Compliance Officer Receives Million Dollar Whistleblower Award

Today, the Securities and Exchange Commission (“SEC”) announced a whistleblower award in excess of a million dollars to a compliance officer who provided information to the SEC after his employer failed to take steps to prevent harm to investors. Whistleblower awards typically range between 10 to 30 percent of the money collected in a successful enforcement action involving penalties of more than $1 million.

Currently, the SEC has paid more than $50 million to 16 whistleblowers who provide the SEC with unique and useful information that leads to a successful enforcement action.