SEC Pays $30 Million to Tipster

What would you say for that kind of cash?

An anonymous tipster living abroad will be receiving $30 million, in the largest whistleblower award ever doled out by U.S. securities regulators as part of a program that aims to incentivize insiders to report wrongdoing.

The Securities and Exchange Commission said on Monday that the whistleblower provided crucial information that helped investigators uncover a "difficult to detect" ongoing fraud.

Comments

[Jerry on the sea]

Sounds like a nice racket. The lawyer who set-up the program is now representing whistleblowers himself in private practice. How much of the tip jar does he get?! And shouldn’t you be able to confront this anonymous witness in court?

[Free Society]

“See something, say something.” Nothing could possibly go awry.

[John Galt]

They’re already history’s biggest crooks. Why not give them huge incentive to create another new highly profitable racket blowing whistles.