WASHINGTON (Sputnik) — A company insider, who provided information to the US government to help crack a fraud, will receive more than $3 million, the US Securities and Exchange Commission (SEC) announced in a press release.
“The whistleblower’s specific and detailed information comprehensively laid out the fraudulent scheme which otherwise would have been very difficult for investigators to detect,” the press release said on Friday.
The agency, responsible for enforcing US securities laws, introduced the whistleblower award program in 2011. The SEC has been awarding whistleblowers for providing useful data that helps to improve performance while protecting their confidentiality, according to the agency.
“Our office continues to receive thousands of whistleblower tips each year,” Office of the Whistleblower Chief Sean McKessy said.
The SEC has paid more than $50 million to 18 whistleblowers since the implementation of the award program, according to the press release.