful tips," SEC Chairman Mary Jo White said. "We hope an award like this encourages more individuals with information to come forward."

Source: 

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