Home / Regulators / SEC awarded more than $32 million in whistleblower awards this week

 

Whistleblowers are probably the most powerful weapon of law, tax, and regulatory enforcement to combat fraud and scams. This is especially true for the emerging cybersociety with its borderless scope of action. It is very easy for cybercriminals and scammers to hide bind offshore constructions, trustees, and monkeys. Often, only with the information of insiders can the ultimate beneficial owners behind cybercrime organizations be identified and their illegal activities be exposed. This information is worth a lot of money.

The U.S. SEC has this week awarded more than €32 million in awards to whistleblowers.

  • SEC awards more than $3.6 million and $75000 in whistleblower awards (link)
  • SEC awards over $28 million to whistleblower (link)

As is usually the case when it comes to crime-fighting and technology, Americans are ahead. The SEC has been operating its Whistleblower Program approved by the U.S. Senate since 2012 and has already paid out around $719 million to 112 whistleblowers. These rewards are paid from the fines that the SEC collects from the offenders through settlements or lawsuits. The program is self-financing and motivates whistleblowers to participate. The US.S. CFTC has implemented a similar whistleblower program.

A win-win situation in the fight against fraud and cheats. Whistleblowers are the counterweight to cybercrime.

 

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