Whistle-blower gets $500,000 for exposing own company in US
- A whistle-blower in the US has earned more than $500,000 for reporting information that aided an investigation
- The person exposed a company he/she was working in and helped the SEC investigation
- The award is the second announced by the United States SEC in the past week
On Tuesday, May 2, the United States Securities and Exchange Commission (SEC) announced that a whistle-blower who exposed fraud in his own company earned an award of more than $500,000.
The information the person reported, prompted a SEC investigation into misconduct that resulted in penalties, which would not have been found out otherwise.
Jane Norberg who is the chief of the SEC’s Office of the Whistleblower said: “This company employee saw something wrong and did the right thing by reporting what turned out to be hard-to-detect violations of the securities laws.
“Company insiders are in a unique position to provide specific information that allows us to better protect investors and the marketplace. We encourage insiders with information to bring it to our attention.”
According to Premium Times, this is the second whistle-blower award announced by the SEC in the past week.
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Usually, whistle-blower awards can range from 10 percent to 30 percent of the money collected when the monetary sanctions exceed $1 million.
All payments are made out of an investor protection fund established by Congress that is financed entirely through monetary sanctions paid to the SEC by securities law violators.
Meanwhile, the Buhari Media Support Group (BMSG), on Friday, April 21, in Abuja, said the Federal Government’s whistle-blower policy has given the war against corruption the necessary bite it needed to be effective and successful.
READ ALSO: Extend whistle-blower policy to proliferation of arms - Ekweremadu tells FG
The group said this in a statement signed by its Protem Chairman, Mr Austin Braimoh and Secretary, Mr Cassidy Madueke.
What do Nigerian celebrities think of the whistle-blowing policy? Legit.ng spoke to them, listen to what they had to say:
Source: Legit.ng
