The Securities and Exchange Commission reduced a whistleblower award to $1.5 million Friday because the whistleblower was “culpable” and delayed reporting the misconduct for a year.
The whistleblower provided “vital information and ongoing assistance that proved important to the overall success of an enforcement action.”
But the SEC said in Friday’s award order (pdf) the whistleblower delayed his or her report “and benefited financially during the delay.”
‘Enforcement 40’ for 2020
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