SEC awards $50 million to joint whistleblowers as Chief prepares to step down

Rick Steves

“Today’s award is the second-largest in the history of the program, reflecting the tremendous contribution of these joint whistleblowers to our ability to recover funds for harmed investors. The SEC has now awarded over a quarter of a billion dollars to whistleblowers in the first seven months of this fiscal year alone, demonstrating the tremendous value of whistleblowers to our enforcement program”, said Jane Norberg, Chief of the SEC’s Office of the Whistleblower.

Morgan Stanley sees Blockchain's best use for Securities

The Securities and Exchange Commission has awarded over $50 million to joint whistleblowers of a criminal operation involving highly complex transactions which would have been difficult to detect without their information.

The joint whistleblowers, whose names will remain anonymous, met with the SEC staff numerous times and provided voluminous detailed documents which resulted in the return of tens of millions of dollars to harmed investors.

Jane Norberg, Chief of the SEC’s Office of the Whistleblower, said: “Today’s award is the second-largest in the history of the program, reflecting the tremendous contribution of these joint whistleblowers to our ability to recover funds for harmed investors. The SEC has now awarded over a quarter of a billion dollars to whistleblowers in the first seven months of this fiscal year alone, demonstrating the tremendous value of whistleblowers to our enforcement program.”

Whistleblower awards can range from 10-30% of the money collected when the monetary sanctions exceed $1 million. The SEC has now awarded approximately $812 million to 151 individuals since issuing its first award in 2012.

Jane Norberg, Chief of the SEC’s Office of the Whistleblower, has recently announced she is leaving the SEC.

She has streamlined the awards review and adjudication process, managed an expansion of the Office’s staff, and oversaw a dramatic growth in the number of awards issued to whistleblowers under the program.

In 2020, the number of awards issued to whistleblowers was tripled and the Commission received a record number of whistleblower tips.

The program allowed the SEC to bring successful enforcement actions that resulted in orders for more than $3.1 billion in sanctions, including more than $1.8 billion in disgorgement of ill-gotten gains and interest, of which over $760 million has been, or is scheduled to be, returned to harmed investors.

Read this next

Chainwire

Bandit Network’s Points SDK and Brave Ads Power Astar zkEVM’s Quest Platform “Yoki Origins”

“Yoki Origins,” supported by Bandit Network and Brave Ads, introduces a gamified and rewarding experience for Astar zkEVM users, marking a significant milestone in Web3 adoption.

Digital Assets

Crypto ETFs to debut in Hong Kong next week

Hong Kong has authorized six cryptocurrency-based spot ETFs set to launch on April 30, according to Bloomberg.

blockdag

BlockDAG Among The Best New Crypto To Invest In Post 8 Billion Coins Sales; More On Bitcoin Cash Futures’ Launch & Solana Positive Predictions

Explore Solana’s ATH predictions to see whether it can rise after a $17B dip? BlockDAG sells 8 billion coins in presale as Bitcoin Cash Futures launch.

Fundamental Analysis, Market News, Tech and Fundamental

Global FX Market Summary:USD, FED, German IFO ,Gold April 24 ,2024

Mixed US economic data and Fed rate hike uncertainty are causing volatility in the EUR/USD pair, while the Eurozone and gold prices add another layer of complexity.

Market News, Tech and Fundamental, Technical Analysis

EURCHF Technical Analysis Report 24 April, 2024

EURCHF currency pair can be expected to rise further toward the next major resistance level 0.9840, which stopped the pervious waves C and B, as can be seen below.

Digital Assets

Binance’s CZ could stay in prison until 2027, wife begs for mercy

Changpeng “CZ” Zhao, the founder and former CEO of Binance, has apologized for his decisions and accepted “full responsibility” in a letter to U.S. District Judge Richard A. Jones.

Digital Assets

Monex Group expands crypto business with 3iQ takeover

Monex Group has completed the acquisition of a majority stake in 3iQ Digital Holdings, Inc., a Canadian digital asset investment fund manager, as part of its strategy to expand its crypto business.

Education, Fintech, Inside View

How to Get Into Fintech: Best Tips to Succeed

The Fintech sector is experiencing significant growth, with fresh opportunities emerging rapidly.  Innovations such as machine learning and cryptocurrency are revolutionising finance, leading to a need for trained experts.

Digital Assets

FalconX launches Prime Connect on Deribit

“We are pleased to launch Prime Connect with Deribit and look forward to providing our full suite of prime services which allow institutions to confidently scale their digital assets portfolios while trading on exchanges.”

<