On July 17, 2015, the SEC announced a whistleblower award of more than $3 million to an individual that the SEC called a “company insider” in its press release. The SEC said the information provided by the whistleblower helped the SEC crack a complex fraud that would otherwise have been very difficult for investigators to detect. The SEC also noted that the whistleblower’s initial tip led to related actions that increased the whistleblower’s award. The SEC noted that this payout was the third highest award to date under the SEC’s whistleblower program. The order, however, makes clear that the whistleblower’s award was adjusted downward due to the whistleblower’s delay in reporting the fraud.
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