The Securities and Exchange Commission today announced an award to three individuals who jointly submitted a tip alerting the agency to a well-concealed fraud targeting retail investors. The information led to a successful enforcement action. The whistleblowers, who were themselves harmed investors, will collectively receive a payment of over $260,000 based on current collections.
“Because of the whistleblowers’ information and assistance early in the investigation, the SEC had strong evidence about a fraudulent scheme operated by recidivist violators,” said Jane Norberg, Chief of the SEC’s Office of the Whistleblower. “This matter exemplifies the importance of the SEC’s whistleblower program to the agency’s enforcement efforts and commitment to protect investors.”Read more here.