A whistleblower has been awarded more than $37 million resulting from information they shared with the Securities and Exchange Commission about wrongdoing.
The SEC says that the payment was made for information that it did not previously know and that led to a successful enforcement action. Under the terms of the program whistleblowers are awarded between 10% and 30% of the monetary sanctions collected when they are above $1 million.
Awards are paid from an investor protection fund, established by Congress, and financed entirely from monetary sanctions received from those penalized following enforcement action. No details that can identify the whistleblower are made public by the SEC, with anonymity protected under the provisions of the Dodd-Frank Act.
The SEC says that in this case, the whistleblower met with its staff and identified potential witnesses and documents, which conserved staff time and resources.
“[The] award illustrates the importance of the SEC’s whistleblower program, as the whistleblower’s information helped the agency return millions of dollars to harmed investors,” said Creola Kelly, chief of the SEC’s Office of the Whistleblower.
A new analysis finds long-running fiscal woes coupled with impacts from the One Big Beautiful Bill Act stand to erode the major pillar for retirement income planning.
Caz Craffy, whom the Department of Justice hit with a 12-year prison term last year for defrauding grieving military families, has been officially exiled from the securities agency.
After years or decades spent building deep relationships with clients, experienced advisors' attention and intention must turn toward their spouses, children, and future generations.
The customer’s UBS financial advisor allegedly mishandled an options strategy called a collar, according to the client’s attorney.
An expansion to a 2017 TCJA provision, a permanent increase to the standard deduction, and additional incentives for non-itemizers add new twists to the donate-or-wait decision.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
