On November 14, 2016, the Securities and Exchange Commission ("SEC") announced an award of more than $20 million to a whistleblower who promptly provided the regulator with valuable information that allowed the SEC to commence an enforcement action against the wrongdoers before they could squander the money. The information provided by the whistleblower "led to a near total recovery of investor funds".
The payout is the SEC's third-biggest ever since the whistleblower program issued its first award in 2012. Seven of the SEC's top 10 awards were issued in 2016.
The SEC did not provide any information about the person's identity or the company involved. A copy of the Press Release can be accessed here.
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