2023-05-05 15:53:40
A whistleblower who forced his employer to pay more than 4 billion dollars in penalties by updating fraud has been rewarded with 279 million dollars, announced Friday the American stock market policeman (SEC).
“The amount of the award granted – the highest in the history of our program – not only incentivizes whistleblowers to come forward with accurate information about possible breaches of securities laws, but also reflects the immense success our whistleblowing program,” SEC regulatory compliance officer Gurbir Grewal said in a statement.
To protect the confidentiality of the whistleblower, the agency does not reveal any element allowing him to be identified, starting with the name of his company.
She just specifies that he did not trigger the investigation by the authorities against his employer but that his information, given during interviews and in written testimonies, made it possible to extend the charges.
In operation since 2012, the SEC’s whistleblower program is financed by a special fund supplemented by penalties paid to the agency.
A person providing previously unknown, credible and timely information can be given 10% to 30% of the payments made by his company if he is effectively sanctioned.
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