Former Insider Who Tipped SEC to Misconduct Awarded $4.1M

[caption id="attachment_61750" align="alignright” width="251"][Image "" (src=https://biglawbusiness.com/wp-content/uploads/2017/12/m672353.jpeg)]Photographer: Joshua Roberts/Bloomberg[/caption]

A former corporate insider who alerted the SEC to a widespread, multi-year securities law violation has been awarded a $4.1 million bounty, the agency said today.

The insider, who wasn’t identified, continued to provide important information and other assistance throughout the investigation, the Securities and Exchange Commission said.

In approving the amount of the award, the SEC said these positive considerations were “somewhat offset” by the whistleblower’s “unreasonable delay” in reporting the wrongdoing. Nonetheless, it said it supported the claims review staff’s award determination.

“Company insiders often have valuable information ...