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Abstract:Today, the Securities and Exchange Commission (SEC) gave nearly $18 million to three whistleblowers whose tips and help led to a successful enforcement action.
The first whistleblower furnished the SEC with specific and important evidence, prompting the SEC to launch an inquiry into a fraudulent operation. The information and assistance provided by this whistleblower saved substantial staff time and resources and had a major influence on the ultimate outcome of the enforcement action. The information revealed by the second and third whistleblowers later in the inquiry also helped considerably to the success of the enforcement action.
“All three whistleblowers offered important information and assistance, which was crucial in the SEC filing an enforcement action and restoring millions of dollars to injured investors,” said Creola Kelly, Chief of the SEC's Whistleblower Office.
Whistleblower payments are given from an investor protection fund created by Congress, which is wholly funded by monetary punishments paid to the SEC by securities law offenders. There has been no money stolen or withheld from aggrieved investors in order to pay whistleblower judgments. When whistleblowers voluntarily give the SEC original, timely, and reliable information that leads to a successful enforcement action, they may be eligible for a reward. When monetary punishments surpass $1 million, whistleblower compensation may vary from 10% to 30% of the money collected.
According to the Dodd-Frank Act, the SEC preserves whistleblowers' confidentiality and does not divulge information that might indicate a whistleblower's identity.
Final words
The SEC also takes enforcement action against people and organizations that commit fraud or violate other securities laws. Civil litigation, administrative processes, and criminal charges are examples of such activities. The US SEC constantly urges the public to report suspected fraud schemes as soon as possible. In this method, whistleblowers may be rewarded handsomely while also assisting others who have been harmed by such illegal operations.
Stay tuned for more US SEC news.
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The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
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