Whistleblowing just became a lot more lucrative. The Securities and Exchange Commission announced its largest whistleblower award ever today, more than $14 million to an insider who helped recoup investor funds.
NEW YORK — A judge in New York approved one of two proposed settlements between units of Steven A. Cohen’s US$15-billion hedge fund SAC Capital Advisors and the U.S. Securities and Exchange Commission over civil charges related to insider trading.
The roughly US$14-million settlement is between the SEC and SAC’s unit Sigma Capital Management, where a former analyst, Jon Horvath, admitted to trading on non-public information about Dell Inc and Nvidia Corp.
The U.S. Commodity Futures Trading Commission announced its first whistleblower award on Tuesday, handing about $240,000 to a person who provided “specific, timely and credible information” about securities violations.
The CFTC’s whistleblower program was created by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010.
Redemption can be so sweet. Edward Snowden and his cadre of supporters no doubt were already feeling this from the many accolades and tributes he received this year (most recently, runner-up to the Pope for Time magazine’s Person of the Year!). Now, there is a decision by a federal district court to further cement his validation, finding a “substantial likelihood” that the NSA’s collection of phone records Snowden exposed is unconstitutional.