SEC pays the largest disclosure award of $ 50 million

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The whistleblower informed the agency of a currency manipulation scheme in a huge bank, which has resulted in “successful enforcement action,” the SEC announced on Thursday.

The Wall Street Journal, which investigated the project, reported that the whistleblower is a merchant. Bank of new york mellon ((BKPRC) which alerted the SEC to the model reported by the bank of “overcharging of large customers on currency exchanges”.

The trader has assisted the SEC investigation for more than a decade. The bank has been accused of giving pension funds less than desirable exchange rates, which has helped the bank make huge profits from the difference, the newspaper reported.

A source told the Journal that the informant was Grant Wilson. The SEC noted in its press release that confidentiality agreements prevent it from naming the name or identity of the whistleblower.

BNY Mellon did not immediately return CNN Business’ request for comment. The bank, which ended up paying more than $ 700 million in fines for the case in 2015, did not deny the charges in its previous comment on the case.

“We are delighted to leave these legacy exchange issues behind, which is in the best interest of our society and our constituents,” said BNY Mellon at the time, according to several reports.

The SEC said Thursday’s payment would bring its total amount to more than $ 500 million to 83 people in the decade after the program was created.

“Whistleblowers have proven to be an essential tool in the law enforcement arsenal to fight fraud and protect investors. Jane Norberg, head of the SEC’s whistleblower office, said in a statement.

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