The Securities and Exchange Commission announced today an award of more than $14 Million to a whistleblower whose information led to an enforcement action that recovered substantial investor funds.
The whistleblower, who chose not to be identified, which is allowed under the SEC whistleblower program, revealed fraud by a financial company, the name of which has not been released yet. In addition, the SEC has not revealed the case name in order to protect the identity of the whistleblower. Under the SEC program, a whistleblower may receive up to 30% of what the government recovers if he or she reveals original and unique information not known to the government concerning financial fraud.
More information about this case is expected to be revealed in weeks to come.
Jeffrey Newman represents whistleblowers.