“This is continued momentum and success for the SEC’s whistleblower program that is bringing our investigators valuable and timely information to stop ongoing frauds before additional investors can be harmed,” said Sean McKessy, chief of the SEC’s Office of the Whistleblower.
On October second of this year, the SEC awarded more than $14 million to a whistleblower whose information led to enforcement action that recovered substantial investor funds. The award is the largest made by the SEC’s whistleblower program to date.
The award recipient, who does not wish to be identified, provided significant information that allowed the SEC to quickly open an investigation and obtain emergency relief before additional investors were harmed. By law, the SEC must protect the confidentiality of whistleblowers and cannot disclose any information that might directly or indirectly reveal an identity.
The award amount represents 30 percent of the money collected by the SEC in the successful enforcement action, the maximum permitted under the law.
Editor for HedgeCo.net
HedgeCo.Net is a premier hedge fund database and community for qualified and accredited investors only. Membership in HedgeCo.net is FREE and EASY. We also offer FREE LISTINGS for Hedge Funds!