{"id":1926039,"date":"2023-05-07T05:43:16","date_gmt":"2023-05-07T09:43:16","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/sec-announces-record-279-million-award-to-whistleblower\/"},"modified":"2023-05-07T05:47:59","modified_gmt":"2023-05-07T09:47:59","slug":"sec-announces-record-279-million-award-to-whistleblower","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/sec-announces-record-279-million-award-to-whistleblower\/","title":{"rendered":"SEC awards whistleblower $279 million, a new record."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">16<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fsec-announces-record-279-million-award-to-whistleblower%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1926039&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><h2>The SEC Awards Record $279 Million to Whistleblower<\/h2>\n<p>The Securities and Exchange Commission (SEC) has announced its largest-ever <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biogen-finalizes-900-million-drug-kickback-settlement-u-s-says\/\" title=\"Biogen finalizes 0 million drug kickback settlement, U.S. says\">whistleblower award<\/a> of $279 million. The unnamed whistleblower provided information and assistance that led to a successful enforcement action, which the agency did not describe. The payout is more than double the second-largest award of $114 million, issued in October 2020.<\/p>\n<h3>Incentivizing Witnesses to Disclose Potential Securities Law Violations<\/h3>\n<p>The SEC&#8217;s whistleblower program is designed to incentivize witnesses to <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/sec-announces-record-279-million-award-to-whistleblower\/\" title=\"SEC awards whistleblower 9 million, a new record.\">disclose potential <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/sec-charges-crypto-firms-genesis-and-gemini-with-selling-unregistered-securities\/\" title=\"SEC Charges Crypto Firms Genesis and Gemini With Selling Unregistered Securities\">securities law violations<\/a><\/a>. The huge sum reflects the tremendous success of the program, said Gurbir S. Grewal, director of the SEC&#8217;s Division of Enforcement. The program also directly benefits investors, as whistleblowers have aided <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/cbp-ice-release-reports-on-border-arrests-seizures\/\" title=\"CBP, ICE release reports on border arrests, seizures\">enforcement actions<\/a> resulting in the return of over $4 billion in ill-gotten gains and interest.<\/p>\n<h3>Protecting Whistleblower Identities<\/h3>\n<p>The identity of whistleblowers is protected under the 2010 Dodd-Frank Act. Whistleblower payments are withdrawn from an investor protection fund established by Congress. Rewards can range from 10% to 30% of the money collected when sanctions exceed $1 million.<\/p>\n<h3>Record Amount of Civil Penalties in Fiscal Year 2022<\/h3>\n<p>The SEC reported a <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/hollywood-liberals-dumping-massive-amounts-of-money-into-georgia-senate-runoffs\/\" title=\"Hollywood Liberals Dumping Massive Amounts Of Money Into Georgia Senate Runoffs\">record amount<\/a> of civil penalties in fiscal year 2022, totaling over $4.1 billion across 760 enforcement actions. That year, Allianz Global Investors and three of its portfolio managers agreed to pay over $1 billion to resolve charges of defrauding investors, and 16 Wall Street firms \u2014 including Credit Suisse and Goldman Sachs \u2014 settled at over $1.1 billion for widespread recordkeeping and communications failures.<\/p>\n<h3>Conclusion<\/h3>\n<p>The SEC&#8217;s whistleblower program is a vital tool in the fight against securities law violations. The record $279 million award demonstrates the program&#8217;s success in incentivizing witnesses to come forward and assist in enforcement actions. The program not only benefits investors but also protects whistleblowers&#8217; identities and provides them with a financial reward for their assistance.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The SEC announced a record $279 million award to a whistleblower.The unidentified whistleblower aided in the successful enforcement of SEC-related actions, the agency said.The award is more than double the second-highest amount, which was awarded in 2020.WASHINGTON \u2014 The nation\u2019s top securities regulator on Friday announced it had given a $279 million award through its<\/p>\n","protected":false},"author":1,"featured_media":1926040,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[547],"tags":[26073,9497,4116,4752,14057],"class_list":["post-1926039","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-bongino-report","tag-26073","tag-awards","tag-million","tag-record","tag-whistleblower"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1926039","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1926039"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1926039\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1926040"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1926039"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1926039"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1926039"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}