The SEC awarded a record $279 million reward to the whistleblower who provided information and assistance to their actions.
The SEC, which has had an oppressive stance on the crypto industry recently, has come to the target of US lawmakers. There are as many people who say the SEC is working as well as those who think it’s inefficient. In particular, SEC Chairman Gary Gensler has drawn his target arrows.
The SEC, which is in all these processes, made a social media post the other day. The SEC announced that it has given its largest ever whistleblower award, worth $279 million.
SEC Rewards Its Informants
The U.S. Securities and Exchange Commission (SEC) rewarded a whistleblower who provided informational support for sanctions actions with $279 million.
Today we announced the largest-ever award, nearly $279 million to a whistleblower whose information and assistance led to the successful enforcement of SEC and related actions.https://t.co/GGwiZ4BQUf
— U.S. Securities and Exchange Commission (@SECGov) May 5, 2023
The SEC offers a reward of up to 30 percent from the enforcement fee it receives to incoming useful whistleblower information. The regulatory agency, which usually distributes prizes of up to $1 million, set a record in 2020, with a prize of $114 million. The institution, which cares and rewards informing so much, broke a new record the other day.
A $279 million reward was awarded to one or more individuals who provided whistleblowing on an undisclosed case. Making a statement on the subject, the SEC said;
The size of today’s award, the highest in the history of our program, not only encourages whistleblowers to come forward with accurate information about potential securities law violations, but also reflects the tremendous success of our whistleblower program.
These awards, given by the regulator, come from an investor fund created by Congress. Enforcement fees paid to the SEC by violators of securities laws are also sources of funding.
The SEC said the whistleblower, to whom it gave $279 million, filed a report about an important case. However, the SEC did not make any specific statements.
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