The US Securities and Exchange Commission has announced that it awarded the staggering sum of $114 million to a whistleblower who tipped the government off to misconduct and provided “extraordinary” assistance in an investigation.
That more than doubles the prior SEC whistleblower record, which was set just four months ago.
“I hope this record-breaking award encourages others with information about possible securities laws violations to step forward,” Jane Norberg, head of the SEC’s whistleblower office, told CNN Business in an exclusive interview.
The huge award should also serve as a loud warning to Corporate America.
In this case, the whistleblower initially reported the wrongdoing internally, to no avail. At that point he or she tipped off the SEC.
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