Becoming a multi-millionaire often results from a massive inheritance. Other enrichment strategies include dedication and diligence that leads to creating a cutting-edge product that captures consumers’ attention. Others in the “well-to-do” category get lucky with the lottery.
Or you could become a whistleblower similar to the individual who received $114 million from the Securities and Exchange Commission. The newly minted millionaire provided a tip to the U.S. government of misconduct and assisted in an investigation.
This more than doubles a previous SEC whistleblower record from four months ago. During the entire fiscal year, the SEC rewarded 39 whistleblowers awards totaling about $175 million during the 2022 fiscal year, more than in any year since its inception in 2011. The future looks promising, as the SEC received a record number of tips last year.
The most common whistleblower scenario is an employee just trying to keep matters internally, only to be rebuffed after reporting the wrongdoing. With few options available and a target potentially on their back, frustration sets in. For some, the next natural step is to go to law enforcement authorities.
Payoffs will likely continue, if not increase in size, considering the continuing illegal actions that go on in corporations on a daily basis, ranging from Ponzi schemes to market manipulation.
The agency’s goal is twofold. Sending a dire message to corporations throughout the United States, hoping potential whistleblowers will do what’s right. While hardships for them are likely at a professional and highly personal level, the financial rewards can provide stability during uncertain times.