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 that can help the SEC halt an ongoing securities law violation and better protect investors,” Jane Norberg, chief of the commission’s Office of the Whistleblower, said in a release. She said this case, in which a foreign national working outside the U.S. “affirmatively stepped forward to shine a light on the wrongdoing,” demonstrates the breadth of the bounty program.