Earlier this month, the Securities and Exchange Commission (SEC) announced that it would award between $5 million and $6 million to a whistleblower. This is the third-highest award ever. The whistleblower provided information detailing securities violations committed by his former employer. Under the Dodd-Frank Act, the SEC is authorized to award between 10% and 30% of monetary sanctions collected to a whistleblower who provides original information which leads to the collection of $1 million or more in sanctions. Employees are often best positioned to witness and therefore, report, wrongdoing. Since 2011, at the inception of the whistleblower program, the SEC has awarded more than $67 million to 29 whistleblowers. In 2015, the SEC’s Office of the Whistleblower received 3,923 tips, an increase of 30% over the last three years.
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