SEC Pays $30 Million to Whistleblower in Largest Award

[OneCrazyDiamond]

Source: Bloomberg

The U.S. Securities and Exchange Commission awarded more than $30 million to a whistle-blower in its largest payout from a program started in 2011 to encourage people to come forward with evidence of securities fraud.

The whistle-blower, who lives outside of the U.S., provided key information in an enforcement action that the SEC didn’t identify, the agency said today in a statement. Whistle-blower awards range from 10 percent to 30 percent of the money collected in a case.

“This whistle-blower came to us with information about an ongoing fraud that would have been very difficult to detect,” Andrew Ceresney, director of the SEC’s enforcement division, said in the statement. “This record-breaking award sends a strong message about our commitment to whistleblowers and the value they bring to law enforcement.”

Read more: http://www.bloomberg.com/news/2014-09-22/sec-pays-30-million-to-whistleblower-in-largest-award.html

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Big money in finance i hear.

[PeoViejo]

1. It should be a Major at College

....although it might be difficult to find employment later....

[Psephos]

2. I guarantee it was about HFT.

SEC was asleep at the wheel while those charlatans and their algorithm engines turned the market into the largest money-skimming scheme ever. Now they're trying to save face.

Anyone who thinks the SEC safeguards the "market" for the benefit of individual investors is deluded. They are (by their own documented admission) too busy watching porn at work.