The US Securities and Exchange Commission has paid out its largest ever sum to a whistleblower who exposed “difficult to detect” fraud, the BBC reports.
A whistleblower programme was introduced in the US back in 2010 as part of financial reform legislation known as the Dodd-Frank Act which introduced rewards if information provided led to any sanctions above $1m.
The SEC this week made its largest payout of $30m (£18m) to a whistleblower who lives out with the US for giving information relating to fraud, well above the previous top payout totalling $14m in 2013.
In a statement issued yesterday evening SEC whistleblower office chief Sean McKessy said: “This award of more than $30m shows the international breadth of our whistleblower program as we effectively utilise valuable tips from anyone, anywhere to bring wrongdoers to justice,”
“Whistleblowers from all over the world should feel similarly incentivised to come forward with credible information about potential violations of the US securities laws.”
The identity of the whistleblower must be kept anonymous under the US rules