On September 22, the SEC reported that it expected to provide an award of more than $30 million to a whistleblower who provided key information which led to a successful SEC enforcement action. The award is the highest made by the SEC to date, and is the fourth award to a whistleblower living outside of the US. No other information about the award, the SEC’s enforcement activity or the whistleblower was made public.
The SEC’s whistleblower program was established in 2012, following the passage of section 922 of the Dodd-Frank Act and rewards persons who provide the SEC with high quality, original information which leads to a successful enforcement action with over $1 million in sanctions. Whistleblowers generally receive between 10 to 30 per cent of the money collected in a case.