The SEC makes the largest-ever whistleblower reward of $279 million.

(Reuters) – The Securities and Exchange Commission (SEC) said on Friday that it had made its largest-ever payout of over $279 million to a whistleblower whose information aided the regulator’s enforcement action.

In its statement, the agency did not name the instance in question.

The award is more than twice what it was in October 2020, when it was worth $114 million.

“As this award shows, there is a significant incentive for whistleblowers to come forward with accurate information about potential securities law violations,” said Gurbir Grewal, head of the Securities and Exchange Commission’s Division of Enforcement, in a statement.

Payments to whistleblowers are given from an investor protection fund created by Congress and solely funded by monetary penalty paid to the SEC by securities law offenders.

When monetary punishments surpass $1 million, whistleblowers might be awarded 10% to 30% of the money collected.

“The whistleblower’s sustained assistance, including multiple interviews and written submissions, were critical to the success of these actions,” said Creola Kelly, head of the SEC’s Office of the Whistleblower.

Related posts:

Despatches of cement fell by 7.10% in February 2023. FIFA reserves at $4 Billion after the World Cup; more in 2026 Mini-budget session called for today as president refuses to sign ordinance. The New York City Transit Authority has put a halt to Twitter service warnings. Fawad Chaudhry arrives in Islamabad for a provocative address. UN announces $1 billion appeal for earthquake victims in Turkey The dead toll from the recent earthquake in Turkey has surpassed 40,000. Government yields to a further IMF demand As the Ukraine conflict continues on, evidence of Russian atrocities rises. According to Finance Minister Shaukat Tarin, ‘powerful nations’ persuaded FATF to maintain Pakistan on the grey list. On February 16, the price of gasoline and fuel may rise by Rs32 per litre. ChatGPT announces a surge in AI-written e-books on Amazon. A total of 2.6 million scholarships will be given out by the government to qualified students: Farrukh Man caught with explosives outside Swiss parliament Human smugglers are using Instagram and TikTok to target children. Army reports that Russian airborne forces have arrived in Kharkiv, Ukraine’s second largest city. Pakistan and Saudi Arabia are discussing potential backing for a $3 billion deposit. Sheikh Rashid is granted bail by the IHC in the Zardari statements case. Trump’s tax returns, which he had fought to keep secret, have been released by a US House committee. Twitter is in negotiations with Musk about acquiring the site.