Whistleblower Wins More than $700,000 in Settlement

The US Securities and Exchange Commission said an unnamed company insider who prepared a detailed analysis of his company’s wrongdoing was awarded more than $700,000 for his actions.

WASHINGTON (Sputnik) — An unnamed company insider who prepared a detailed analysis of his company’s wrongdoing was awarded more than $700,000 for his actions, the US Securities and Exchange Commission (SEC) said in a press release.

"The voluntary submission of high-quality analysis by industry experts can be every bit as valuable as first-hand knowledge of wrongdoing by company insiders," SEC Enforcement Division Director Andrew Ceresney said in the release on Friday.

The release did not provide other information about the company or the whistleblower.

The SEC’s whistleblower program has paid more than $55 million to 23 whistleblowers since the program’s inception in 2011, according to the release.

Whistleblowers who voluntarily provide the SEC with unique and useful information that leads to a successful enforcement action may be eligible for an award, according to the statement.

The release included a web address with instructions on how to tip off the SEC to company malfeasance.